Feb 9, 2022   SOURCE: BusinessWire

The Worldwide Automotive Paint Industry is Expected to Reach $23+ Billion by 2027 - ResearchAndMarkets.com

The "Global Automotive Paint Market, By Type, By Technology, By Resin, By Texture, By Vehicle, By Channel, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.

The global Automotive Paint market held a market value of USD 18,023.8 Million in 2021 and is projected to reach USD 23,244.2 Million by the year 2027. The market is anticipated to grow at a CAGR of 4.3% from 2022 to 2027. Approximately, 2,752.65 million litres of automotive paint was sold in 2021.

Automotive paints uses in automobiles for decoration as well as protection purposes. The market is expected to be driven by the increasing production for vehicles. Furthermore, higher use of polyurethane paints is also estimated to fuel the market growth. In addition to these driving factors emerging trends, such as availability of various color options, reliability, and durability are also expected to provide lucrative opportunities for the market growth.

Despite the driving factors, regulations against volatile organic compounds emissions are anticipated to hinder the market growth. Also, constantly changing raw material prices and issues regarding painting plastic and composite components are also estimated to negatively impact the market growth.

Companies Mentioned

  • 3M
  • Akzo Nobel N.V
  • Axalta Coating Systems, LLC
  • BASF SE
  • Clariant AG
  • DOW Chemical
  • DuPont Coatings & Color Technologies Group
  • Kansai Paint Co., Ltd.
  • KCC
  • Nippon Paint Holdings Co., Ltd.
  • PPG Industries
  • Sherwin-Williams Company
  • Solvay
  • The Sherwin-Williams
  • Valspar Corporation

Growth Influencers:

Increasing production for vehicles

Automobile production is rapidly rising globally due to their high demand. According to International Organization of Motor Vehicle Manufacturers, in 2017, around 97,302,534 vehicles were produced globally, which was a 2.36% increase from the previous year. Therefore, such increase in the production of vehicles is also increasing the demand for automotive paints as well, which is boosting the market growth during the forecast period.

Segments Overview:

The global Automotive Paint market is segmented into type, technology, resin, texture, vehicle, and channel.

By Type

  • Electrocoat
  • Primer
  • Basecoat
  • Clearcoat

The clearcoat segment is expected to hold the largest market share of around 37% owing to its high preference as it provides a good and consistent finish on the vehicle surface. The electrocoat segment is estimated to hold a market volume size of around 700 million liters by 2027.

By Resin

  • Polyurethane
  • Epoxy
  • Acrylic
  • Other Resins

The polyurethane segment is expected to hold the largest market share owing to its increasing usage of this resin in topcoats for improving the durability of coats and improves vehicle appearance as well as protects them from scratches. Furthermore, for the acrylic segment, around 500 million liters of acrylic resin is estimated to be sold by 2025.

By Technology

  • Solvent Borne
  • Waterborne
  • Powder Coating

The waterborne segment is anticipated to hold the largest market share owing to its increasing demand as it is inexpensive as compared to other technologies, and also has quick drying properties. The powder coating segment is expected to witness the fastest growth rate of 5.5% owing to its rising adoption for premium and ultra-premium automobiles.

By Texture

  • Solid
  • Metallic
  • Matte
  • Pearlescent
  • Solar Reflective

The metallic segment is anticipated to hold the largest market share of more than 60% owing to its increasing demand. The pearlescent segment is expected to grow at the fastest CAGR of 5% owing to its growing popularity globally.

By Vehicle

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

The passenger cars segment is anticipated to hold the largest market share owing to high demand of automotive paints for coating passenger cars. The heavy commercial vehicles segment's volume is estimated to witness a growth rate of around 4.9% during the projected period.

By Channel

  • OEMs
  • Aftermarket

The aftermarket segment is expected to witness a growth rate of 4.6% during the forecast period. The OEMs segment is expected to register significant growth owing to growing demand of automotive paints through the OEM channels.

Regional Overview

By region, the global Automotive Paint market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.

The global Automotive Paint market report answers questions such as:

  • What is the market size and forecast of the Global Automotive Paint Market?
  • What are the inhibiting factors and impact of COVID-19 on the Global Automotive Paint Market during the assessment period?
  • Which are the products/segments/applications/areas to invest in over the assessment period in the Global Automotive Paint Market?
  • What is the competitive strategic window for opportunities in the Global Automotive Paint Market?
  • What are the technology trends and regulatory frameworks in the Global Automotive Paint Market?
  • What is the market share of the leading players in the Global Automotive Paint Market?
  • What modes and strategic moves are considered favorable for entering the Global Automotive Paint Market?

For more information about this report visit https://www.researchandmarkets.com/r/wb522b