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Automotive Paint Market Competitive Research, Industrsy Status, Key Drivers And Forecast To 2033
Automotive Paint Market
As per the report, the automotive paint market size has grown strongly in recent years. It will grow from $14.87 billion in 2023 to $15.65 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The automotive paint market size is expected to see strong growth in the next few years. It will grow to $19.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
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Increasing Vehicle Production Driving Growth In Automotive Paint Market
The increasing vehicle production is expected to propel the automotive paint market going forward. Vehicle production refers to manufacturing automobiles, from the initial design and engineering stages to the final assembly of components into finished vehicles ready for sale and distribution. The increasing vehicle production can be attributed to rising global demand for automobiles, the expansion of transportation infrastructure, and growing urbanization. Automotive paint is indispensable in vehicle production, offering aesthetic enhancement, protection, brand differentiation, corrosion resistance, and manufacturing efficiency benefits that contribute to the overall quality and success of automotive products. For instance, according to the European Automobile Manufacturers Association, a Belgium-based association, around 85.4 million motor vehicles were produced worldwide in 2022, an increase of 5.7% compared to 2021. Therefore, an increase in vehicle production is driving the automotive paint market.
Automotive Paint Innovations With Renewable Raw Materials
Major companies operating in the automotive paint market are focusing on developing technologically advanced solutions, such as biomass balance automotive coatings, to reduce carbon footprints and environmental impacts. Biomass balance automotive coatings are environmentally friendly paints for the automotive industry that replace a portion of the traditional fossil-based raw materials used in production with renewable raw materials sourced from biomass. For instance, in December 2022, BASF SE, a Germany-based chemical company, launched BASF's ColorBrite Airspace Blue ReSource basecoat, an automotive coating using renewable raw materials according to a certified biomass balance approach. These coatings utilize renewable raw materials in their production process, reducing the product's carbon footprint by approximately 20%. BASF's biomass balance approach ensures that renewable raw materials replace fossil-based feedstock in manufacturing, with the proportion attributed to specific sales products using a certified mass balance method.
The automotive paint market covered in this report is segmented -
1) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
2) By Coating: Primer, Base Coat, Clear Coat, Electrocoat
3) By Technology: Waterborne Coating, Solvent-Borne Coating, Powder Coating
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
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Major companies operating in the automotive paint market are BASF SE, Dow Chemical Company, 3M Company, Henkel AG And Co. KGaA, Sherwin-Williams Company, Covestro AG, PPG Industries, Akzo Nobel N.V., Eastman Chemical Company, Nippon Paint Holdings Co. Ltd., Masco Corporation, RPM International Inc., Clariant AG, KCC Corporation, Axalta Coating Systems Ltd., Cabot Corporation, Asian Paints Limited, Kansai Paint Co. Ltd., Hempel A/S, Berger Paints India Limited, Teknos Group, SK Kaken Co. Ltd., Yip's Chemical Holdings Limited, Matrix System Automotive Finishes, Cresta Paint Industries Ltd.
Contents of the report:
1. Executive Summary
2. Automotive Paint Market Report Structure
3. Automotive Paint Market Trends And Strategies
4. Automotive Paint Market - Macro Economic Scenario
5. Automotive Paint Market Size And Growth
…..
27. Automotive Paint Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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