As per a new research report, the opportunity in the global automotive paint market is expected to rise at a CAGR of 2.88% over the period from 2020 to 2027. The report, titled “Global Automotive Paint Market Size study, by Paint Type (Electrocoat, Primer, Basecoat, Clearcoat), by Technology (Solvent-Borne, Waterborne, Powder Coating), by Resin Type (Polyurethane, Epoxy, Acrylic), Texture (Solid Texture, Metallic Texture, Matte Finish Paints, Pearlescent Paints, Solar Reflective Paints ), by Vehicle Type (Passenger Car, Light Commercial Vehicle, Trucks, Buses), by Content (Solvent-Borne Paints, Waterborne Paints) and Regional Forecasts 2020-2027,” is recently added to the repository of Report Ocean.
With a number of active players, the global automotive paint market demonstrates a fragmented and highly competitive landscape. The key players, including BASF, Akzonobel, Kansai, Valspar, 3M, Nippon Paint, and DOW Chemical, are focusing on strategic partnerships and mergers and acquisitions to remain in the competition. Over the coming years, they are likely to shift their focus towards new product launches. Other significant players in this market are PPG, Axalta, Sherwin Williams, Solvay, Covestro, and KCC.
Soaring Demand for Automobiles Supports Global Automotive Paint Market
In 2019, the worldwide automotive paint market stood at US$9 bn. Over the last few years, emerging economies saw a heightened demand for automobiles, thanks to the increasing per capita income. With the augmented demand for automobiles, soared the demand for automotive paints, resulting in the market’s growth.
The trends in automotive market impact the global automotive paints market directly. At present, automobile manufacturers are focusing on using eco-friendly and green components. Environmental concerns and stringent emission regulations and has encouraged paint manufacturers to produce eco-friendly automotive paints, which is expected to boost the demand by twofold in the near future.
On the flip side, the rise in raw material prices may hamper the growth in the worldwide automotive paint market over the next few years. However, the market is anticipated to gain balance soon due to the increasing emphasis on producing cost-efficient automotive paints, states the research report.
Impact of COVID 19 on Global Automotive Paint Market
One of the severely impacted markets from the Coronavirus pandemic is the global automotive industry. With the production of automobiles being stopped completely, the demand for components, including automotive paints, also decreased to a great extent. However, now as the production has resumed, the global automotive paint market is projected to gain its momentum in the near future.
North America to Gain from Presence of Key Automakers
Among all the regions, North America has acquired the leading position in the global automotive paint market. The presence of a number of automakers has boosted the North America market for automotive paints significantly. The regional market is projected to retain its place over the next few years, thanks to the uptake of eco-friendly paints by North American automakers.
Asia Pacific is also expected to demonstrate a high growth rate over the forecast period. The increase in the expansion of key players in this region, owing to the presence of cheap labor and reasonably-priced raw materials, is likely to fetch lucrative growth prospects for the Asia Pacific automotive paints market, in the near future, says the study.
- The demand for electrocoat paints will continue to remain higher than other automotive paints.
- Passenger cars will emerge as the key end user of automotive paints.
- North America will continue to dominate the global automotive paints market.
The global automotive paint market is segmented into:
By Paint Type
- Powder Coating
By Resin Type
- Other Resins
- Solid Texture
- Metallic Texture
- Matte Finish Paints
- Pearlescent Paints
- Solar Reflective Paints
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Solvent-Borne Paints
- Waterborne Paints
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Sherwin Williams
- DOW Chemical
- Nippon Paint
Company Name: Report Ocean
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