Automotive Paints Market by Type (Solvent-borne Paints, Water-borne Paints, Powder Coatings, UV-curved Paints and others), by Vehicle Type (Passenger Cars, Commercial Cars, Two Wheelers, and others), by Application (Spray Gun, Electrostatic Spray, Dip Coating, and Others), and by End Users (Original Equipment Manufacturers, Automotive Refinish, and Aftermarket) – Global Opportunity Analysis and Industry Forecast 2024-2030
Automotive Paints Market Overview
The global Automotive Paints Market size was valued at USD 7.94 Billion in 2023 and is predicted to reach USD 11.49 Billion by 2030 with a CAGR of 5.4% from 2024-2030.
The automotive paints market refers to the distribution, development, production, and sale of specialized coatings for vehicles. The paints produced for both functionality and beauty, shield car bodies from damage while elevating their visual appeal.
The market offers large variety of paints such as primers, base coats, clear coats, and electrocoats that comes in various textures, such as solid, metallic, and pearlescent, that are applied through using different technologies, including solvent-borne, waterborne, and powder coating. Thus, the market caters to various vehicle types including passenger cars, light commercial vehicles, and heavy commercial vehicles.
Market Dynamics and Trends
The rising vehicle production is increasing the demand for high-quality, durable, and aesthetically appealing paint solutions, thereby driving the automotive paints market growth. According to a latest report published by the International Energy Agency, the number of new cars sold in mid-year of 2024 including non-electric and electric cars is 76.67 million while the number of new cars sold in 2023 were 72.86 million. This growing trend in vehicle sales highlights the expanding market for automobile paints, as manufacturers seek innovative coatings to meet consumer expectations and regulatory standards.
Also, the advancement in coating technologies, particularly, innovations in paint formulation and the development of water-borne and UV-borne coatings, is significantly propelling the automobile paints market growth. These technological advancements attract manufacturers looking for efficient and sustainable solutions, thereby boosting the demand and expansion for Car paint coatings.
For instance, in April 2024, Durr AG (a German based company) launches an electrostatic air spray gun (ESTA Gun) for a more efficient painting. The new spray gun contains more sustainable ways of painting, reducing overspray by about 40%. This reduces extensive use of paints while spraying, making it cost effective. This signifies a future with a thriving automobile paint market, driven by a commitment to environmental responsibility, leading to its growth.
However, the stringent environmental regulations limit the use of traditional solvent based paints due to their high VOC (Volatile Organic Compounds). These regulations push the manufacturers to invest in research and development of eco-friendly alternatives, thus restraining the automotive paints market expansion.
On the contrary, the introduction of sustainable and eco-friendly coatings is expected to create ample opportunities for the market in the future. The rising stringent environmental regulations and increasing consumers awareness towards sustainability are boosting the popularity of water-based and low-VOC (volatile organic compounds) paints. These coatings reduce harmful emissions during application and contribute to lowering the environmental impact of automotive manufacturing.
Subsequently, these innovations in sustainable and specialized coatings are anticipated to be crucial in accelerating the market growth, enabling the automotive industry to effectively address emerging technological and environmental challenges.
Market Segmentation and Scope of Study
The automotive paints market report is divided on the basis of type, vehicle type, application, end user and region. On the basis of type, the market is divided into solvent-borne paints, water-borne paints, powder coatings, UV-curved paints and, others. On the basis of vehicle type, the market is categorized into passenger cars, commercial cars, two wheelers, and others.
On the basis of application, the market is segmented into spray gun, electrostatic spray, dip coating, powder coating, and others. On the basis of end users, the market is classified into original equipment manufacturers (OEM), automotive refinish, and aftermarket. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
Asia Pacific dominates the automotive paints market share at present and is expected to continue its dominance throughout the forecast period. This dominance is attributed to the remarkable expansion in automobile manufacturing, particularly in countries such as India, China, and Japan that significantly increases the automobile paints market demand.
For instance, in May 2024, India Brand Equity Foundation (IBEF), stated India is on track of becoming the largest EV (Electronic Vehicle) market by 2030. As automobile manufacturing expands, the demand for these paints rises, thereby fueling growth in the automobile paint market.
Also, the continuous expansion of the automotive paints market in the Asia-Pacific region is largely fueled by the strategic relocation of production bases by many global manufacturers to this region. This relocation is prompted by a confluence of factors, including favourable governmental policies and appealing opportunities presented by emerging markets.
For instance, in April 2024, BASF's Coatings Division launched a new generation of clearcoats for Asian Pacific refinish market, setting new standards in scratch resistance. The innovative clearcoat reduces micro scratches from car washing and offers excellent protection against external damage, maintaining the car's shine. Thus, this launches further fuels the region's position as a dominant force driving innovation and growth within the automobile paint market.
