Global Automotive Paints Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Automotive Paints Market Overview:

“The global Automotive Paints Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global automotive paints market report has been segmented on the basis of vehicle type, coat type, texture type, form type, and region.

Automotive paints are considered as one of the most vital components of a vehicle manufacturing. Advanced automotive paints are applied not only for its protection properties but also for decorative purposes. These paints primarily provide automobile protection from UV rays, oxidation, and corrosion. Automotive paints are extensively used in interiors and exteriors of automotive vehicles, and are generally made up of pigments, binders, and thinners.

Developments in automotive paints coupled with rising demand for advanced paints that not only are long lasting but also protect auto parts from various rays and radiations are major factors driving growth of the global automotive paints market. In addition, rapid industrialization, increasing adoption of advanced automotive paints by prominent automotive original equipment manufacturers (OEMs), and increasing production of automobiles across the globe are other major factors anticipated to boost growth of the global automotive paints market.

However, high costs associated with advanced automotive paint manufacturing and use coupled with stringent environmental regulations limiting adoption of automotive paints that contain excess amount of VOCs are major factors restraining growth of the global automotive paints market.

Currently, the market in Asia Pacific dominates the global automotive paints market in revenue terms owing to increasing disposable income, rapid industrialization, and rising demand for automotive paints that are long lasting in countries in the region.

The markets in North America and Europe accounted for significant revenue shares in the global automotive paints market, due to presence of widespread and developed automotive sector in countries in the regions. Also, the markets in Latin America and Middle East & Africa are projected to witness moderate growth over the forecast period.

Furthermore, revenue from the market in Asia Pacific is projected to witness fastest growth over the forecast period, owing to increasing adoption of automotive paints that contain minimal amount of VOC (volatile organic compounds) and expansion of automotive sector in emerging economies in the region.

Global automotive paints market segmentation:

By vehicle type:

• Light commercial vehicles
• Heavy commercial vehicles
• Passenger cars

By coat type:

• Base coat
• Clear coat
• Primer coat
• Electro coat

By texture type:

• Metallic texture
• Solid texture
• Others (Matte, Pearlescent, and Solar reflective)

By form type:

• Powder coatings
• Waterborne coatings
• Solvent-borne coatings

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa