openPR Logo
Press release

Automotive Paints Market Set to Reach $9.9 billion by 2028

Attractive Opportunities in Automotive Paints Market

Attractive Opportunities in Automotive Paints Market

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.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1246

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.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1246

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).

View Detail TOC @ https://www.marketsandmarkets.com/Market-Reports/automotive-paints-market-1246.html

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

One stop solution for all Market Research & Consulting needs.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Automotive Paints Market Set to Reach $9.9 billion by 2028 here

News-ID: 3342260 • Views:

More Releases from MarketsandMarkets™ INC.

Automotive Camera Market Size, Share, Trends & Forecast Report, 2028
Automotive Camera Market Size, Share, Trends & Forecast Report, 2028
The automotive camera market worldwide size was valued at USD 8.0 billion in 2023 and is expected to reach USD 13.9 billion by 2028, at a CAGR of 11.7% during the forecast period. The cameras are used as advanced safety devices for enhancing the visibility of the surrounding environment to improve vehicle safety. The growing demand for Advanced Driver Assist Systems (ADAS) in developed and developing nations is attributed to
Automotive Software Market Size, Share, Forecast, Report, 2030
Automotive Software Market Size, Share, Forecast, Report, 2030
According to a research report "Automotive Software Market by ICE Application (ADAS, Autonomous Driving, Infotainment, Body Control & Comfort, Telematics), Software Layer (OS, Middleware, Application), Vehicle Type (PCs, LCVs, HCVs), EV Application & Region - Global Forecast to 2030" published by MarketsandMarkets, the global automotive software market size is projected to grow from USD 19.0 billion in 2023 to USD 32.3 billion by 2030, at a CAGR of 7.8%. The
Future of Hydrogen in Automotive Market worth 353 Thousand Units by 2035
Future of Hydrogen in Automotive Market worth 353 Thousand Units by 2035
According to a research report "Future of Hydrogen in Automotive Market by Vehicle Type (Passenger Car, Light Commercial Vehicle, Bus, and Truck), Propulsion Type (FCEV, FCHEV, and H2-ICEV), H2 Refueling Points (Asia Pacific, Europe, and North America) and Region - Global Forecast 2035" published by MarketsandMarkets, the Future of hydrogen in automotive market size is projected to grow from an estimated 23 thousand units in 2024 to 353 thousand units
EV Charging Station Market Size, Share, Trends & Analysis by 2030
EV Charging Station Market Size, Share, Trends & Analysis by 2030
According to a research report "EV Charging Station Market by Application, Level of Charging, Charging Point, Charging Infrastructure, Operation, DC Fast Charging, Charge Point Operator, Connection Phase, Service, Installation and Region - Global Forecast to 2030" published by MarketsandMarkets, the global EV Charging Station Market is projected to grow from USD 7.3 billion in 2024 to USD 12.1 billion by 2030, at a CAGR of 8.8%. Factors such as rising EV

All 5 Releases


More Releases for Automotive

KSA Automotive Market | KSA Automotive Industry | KSA Automotive Industry Resear …
Saudi Arabia’s automotive market faced a decline in new car sales due to tripling of value-added tax (VAT) rates. Effective in July 1, 2020, Saudi Arabia hiked its VAT from 5% to 15%. Vision 2030 trying to attract foreign investment to kick start Dammam manufacturing city to aid re-exports & fulfill domestic demand Surge in Domestic Manufacturing to gain independence of Imports: With Vision 2030, KSA is trying to gain impendence of
Automotive Fuel Injectors Market: Growing Automotive Sales Fueling Automotive Fu …
Automotive fuel injectors market is likely to grow at a steady pace in the long run, according to a new report by Fact.MR. The demand for automotive fuel injectors continues to remain influenced with a multitude of industry-specific and macroeconomic factors. Significant growth in the automotive sector, coupled with increasing vehicle fleet remain instrumental in driving the demand for automotive fuel injectors worldwide. Fact.MR estimates that the sales of automotive fuel injectors are expected
Automotive Gearbox Market,Automotive Gearbox Industry, Global Automotive Gearbox …
Latest industry research report on: Global Automotive Gearbox Market : Industry Size, Share, Research, Reviews, Analysis, Strategies, Demand, Growth, Segmentation, Parameters, Forecasts This industry study presents the global Automotive Gearbox market size, historical breakdown data (2013-2018) and forecast (2018-2025). The Automotive Gearbox production, revenue and market share by manufacturers, key regions and type; The consumption of Automotive Gearbox in volume terms are also provided for major countries (or regions), and for each
Automotive Windscreen Sales Market – Analysis of Automotive Windscreen Sales G …
Automotive Windscreen Market report provides an in detail study of Manufactures in the market which is based on the various objectives associated with an organization such as Analysis, Market Share, Regional Market Performance, Product Specification, and the Company Introduction. The latest market intelligence study on Automotive Windscreen Sales market relies on statistics derived from the application of both primary and secondary research to present insights pertaining to the operational model, opportunities
Global Automotive Windshield Pumps Market 2018- SHW AG, TRW Automotive, Delphi A …
Apex Market Reports, recently published a detailed market research study focused on the "Global Automotive Windshield Pumps Market" across the global, regional and country level. The report provides 360° analysis of "Global Automotive Windshield Pumps Market" from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the Global Automotive Windshield Pumps industry, and estimates the future
Automotive Steering System Market Players: Mitsubishi Electric, TRW Automotive H …
Automotive steering system market is expected to grow with the CAGR of about 6% from 2016 to 2022. Due to increasing demand for the driving comfort & fuel efficient vehicle as well as increasing vehicle production globally will drive the Automotive steering system market. Market Scenario Steering is the connection point between car and driver. It provides control and the feel of the road and plays a key role in the vehicle’s