On the other hand, Europe is considered fastest growing region in the automotive paints industry owing to the increasing government collaborations with paint manufacturing companies. This synergy is driven by concerted efforts to promote sustainability, innovation, and compliance with stringent regulatory standards.
For instance, in December 2023, PPG announced partnered with France’s National School of Automotive Professions and Mobility (GARAC) that aims to help address the skills shortage in the automotive refinish sector. PPG will provide training expertise and digital tools including its PPG MOONWALK automated paint mixing system. This partnership represents the proactive approach taken by European automobile paints industry stakeholders to address challenges and drive growth through innovation and skill development, driving the market growth.
Moreover, the presence of prominent automobile manufacturers such as Volkswagen and BMW are significantly boosting the demand for Car paint colors in the region. These companies’ dedication in producing superior vehicles drives the need for advanced coatings that ensure durability, enhance aesthetics, and meet environmental sustainability standards.
For instance, in February 2024, INEOS Automotive and BASF’s Coatings division signed an agreement on a global automotive refinish body and paint development. They committed to a long-term strategic collaboration that enables them to exceed the industry standard in vehicle body repair and paint refinish. This collaboration underscores the pivotal role of partnerships between automotive manufacturers and paints industry leaders in driving the European automobile paint market.
Competitive Landscape
Various key players in the automotive paints industry includes PPG Industries, Axalta Coating Systems, BASF SE, Akzo Nobel N.V., Sherwin-Williams Company, Nippon Paints Holding Co., Ltd, Kansai Paint Co., Ltd, Valspar Corporation, Jotun, Berger Paints India Ltd and others. These market players are opting various strategies such as collaboration to maintain their dominance in the global automobile paint market.
For instance, in April 2024, Nippon Paint launches aftermarket automotive body and paint repair service brand Mastercraft in India to provide efficient and green automotive paints solutions.
Moreover, in April 2024, "Akzo Nobel's development of two research labs at its Sassenheim site in the Netherlands underline its commitment to the automobile paints market. These new Powder Coating labs will facilitate fundamental research, enabling Akzo Nobel to innovate and introduce sustainable products, thereby advancing the automotive paints industry.
Key Benefits
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The report provides quantitative analysis and estimations of the automotive paints market from 2024 to 2030, which assists in identifying the prevailing market opportunities.
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The study comprises a deep-dive analysis of the current and future automotive paints market trends to depict prevalent investment pockets in the market.
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Information related to key drivers, restraints, and opportunities and their impact on the automotive paints industry is provided in the report.
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Competitive analysis of the players, along with their market share is provided in the report.
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SWOT analysis and Porters Five Forces model is elaborated in the study.
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Value chain analysis in the market study provides a clear picture of roles of stakeholders.
Automotive Paints Market Key Segments
By Type
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Solvent-borne Paints
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Water-borne Paints
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Powder Coatings
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UV-cured Paints
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Others
By Vehicle Type
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Passenger Cars
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Commercial Cars
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Two Wheelers
By Application
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Spray Gun
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Electrostatic Spray
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Dip Coating
By End Users
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Original Equipment Manufacturer (OEM)
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Automotive Refinish
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Aftermarket
By Region
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North America
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The U.S.
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Canada
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Mexico
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Europe
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The UK
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Germany
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France
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Italy
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Spain
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Denmark
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Netherlands
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Finland
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Sweden
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Norway
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Russia
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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South Korea
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Australia
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Indonesia
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Singapore
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Taiwan
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Thailand
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Rest of Asia-Pacific
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RoW
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Latin America
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Middle East
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Africa
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Key Players
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PPG Industries
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Axalta Coating Systems
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BASF SE
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Akzo Nobel N.V.
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Sherwin-Williams Company
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Nippon Paints Holding Co., Ltd
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Kansai Paint Co., Ltd
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Valspar Corporation
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Jotun
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Berger Paints India Ltd
REPORT SCOPE AND SEGMENTATION
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Parameters |
Details |
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Market Size in 2023 |
USD 7.94 Billion |
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Revenue Forecast in 2030 |
USD 11.49 Billion |
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Growth Rate |
CAGR of 5.4% from 2024 to 2030 |
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Analysis Period |
2023–2030 |
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Base Year Considered |
2023 |
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Forecast Period |
2024–2030 |
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Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
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Countries Covered |
28 |
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Companies Profiled |
10 |
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Market Share |
Available for 10 companies |
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Customization Scope |
Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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