The arrival of enhanced paints and coating varieties is supporting the global sales of automotive paint. Apart from improving the external appearance of a vehicle, automotive paints also help in increasing the durability of the materials they are applied on. Clearcoat, basecoat, and primer paint are some of the common coating layers. Carmakers are utilizing automotive paint to increase the resistance of aluminium and metal components of vehicles. Automotive paints offer resistance against UV radiation, heat, dust particles, and acid rain. In addition, manufacturers are actively focusing of developing more advanced and efficient painting and coating technologies. The above-mentioned factors are expected to drive the growth of the global automotive paint market in the coming years, at a CAGR of around 5% through 2030.
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The upcoming automotives would be abreast with HWW (Health, Wellness, and Wellbeing) features in the wake of healthcare being the top priority. So, it could be inferred that apart from going “green”, they would be going “pink” as well. The car’s parts would be revisited with the objective of keeping the occupants of vehicle healthy and safe.
There are environmentally-friendly regulations being laid down, which ask for circular economy, i.e. ideas of recycling and reusing would be put into practice in the near future. These trends in the automotive vertical along with insights have been constructively captured by the analysts and consultants in Persistence Market Research.
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Key Takeaways from Automotive Paint Market Study
- North America is expected to remain the largest market for automotive paint during the forecast period. This is primarily due to presence of leading market players and automotive manufacturers in the region.
- On the basis of coating, demand for electrocoat will remain significantly high throughout the projection period.
- Based on vehicle, the use of automotive paint will be relatively higher in compact passenger cars during the forecast period. This is mainly due to increasing global demand for such cars.
- On the basis of finish, preference for metallic paint finishing will be significantly high, with a market share of 40% in 2020.
- By paint base, solvent-borne paint base will outsell the water-borne variant during the assessment period.
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Automotive Paint Market: Competition Landscape
Some of the top companies operating in the global automotive paint market landscape include The Valspar Corporation, Axalta Coating Systems Ltd., Clariant AG, Kansai Paint Co., Ltd, The Sherwin Williams Company, Akzo Nobel NV, BASF SE, DuPont Coatings & Color Technologies Group, and Nippon Paint Holdings Co Ltd.
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