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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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.
“With dwindling auto sales during the COVID-19 pandemic, the automotive paint market has taken a hit, and will revive with the opening up of economies after the containment of the virus,” says a PMR analyst.
What Does the Future Hold?
Expansion of the global auto industry in countries such as China, Brazil, and India is an additional factor that remains important in shaping the market dynamics going forward. Also, car manufacturers are increasingly adopting leading coating technologies such as thermal spray and powder coating, owing to their high functionality and efficiency. In recent years, focus has shifted towards the introduction of greener paint and coating products, as many international environmental organisations have been critical of automotive coatings and paints that emit harmful gases. Moreover, international bodies are setting guidelines on the use of chemical coatings and paints in the auto industry. Therefore, companies operating in the automotive paint market space are trying to develop and formulate products that are non-toxic and environmentally-viable.
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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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