Automotive Paints Market Forecast to Reach USD 15.77 Billion by 2030 at 4.7 % CAGR - Growth Supported by Sustainability & EV-Driven Demand

According to a new report by Maximize Market Research, the global automotive paints market was valued at USD 10.85 billion in 2023 and is projected to reach USD 15.77 billion by 2030, growing at a CAGR of approximately 4.7 % during 2024-2030. The forecast covers global coatings used in vehicle manufacturing and refinish applications, with a focus on key regions such as Asia-Pacific, North America and Europe.

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♦ Key Highlights

Market size: USD 10.85 billion in 2023; forecast to USD 15.77 billion by 2030 at ~4.7 % CAGR.

Leading segment by coating type: clear coat dominates the coating-type segment.

Largest regional market: Asia-Pacific leads owing to strong vehicle production and rising automotive demand in countries such as China and India.

Key drivers/trends: increasing demand for electric vehicles (EVs) requiring specialized coatings; regulatory push for low-VOC and water-based paints; vehicle personalization and custom finishes.

Market restraints: higher production cost for eco-friendly coatings; upgrades required for painting facilities; material transition challenges for lightweight vehicle substrates.

Major companies: Nippon Paint Group; Sherwin-Williams; PPG; AkzoNobel; Axalta; BASF; Kansai Paint; Asian Paints; Jotun.

♦ Market Outlook

The global automotive paints market is set to grow steadily at around a 4.7 % CAGR from 2024 to 2030, expanding from USD 10.85 billion in 2023 to an estimated USD 15.77 billion by 2030. The growth is underpinned by several broad industry dynamics: increasing global vehicle production, the shift toward electric vehicles and lightweight materials, and stricter environmental regulations targeting volatile organic compounds (VOCs) and emissions. Clear coat remains the dominant coating-type segment due to the need for aesthetic appeal, durability, gloss retention and scratch resistance. Among resin types, polyurethane has emerged as a prominent choice thanks to its superior weather, UV and abrasion resistance. In addition, the transition toward water-borne and low-VOC formulations is becoming more prominent as OEMs and paint manufacturers respond to regulatory and sustainability imperatives.

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♦ Regional Insights

The Asia-Pacific region is forecast to retain its leadership in the automotive paints market, driven by robust automotive manufacturing in China, India and Southeast Asia, increasing consumer demand for new vehicles and greater adoption of personalization and premium finishes. The region's strong growth is further supported by government incentives for automotive production, growing middle-class purchasing power and the rising penetration of electric vehicles. North America and Europe remain significant markets, albeit with comparatively lower growth rates, where regulatory pressures and retrofit / refinishing demand add incremental growth opportunities.

♦ Key Players & Competitive Landscape

Leading global players in the automotive paints market include companies such as Nippon Paint Group, Sherwin‐Williams, PPG Industries, AkzoNobel, Axalta Coating Systems and BASF SE. These firms are investing in research and development of eco-friendly coatings (water-based, low-VOC), advanced finishes (self-healing, scratch-resistant) and expansion of production capacity in key automotive manufacturing regions. Competitive strategies also include mergers & acquisitions, strategic partnerships with OEMs and expansions into emerging markets.

♦ Quote

"Given the accelerating shift to electric vehicles and the growing regulatory demand for environmentally sustainable coatings, the automotive paints market presents an important growth opportunity for paint manufacturers and OEM suppliers," said Jane Doe, Senior Analyst at Maximize Market Research. "Manufacturers that can innovate with low-VOC, high-performance coatings and capture the Asia-Pacific production surge will be well-positioned for the forecast period."

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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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