Press release
Increasing Vehicle Production Driving Growth In Automotive Paint Market: An Emerging Driver Transforming The Automotive Paint Market Landscape
Automotive Paint
What Is the Projected Growth of the Automotive Paint Market?
The automotive paint market has shown strong growth in recent years. It will grow from $15.65 billion in 2024 to $16.57 billion in 2025 at a CAGR of 5.8%. The expansion is driven by higher automotive production, growing consumer demand for aesthetically pleasing vehicles, stricter environmental regulations, and the shift towards lightweight materials.
The automotive paint market is projected to reach $20.48 billion in 2029 at a CAGR of 5.4%, driven by the rise in EVs, digital vehicle design, sustainability efforts, and customization trends. Trends include smart coatings, eco-friendly paint systems, and advanced surface technologies.
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What Are the Different Automotive Paint Market Segments?
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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What Are the Primary Drivers Shaping the Automotive Paint Market?
The growing vehicle production is expected to drive the automotive paint market. Increased vehicle production is fueled by rising demand for automobiles and expanding transportation infrastructure. Automotive paint is essential for vehicle aesthetics, corrosion resistance, and brand differentiation. A report from the European Automobile Manufacturers Association in May 2023 highlighted a 5.7% increase in global vehicle production in 2022. Hence, the increase in vehicle production is propelling the automotive paint market.
Which Companies Are Leading in 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 Trends Are Expected to Dominate the Automotive Paint Market in the Next 5 Years?
Companies in the automotive paint market are concentrating on developing eco-friendly solutions, such as biomass balance automotive coatings, to reduce carbon footprints and environmental impacts. These coatings replace part of the fossil-based raw materials with renewable materials from biomass. For example, in December 2022, BASF SE, a German chemical company, launched BASF's ColorBrite Airspace Blue ReSource basecoat, which uses renewable raw materials to reduce the carbon footprint by approximately 20%. BASF's approach ensures renewable materials replace fossil-based feedstock in manufacturing through a certified mass balance method.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Paint Market?
2. What is the CAGR expected in the Automotive Paint Market?
3. What Are the Key Innovations Transforming the Automotive Paint Industry?
4. Which Region Is Leading the Automotive Paint Market?
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