According to a new report published by Allied Market Research, titled, “Automotive Paints Market,” The automotive paints market was valued at $20.5 billion in 2021, and is estimated to reach $29.7 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.
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.
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
- PPG
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- The Sherwin-Williams
- Kansai Paint Co., Ltd.
- Nippon Paint Holdings Co., Ltd.
- DuPont
- Clariant
- Solvay
In addition, key manufacturers have carried numerous developments in the global automotive paints market. For instance, in May 2022, Axalta Coating Systems, one of the largest suppliers of automotive paints and coatings solutions launched its new range of primers Alesta ZeroZinc in Europe, the Middle East, and Africa. Thus, high use and development in primers are expected to drive demand for primers during the forecast period.
KEY FINDINGS OF THE STUDY
- By vehicle type, the passenger cars segment dominated the global automotive paints market in 2021, in terms of revenue
- By technology, the powder coatings segment is expected to register highest growth, registering a CAGR of 8.3% during the forecast period
- By coating, the clear coat segment dominated the global automotive paints market in 2021, in terms of revenue
- By texture type, the metallic segment is expected to register the fastest growth, registering a CAGR of 5.0% during the forecast period
- By sales channel, the OEM segment dominated the global automotive paints market in 2021, in terms of revenue
- By region, Asia-Pacific dominated the global automotive paints market in 2021 in terms of market share
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