Automotive Paints and Coatings Market

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Automotive Paints and Coatings Market (Coat Type - Solvent-borne, Water-borne, and Others; Technology - Base Coat, Electro Coat, Clear Coat, and Primer; Vehicle Type - Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

  • Published : June, 2022

  • Rep Id : CM00909

  • Category : Chemicals & Materials

  • Status : Published

A recent report published by Infinium Global Research on the automotive paints and coatings market provides an in-depth analysis of segments and sub-segments in the global as well as regional automotive paints and coatings market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive paints and coatings market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global automotive paints and coatings market. According to the report, the global automotive paints and coatings market is projected to grow at a CAGR of about 5.50% over the forecast period of 2022-2028.

 

Market Insight

The global automotive paints and coatings market was valued at nearly USD 16 Billion in 2022 and is expected to reach over USD 22 Billion in 2028, with a CAGR of about 5.50% during the forecast period. Automotive paints & coatings help to guard the automotive parts and vehicles against corrosion and wear and tear from the harsh atmospheric conditions. The rising adoption of eco-friendly paints and coatings because of stringent government regulations for gas emissions and environmental concerns associated with the paint & coating manufacturing process is anticipated to drive the automotive paints and coatings market within the forecast period. Rising vehicle production including rising consumer preference toward dual-color alternatives is driving the market share. Industry players are investing in technologies and finishes to convey customers’ alternatives for customizing their vehicles. Additionally, scratch resistance together with improved gloss finishing and corrosion resistance is gaining significant traction within the market.

 

Shifting the preference of consumers towards attractive textures and improved aesthetic appearance of the vehicles drives the worldwide automotive paints and coatings market growth. At present, significant benefits offered by paints & coatings like UV protection and color retention are gaining high popularity. The introduction of diverse exterior reminder vehicles and coating solutions has provided significant potential for market growth. Additionally, continuous engagement of industry participants in developing the most recent and most cost-effective coating & paints solutions is projected to fuel the market growth within the coming years. Furthermore, the rising production of economic and passenger vehicles is predicted to proliferate the paints & coatings demand during the forecast period. As per statistics provided by the global organization of motorized vehicle Manufacturers (OICA) in 2019, total vehicle production across the planet was 91.78 million out of which 24.64 million were commercial and 67.15 million were passenger vehicles. However, a rise in vehicle safety solutions has reduced the number of accidents, thus restricting the expansion of the automotive paints and coatings market. 

 

The outbreak of COVID-19 brought a negative impact on the automotive paints and coatings market share because of the imposition of lockdown. The spread of COVID-19 has severely affected the automotive paints and coatings market across the globe. COVID-19 pandemic affected the global automotive paints & coatings by hindering production and demand, disrupting the supply chain, and by its impact on firms and the financial markets. The demand for coating resin has decreased from the end-users. The COVID19 pandemic has severely affected the revenue of end-user industries. Several end-users have stopped their production or closed their production unit. The shortage of raw materials is another major challenge faced by the industry during the pandemic.

 

Based on the region, the worldwide automotive paints and coatings market is segmented into the Asia Pacific, North America, Europe, and the Middle East & Africa. Among the regions, North America holds the largest share of the worldwide automotive paints and coatings market. The US accounts for the high demand for automotive paints and coatings as a result of the presence of top automobile manufacturers, including Ford and Toyota. Further, the rising demand for vehicles is another factor supporting the market's robust growth. The govt. incentives and open investment policy have increased the adoption of automotive, widening the scope and development of the automotive paints and coatings market within the Europe region. However, The Asia Pacific region is anticipated to dominate the expansion of the market during the forecast period. The expansion is attributed to the increasing automotive production and developing economies within the region.

 

Segment Covered

The report on the global automotive paints and coatings market covers segments such as coat type, technology, and vehicle type. On the basis of coat type, the sub-markets include solvent-borne, water-borne, and others. On the basis of technology, the sub-markets include base coat, electro coat, clear coat, and primer. On the basis of vehicle type, the sub-markets include passenger cars, light commercial vehicles, and heavy commercial vehicles.

 

Companies Profiled:

The report provides profiles of the companies in the market such as PPG Industries, Inc, AkzoNobel N.V., BASF SE, Axalta Coating Systems, Bayer, Cabot Corp., Donglai Coating Technology Co., Ltd., Eastman, Feidal Coatings, and Nippon Paint Holdings Co., Ltd.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the automotive paints and coatings market. Moreover, the study highlights current market trends and provides forecasts for 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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