The automotive paint global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Paint Market, 2024 report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size -
The automotive paint market size has grown strongly in recent years. It will
grow from $14.87 billion in 2023 to $15.65 billion in 2024 at a compound annual
growth rate (CAGR) of 5.3%. The growth
in the historic period can be attributed to a rise in automotive production, a
rise in consumer preferences for aesthetically pleasing vehicles, a rise in
stringent environmental regulations, a shift towards lightweight materials, and
an expansion of aftermarket services.
The automotive paint market size is expected to see strong growth in the next
few years. It will grow to $19.44 billion in 2028 at a compound annual growth
rate (CAGR) of 5.6%. The growth in the
forecast period can be attributed to the growing electric vehicle market, rise
in digitalization in vehicle design, expansion of shared mobility services,
rising focus on sustainable solutions, and expansion of automotive
customization services. Major trends in the forecast period include
advancements in coating technologies, development of eco-friendly solutions,
integration of advanced color matching technologies, emphasis on surface
protection and maintenance, advancements in digital color matching technologies,
and developments in smart coatings.
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Scope Of Automotive Paint Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Automotive Paint Market Overview
Market Drivers -
The increasing vehicle production is expected to propel the automotive paint
market going forward. Vehicle production refers to manufacturing automobiles,
from the initial design and engineering stages to the final assembly of
components into finished vehicles ready for sale and distribution. The
increasing vehicle production can be attributed to rising global demand for
automobiles, the expansion of transportation infrastructure, and growing
urbanization. Automotive paint is indispensable in vehicle production, offering
aesthetic enhancement, protection, brand differentiation, corrosion resistance,
and manufacturing efficiency benefits that contribute to the overall quality
and success of automotive products. For instance, according to the European
Automobile Manufacturers Association, a Belgium-based association, around 85.4
million motor vehicles were produced worldwide in 2022, an increase of 5.7%
compared to 2021. Therefore, an increase in vehicle production is driving the
automotive paint market.
Market Trends -
Major companies operating in the automotive paint market are focusing on
developing technologically advanced solutions, such as biomass balance
automotive coatings, to reduce carbon footprints and environmental impacts.
Biomass balance automotive coatings are environmentally friendly paints for the
automotive industry that replace a portion of the traditional fossil-based raw
materials used in production with renewable raw materials sourced from biomass.
For instance, in December 2022, BASF SE, a Germany-based chemical company,
launched BASF's ColorBrite Airspace Blue ReSource basecoat, an automotive
coating using renewable raw materials according to a certified biomass balance
approach. These coatings utilize renewable raw materials in their production
process, reducing the product's carbon footprint by approximately 20%. BASF's
biomass balance approach ensures that renewable raw materials replace
fossil-based feedstock in manufacturing, with the proportion attributed to specific
sales products using a certified mass balance method.
The automotive paint market covered in this report is segmented –
1) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial
Vehicles
2) By Coating: Primer, Base Coat, Clear
Coat, Electrocoat
3) By Technology: Waterborne Coating, Solvent-Borne Coating, Powder Coating
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
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Regional Insights -
Asia-Pacific was the largest region in the automotive paint market in 2023. The
regions covered in the automotive paint market report are Asia-Pacific, Western
Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies -
Major companies operating in the automotive paint market are BASF SE, Dow Chemical Company, 3M Company,
Henkel AG And Co. KGaA, Sherwin-Williams Company, Covestro AG, PPG Industries,
Akzo Nobel N.V., Eastman Chemical Company, Nippon Paint Holdings Co. Ltd.,
Masco Corporation, RPM International Inc., Clariant AG, KCC Corporation, Axalta
Coating Systems Ltd., Cabot Corporation, Asian Paints Limited, Kansai Paint Co.
Ltd., Hempel A/S, Berger Paints India Limited, Teknos Group, SK Kaken Co. Ltd.,
Yip's Chemical Holdings Limited, Matrix System Automotive Finishes, Cresta
Paint Industries Ltd.
Table of Contents
1. Executive Summary
2. Automotive Paint Market Report Structure
3. Automotive Paint Market Trends And Strategies
4. Automotive Paint Market – Macro Economic Scenario
5. Automotive Paint Market Size And Growth
…..
27. Automotive Paint Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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