Press release
Prominent Automotive Paint Market Trend for 2025: Automotive Paint Innovations With Renewable Raw Materials
Automotive Paint Market share
The scale of the automotive paint market has considerably expanded over the last few years. The growth is expected to continue, rising from $15.65 billion in 2024 to $16.57 billion in 2025, marking a compound annual growth rate (CAGR) of 5.8%. This growth throughout the historic period can be explained by various factors like an increase in car production, a shift in consumer taste towards visually appealing vehicles, the introduction of more rigorous environmental policies, the trend towards using lightweight materials, and the broadening of aftermarket services.
Strong expansion is anticipated in the automotive paint market in the upcoming years, with projections indicating a growth to $20.48 billion by 2029, representing a compound annual growth rate (CAGR) of 5.4%. This growth throughout the forecast period can be credited to the expanding market of electric vehicles, digital advancements in vehicle design, increase in shared mobility services, an uptick in sustainable solutions and the growth of automobile customization services. The forecast period will also see a major trend in advanced coating technologies, creation of environment-friendly solutions, integration of intricate color matching technologies, focus on surface protection and maintenance, progress in digital color matching technologies, and advancements in smart coating technology.
What Is Stimulating Growth in the Automotive Paint Market?
The growth in automobile production is projected to spur the auto paint industry in the future. Automobile production encompasses the entire process of manufacturing cars, starting from the preliminary design and engineering phases to the ultimate assembly of components into finished automobiles ready for retail and distribution. The surge in vehicle production can be credited to the escalating global demand for cars, transportation infrastructure expansion, and burgeoning urbanization. Automobile paint, crucial in motor production, provides aesthetics, protection, brand individuality, anti-corrosion, and manufacturing benefits that play a significant role in the overall quality and success of automotive products. For example, data from the Belgium-based European Automobile Manufacturers Association in May 2023 revealed that approximately 85.4 million motor vehicles were constructed globally in 2022, marking a 5.7% rise compared to 2021. Consequently, the uptick in vehicle production is fueling the auto paint industry.
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Which Leading Companies Are Shaping the Growth of the Automotive Paint Market?
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.
What Are the Major Trends Shaping the Automotive Paint Market?
Leading businesses in the automotive paint market like BASF SE are concentrating on creating new and improved solutions such as biomass balance automotive coatings. These measures are aimed at environmentally sustainable practices, like reducing carbon emissions and adverse environmental effects. Here, biomass balance automotive coatings serve as eco-friendly paints in the automotive field where they substitute a fraction of the conventional fossil-fueled raw materials commonly used in manufacturing with reusable ones obtained from biomass. For example, BASF SE, a chemical company based in Germany, introduced in December 2022, the ColorBrite Airspace Blue ReSource basecoat. This automotive finish is made from renewable raw materials, following a certified biomass balance method. The utilization of such materials during the manufacturing process diminishes the product's carbon footprint by an estimated 20%. With BASF's biomass balance approach, it is confirmed that renewable raw materials are replacing their fossil-fueled counterparts in the manufacturing process. Their contribution is accounted for in specific sales products through a certified mass balance method.
What Are the Key Segments of the Automotive Paint Market?
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
Subsegments:
1) By Passenger Cars: Sedan, Hatchback, SUV (Sport Utility Vehicle), Coupe, Convertible, Station Wagon
2) By Light Commercial Vehicles (LCVs): Pickup Trucks, Vans, Minivans
3) By Heavy Commercial Vehicles (HCVs): Trucks, Buses, Trailers
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Which Region Dominates the Automotive Paint Market?
Asia-Pacific was the largest region in the automotive paint market in 2023. The regions covered in the automotive paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Automotive Paint Global Market Report?
- Market Size Analysis: Analyze the Automotive Paint Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Paint Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Paint Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Paint Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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