Automotive Paints Market Set to Reach $9.9 billion by 2028

The automotive paints market is projected to grow from USD 8.4 billion in 2023 to USD 9.9 billion by 2028, at a CAGR of 3.2%. The key factors driving the automotive paints is increase in production of passenger cars, EVS and increase in sales of SUVs is driving. Also, there is increase in adoption for powder coating and water-borne coating technologies in automotive sector to reduce the environmental impact. Hence these factors is driving the automotive paints market.

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Polyurethane resin is projected to have the highest demand in automotive paints market

Polyurethane-based coatings are popular in automotive OEM and refinish painting because they offer a unique combination of properties, this includes good elastic property at very low temperatures, solvent and water resistance, abrasion resistance, machine washability and dry cleanability. In addition to these benefits, polyurethane-based coatings do not increase paint thickness or change styling factors. Also, with an increase in need of automotive paints by OEMs, the paint manufacturers have started investing in expanding their plant capacity for polyurethane resins. For instance, BASF SE has announced a single-digit million-euro investment in the capacity expansion of water-based polyurethane dispersions (PUDs) at its Castellbisbal site in Spain to increase the production capacity. Hence, polyurethane-based paints have the largest market in automotive paints market, by resin type.

Passenger car is the second fastest growing segment in vehicle type for automotive paints market

Compact and mid-sized SUVs are among the most popular vehicle segments, and their demand is continuously growing. This has led to increased production of these vehicles, boosting the demand for automotive paints. These vehicles typically have a larger surface area than smaller cars, requiring more paint per vehicle. This has increased the consumption of automotive paints for these vehicle segments. Additionally, two-tone paints are becoming increasingly prevalent in compact and mid-sized SUVs, adding a more distinctive and customized look to these vehicles.

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Asia Pacific to remain the fastest growing market for the for automotive paints

The Asia Pacific region is home to some of the world's largest and fastest-growing OEMs, particularly in countries like China, India, and South Korea. This rapid growth in vehicle production is driving the demand for automotive paints, as new vehicles require painting and existing vehicles need repainting to maintain their appearance and protect them from corrosion.

The Asia Pacific region is experiencing rapid urbanization and a growing middle class, leading to an increase in disposable incomes. This surge in purchasing power is fueling the demand for new vehicles, further boosting the demand for automotive paints. Additionally, the growing urbanization trend is leading to an increase in the number of car owners, which creates a need for aftermarket services like repainting and refinishing, further driving the demand for automotive paints.

Key Players

Major manufacturers in the Automotive paints market include PPG Industries LLC. (US), Axalta Coating Systems LLC, (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), The Sherwin Williams Company (US), Valspar (US), DOW Chemical (US), 3M (US), and KCC (South Korea).

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This release was published on openPR.