Allied Market Research published a report, titled, “Automotive Paints Market by Coating (Primer, Base Coat, Clear Coat, and Electrocoat), Texture Type (Solid, Metallic, Pearlescent, and Others), Technology (Waterborne Coatings, Solvent-borne Coatings, and Powder Coatings), and Vehicle Type (Passenger cars, Light Commercial Vehicle, and Heavy Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global automotive paints industry garnered $8.78 billion in 2018, and is expected to generate $12.34 billion by 2026, growing at a CAGR of 4.2% from 2019 to 2026.
Drivers, restraints, and opportunities
Considerable upsurge in automobile production and rise in demand in eco-friendly and innovative automotive paints drive the global automotive paints market. However, significant increase in prices of raw materials hinder the market growth. On the other hand, manufacturing of eco-friendly and cheaper automotive paints would create new opportunities in the market.
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The clear coat segment to maintain its dominance throughout the forecast period
Based on coating, the clear coat segment held the largest market share in the global automotive paints market, contributing to nearly two-fifths of the total market share in 2018, and is estimated to maintain its dominance throughout the forecast period. This is due to its ability to provide easy adherence to the flexible components such as plastic bumper. However, the base coat segment is estimated to register the fastest CAGR of 5.9% from 2019 to 2026, owing to rise in preferences of consumers for innovative automotive paints.
The solvent borne coatings segment to maintain its leadership status by 2026
Based on technology, the solvent borne coatings segment contributed to nearly three-fourths of the total share of the global automotive paints market in 2018, and is estimated to maintain its leadership status during the forecast period. This is attributed to its less susceptibility to the environment conditions including temperature and humidity during the curing phase. However, the powder coatings segment is expected to grow at the fastest CAGR of 7.4% from 2019 to 2026, owing to its ability to be durable, environment friendly, and pose less health hazards.
LAMEA to grow at the fastest rate, North America to follow
Based on region, LAMEA is expected to portray the largest CAGR of 8.2% from 2019 to 2026. However, North America would register the second-highest growth rate, with a CAGR of 7.3% during the forecast period. On the other hand, Asia-Pacific held the highest market share in 2018, contributing for more than half of the global automotive paints market, and will maintain its dominant position in terms of revenue during the forecast period. This is due to surge in production of automobiles and rise of automotive industry.
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Leading market players
- BASF SE
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- The Sherwin-Williams
- Kansai Paint Co., Ltd.
- Nippon Paint Holdings Co., Ltd.
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