Automotive Paint Market Size Worth US$ 23,244.2 Mn by 2027 | CAGR 4.3%: Astute Analytica
NEW DELHI, Nov. 15, 2021 /PRNewswire/ -- The global automotive paint market is expected to record a revenue of US$ 23,244.2 Mn by the end of year 2027.
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The global automotive paint market is expected to expand in terms of value and volume during the forecast period, with growth attributed to various factors such as increasing production of vehicles which has a direct impact, supported by shift in consumer awareness and developments in paint technologies. In 2019, the top five car producing countries were China, United States, Japan, Germany, and India, with China, Europe, and North America contributing 25.6%, 17.1% and 11.4% respectively in 2020.
Automotive industry production has been seeing a dwindling production, affected by different causes over the past few years. Currently, shortage of chips has affected the production and industry is expected to see recovery to a steady trend towards first half of 2022. This has a direct impact on demand for automotive paints and subsequently market growth rate. Another challenge faced by paint industry is the emission of VOCs that may have health and environmental effect. For instance, China, which is the largest producer of vehicles over the past years, had announced mandatory national standards in August 2020 limiting the use of (VOCs) and other substances used in coatings, inks, and adhesives. The limit imposed on VOC is proposed towards supporting China's 2020 Volatile Organic Compounds Management Plan to attain the goal of reducing VOC emissions by 10% by confining the use of VOCs products. This may pose a challenge the market demand for automotive paint and restrain the market growth.
Automotive Paint Market by Type
The study provides market analysis based on of types of automotive paint, segmented into four types: Electrocoat, Primer, Basecoat, and Clearcoat. Clearcoat has the largest market share in the automotive paint market when compared to other types of automotive paint. The segment accounted for 37% share in 2020 due to higher adoption as it offers the car a shinier and deeper appearance while also protecting the paint from the sun and UV rays. It is projected that electrocoat is expected to develop at the fastest segment with CAGR of 4.8% during the forecast period due to its capacity to deliver entire surface coverage with unsurpassed film uniformity due to throw power. Electrocoat paint producers seek acrylics, epoxies, and hybrid formulations that meet their quality, performance, cost, and environmental goals.
Automotive Paint Market by Regional Analysis
Geographically, Asia Pacific manufactures more vehicles than any other region, making it the automotive coatings industry's most important market. Asia Pacific holds the highest share in revenue of the global market by 58% across the globe and it is projected to maintain the dominance in the market because of the rapid pace of economic activity and technological improvements in the region. The reason behind the dominance is the huge expansion in automobile production in China, India, Indonesia, and other Asian countries in recent years, there have been an increase in demand for automotive coatings in the region. With rising demand has come the need to develop coatings that are more ecologically friendly and have better performance features
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Covid – 19 Impact on Automotive Paint Market
The global automotive paint market was critically affected when the covid-19 outbreak increased. The market saw a significant drop in investment and demand. The pandemic disrupted the whole supply chain by forcing the whole world into lockdown. The distribution of automotive paints to OEMs completely halted. Many ongoing projects and plans were suspended due to the pandemic. The market decreased the production of vehicles and use of automotive paints. As per the researchers, in 2020, the global sale of automobiles dropped from 90.42 Mn Units to 77.9 Mn Units.
Market Dynamics
Drivers: The rising demand in automobile industry and increasing product of vehicles leads growth opportunity in automotive paint market and higher usage of polyurethane paints urethane resins held approximately 21% of the global demand for resins in coatings. Usage of polyurethane resins has been growing over the past several years due to their performance properties and their ability to be used in lower VOC (Volatile Organic Compound) formulations.
Restraints: Rising production of vehicles in turn creating the demand for automotive paints for the furnishing and coating purposes on vehicles. Rising use of automotive paints in turn emit VOC that may have health and environmental effect. VOC are emitted as gases from certain solids or liquids that may have short- and long-term adverse health effects and environmental effects as well.
Opportunities: Water-borne paints and primers produce significantly lesser amounts VOC emissions when compared with Solvent-borne paints. Water-borne paints contain more than 70% of water solvents.
Trends: Companies like BASF are releasing their trending color collection to show their innovation and modernism. Several consumers opt for customizable paint for their automobiles to display their individuality. In 2020, at least 15 high-end manufacturing automobile companies launched new exterior colors.
Competitors in the Market
Old players existing in market has a good brand value with loyal customer base. With their huge distribution network and presence everywhere from small cities to globally make it difficult for new players to enter or exist in market for long time. Complying with rules and maintaining standards for environment protection creates a barrier for new players.
The study in the global automotive paint market shows companies like PPG, AkzoNobel, Axlata, and Nippon hold a cumulative ratio of 63.60%, top market players hold around 90% of market share across the globe, whereas rest of the market is captured by other local players.
Segmental Overview
- By Type
- Electrocoat
- Primer
- Basecoat
- Clearcoat
- By Technology
- Solvent borne
- Waterborne
- Powder Coating
- By Resin
- Polyurethane
- Epoxy
- Acrylic
- Other Resins
- By Texture
- Solid
- Metallic
- Matte
- Pearlescent
- Solar reflective
- By Vehicle
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- By Channel
- OEMs
- Aftermarket
By Region
- North America
- US
- Canada
- Mexico
- South America
- Argentina
- Brazil
- Rest of South America
- Europe
- UK
- Germany
- Italy
- France
- Spain
- Russia
- Poland
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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