Press release
2025-2034 Automotive Paint Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Automotive Paint
What Will the Automotive Paint Industry Market Size Be by 2025?
The size of the automotive paint market has seen significant expansion recently. It is projected to increase from 2024's value of $15.65 billion to $16.57 billion in 2025, marking a compound annual growth rate (CAGR) of 5.8%. This exponential growth observed in the earlier period can be tied to an upsurge in automotive manufacturing, an inclination towards visually appealing vehicles among consumers, implementation of strict environmental laws, a transition to more lightweight materials, and the enlargement of aftermarket services.
What's the Long-Term Growth Forecast for the Automotive Paint Market Size Through 2029?
It is predicted that the automotive paint market will experience significant growth in the coming years, escalating to a value of $20.48 billion in 2029 at a compounded annual growth rate (CAGR) of 5.4%. This anticipated increase in the forecasted period can be linked to the expanding market for electric vehicles, the incorporation of digitalization in vehicle design, the growth of shared mobility services, an increased concentration on sustainable solutions, and the development of automotive customization services. Key trends expected during this forecast period encompass progressions in coating technologies, the creation of environmentally-friendly solutions, the inclusion of advanced color matching technologies, a focus on surface protection and upkeep, innovations in digital color matching technologies, and advancements in smart coatings.
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What Are the Key Growth Drivers Fueling the Automotive Paint Market Expansion?
Rising vehicle production is anticipated to boost the growth of the automotive paint market. The term "vehicle production" encompasses the full process of creating cars, from initial conception and design to the final assembly of vehicle parts into complete automobiles for sale and distribution purposes. The surge in vehicle production can be credited to increasing global demand for cars, the development of transportation infrastructure, and escalating urbanization. Auto paint plays an integral role in vehicle manufacturing, providing benefits such as aesthetic appeal, protection, branding differentiation, resistance to corrosion, and production efficiency. These benefits enhance the overall quality and success of automotive products. The European Automobile Manufacturers Association, a Belgium-based group, reported in May 2023 that approximately 85.4 million motor vehicles were produced globally in 2022. This figure represents a growth of 5.7% when compared to 2021, thus illustrating how an uptick in vehicle production propels the automotive paint market.
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What Are the Key Trends Driving Automotive Paint Market Growth?
Key players in the automotive paint market have started to prioritize the creation of innovative technologies, including biomass balance automotive coatings, in an effort to decrease environmental damage and carbon emissions. These biomass balance automotive coatings offer a more sustainable painting option for the automotive industry by replacing some of the conventional petroleum-based raw materials used in production with sustainable raw materials harvested from biomass. To illustrate, BASF SE, a chemical corporation based in Germany, introduced the BASF's ColorBrite Airspace Blue ReSource basecoat in December 2022. This automotive coating is produced using renewable raw materials based on a certified biomass balance method. Through using renewable materials in the production process, the carbon footprint of the product decreases by nearly 20%. Through BASF's biomass balance approach, fossil-based feedstocks in manufacturing are replaced with renewable raw materials, with the percentage allocated to particular commercial products following a certified mass balance method.
How Is the Automotive Paint Market Segmented?
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 Companies Are Leading the Charge in Automotive Paint Market Innovation?
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.
Which Regions Are Leading the Global Automotive Paint Market in Revenue?
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.
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