Global Automotive Paints Market is expected to grow at a significant rate of around 5% during the forecast period. Automotive paint is a water-based formula, which is applied on the surfaces of automobiles with the assistance of a spray gun. These paints consist of polyurethane-based enamel which helps to protect the surface of the automobile from environmental damage. In addition, the parts of the automobile are arranged in an assembly and then automotive paint is applied at a controlled environmental temperature. Moreover, the increase in automobile production and upsurge in the demand for eco-friendly automotive paints are the key factors driving the growth of the market. For instance, in September 2021, Nippon Paint India, part of the NIPSEA Group, launched a new international automotive refinish product system under the n-MAX brand.
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Based on technology type, the automotive paints market has been classified into solvent-borne, waterborne, and powder coating. The powder coating category is to witness higher adoption during the forecast period. Powder coatings are widely used by OEMs for premium and ultra-premium cars due to their excellent durability and finish and high efficiency. Moreover, the increase in the production of the vehicle is increasing the demand for the powder coating category.
Based on vehicle type, the automotive paints market has been classified into passenger cars and commercial vehicles. The passenger vehicle category is to witness higher adoption during the forecast period owing to the growing demand of the population to own a vehicle with glossy and good quality paint. In addition, the increasing production of passenger vehicles and growing income rate is also key factor in the growth of the market.
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APAC to witness extensive growth
APAC is anticipated to be the region with the highest market for automotive paints due to its high vehicle production and growing economies. The automotive paint industry has developed alongside the vehicle. Automotive sectors are working hard to provide their customers with products that are ecologically friendly and use cutting-edge technology. The bulk of vehicles manufactured globally, as well as in APAC, are passenger cars. Passenger automobiles are projected to represent the largest market for automotive paints. Additionally, Asia and Oceania are anticipated to be the biggest markets for electric and hybrid cars. The hybrid vehicle market is anticipated to be the largest for automotive paints since hybrid vehicles are becoming more and more popular throughout the world.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Automotive paints market are 3M Co, Akzo Nobel N.V., Axalta Coating Systems Ltd, BASF SE, Covestro AG, Kansai Paint Co Ltd., NIPSEA GROUP, Sherwin-Williams Company, Solvay S.A., and PPG Asian Paints Pvt Ltd
“Global Automotive Paints Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By coating (Electrocoat, Primer, Basecoat, and Clearcoat)
- By texture type (Solid, Metallic, Matte, Pearlescent, and Solar Reflective)
- By resin type (Polyurethane, Epoxy, Acrylic, and Other Resins)
- By technology type (Solvent-Borne, Waterborne, and Powder Coating)
- By vehicle type (Passenger Car, and Commercial Vehicle)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (3M Co, Akzo Nobel N.V., Axalta Coating Systems Ltd, BASF SE, Covestro AG, Kansai Paint Co Ltd., NIPSEA GROUP, Sherwin-Williams Company, Solvay S.A., and PPG Asian Paints Pvt Ltd.)
Key questions answered in the study:
- What are the current and future trends of the global automotive paints industry?
- How the industry has been evolving in terms of coating, texture, resin type, technology type and vehicle type?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global automotive paints industry?
- What is the customer orientation, purchase behavior, and expectations from the global automotive paints suppliers across various region and countries?
