The Global Automotive Paints Market is estimated to be USD 8.46 Billion in 2017 and is projected to reach USD 10.65 Billion by 2025, at a CAGR of 2.88%, during the forecast period. The automotive paints industry has evolved along with the automotive industry. The demand for automotive paints and advancements in the paint technology are largely influenced by factors such as the demand trends in the automotive industry, environmental regulations, health & safety norms, buyers’ preferences, lifestyle, and growing economy.
Nowadays, along with engine specifications, quality, and durability, the color & texture of the vehicle is also one of the most important factors influencing the buying decision. Basecoat is expected to grow over the forecast period because it is the only paint type that consists of colors. Even though the thickness of the basecoat is minimal, this coat has a maximum contribution in terms of value, because it consists of the actual visual properties of color and effects.
Automotive paints market ecosystem consists of manufacturers such as PPG (US), Axalta (US), AkzoNobel (Netherlands), BASF (Germany), Sherwin Williams (US), Valspar (US), Solvay (Belgium), DOW Chemical (US), 3M (US), and KCC (South Korea).
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Waterborne technology is expected to be the largest segment of the automotive paints market, by technology. Earlier, solvent-borne paints were preferred owing to their lesser price and quick-drying properties. However, with the growing stringency of emission regulations monitoring paint production, industry stakeholders are preferring eco-friendly paint technologies such as waterborne technology.
The polyurethane automotive coating is expected to be the largest segment of the global automotive paints market, by resin type. This is because polyurethane has increasing use in topcoats (clearcoat and basecoat) to increase the durability of coats, improve appearance, and protect vehicles from scratches.
The refinish paint market for automotive is segmented on the basis of resin type. Polyurethane is the dominant resin type in this market, mainly due to its extensive usage in clearcoat and basecoat. Polyurethane resin accounted for the largest share in the overall automotive refinish coating market. It is preferred in clearcoat and basecoat layers due to its excellent weather-, corrosion-, and mechanical resistance.
The study segments the global automotive paints market by painting equipment as well. The airless spray gun is the widely used painting technique across the globe due to its better spraying efficiency as compared to air spray guns. Due to its low installation cost, it has the largest market across the globe. The study also segmented the market by content types such as pigments, water, resins, and solvents.
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Asia Oceania is expected to be the largest market for automotive paints due to huge vehicle production and improving the economy. The automotive paints industry has evolved along with the automotive industry. Both industries are continuously progressing to provide advanced technologies and eco-friendly products to their customers. Passenger cars hold the largest share of total vehicle production globally and also in Asia Oceania. Passenger cars are expected to be the largest market for automotive paints. Asia Oceania is estimated to be the largest market for electric and hybrid vehicles also. The hybrid vehicle is estimated to be the largest market for automotive paints due to the rapid acceptance of hybrid vehicles across the world.