Global Automotive Paint Market Size, Share, and Forecast Analysis 2025-2029

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What Are the Automotive Paint Market Size Forecast for 2025?
The size of the automotive paint market has been on a continuous growth trajectory in the past few years. It is projected to expand from a value of $15.65 billion in 2024 to about $16.34 billion in 2025, with a compound annual growth rate (CAGR) of approximately 4.4%. This upward trend during the historic period is associated with several factors including increased automotive production, growing customer demand for visually appealing vehicles, tightening environmental regulations, a shift towards the use of lightweight materials, and the broadening scope of aftermarket services.

What Is the Market Size Outlook for Automotive Paint Until 2029?
In the coming years, the auto paint industry is predicted to experience a consistent increase in its market size, estimated to reach the value of $19.59 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 4.6%. This predicted growth during the forecast period can be linked to multiple factors, including the expanding market for electric vehicles, the surge in vehicle design digitalization, the broadening of shared mobility services, the increasing emphasis on sustainable solutions, and the growth of car customization services. Key trends expected to shape the industry during this period encompass improvements in coating technologies, creation of environment-friendly solutions, application of advanced color matching technologies, focus on surface preservation and upkeep, progress in digital color matching technologies, and strides made in intelligent coatings.

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What Are the Major Factors Driving Demand in the Automotive Paint Market?
The boost in the production of vehicles is anticipated to spur the advancement of the automotive paint market. Vehicle production encompasses the manufacturing of cars, from initial design and engineering to final assembly, readying them for sale and distribution. This upsurge in production can be credited to the escalating global demand for cars, the development of transport infrastructure, and increasing urbanization. Automotive paint is vital in the production of vehicles, providing enhancements to aesthetics, protection, brand uniqueness, resistance to corrosion, and manufacturing efficiency, all of which increase the overall quality and success of automotive products. For example, the European Automobile Manufacturers Association, an organization based in Belgium, reported that about 85.4 million motor vehicles were produced globally in 2022, reflecting a 5.7% increase from 2021, as of May 2023. Hence, the growth in vehicle production is propelling the market for automotive paint.

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How Are End-Use Segments Shaping the Automotive Paint Market Outlook?
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), After market

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

What Are the Strategic Trends Transforming the Automotive Paint Market Landscape?
Leading businesses in the automotive paint market are highlighting their efforts to create technologically advanced offerings, such as biomass balance automotive coatings, to lessen their carbon footprints and environmental repercussions. These biomass balance automotive coatings represent a green alternative for the automotive sector, replacing some of the conventional fossil-based inputs used in production with renewable ones derived from biomass. As an example, in December 2022, BASF SE, a chemical firm based in Germany, introduced its ColorBrite Airspace Blue ReSource basecoat. This automotive coating, which uses renewable resources, is produced in line with a certified biomass balance methodology. The usage of renewable resources in the production of these coatings reduces the carbon footprint of the product by approximately 20%. In manufacturing, BASF's biomass balance method guarantees that renewable resources replace fossil-based raw materials, with the ratio allocated to specific commercial products using a certified mass balance process.

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Who Are the Prominent Companies in the Automotive Paint Market by ?
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 Region Is Expected to See the Highest CAGR in the Automotive Paint Market?
Asia-Pacific was the largest region in the automotive paint market in 2024. 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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This release was published on openPR.