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Automotive Paint Market Size, Share Analysis, Top Players, And Forecast To 2033
Automotive Paint Market Size
According to The Business Research Company's, 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 growth in the historic period can be attributed to a rise in automotive production, a rise in consumer preferences for aesthetically pleasing vehicles, a rise in stringent environmental regulations, a shift towards lightweight materials, and an expansion of aftermarket services.
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%. The growth in the forecast period can be attributed to the growing electric vehicle market, rise in digitalization in vehicle design, expansion of shared mobility services, rising focus on sustainable solutions, and expansion of automotive customization services. Major trends in the forecast period include advancements in coating technologies, development of eco-friendly solutions, integration of advanced color matching technologies, emphasis on surface protection and maintenance, advancements in digital color matching technologies, and developments in smart coatings.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Automotive Paint Market 2024 Key Insights:
• 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%.
• Increasing Vehicle Production Driving Growth In Automotive Paint Market
• Automotive Paint Innovations With Renewable Raw Materials
• Asia-Pacific was the largest region in the automotive paint market in 2023
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