Automotive Paints Market by Coating, Texture Type, Technology, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2019-2026" the global automotive paints market size was valued at $8.78 billion in 2018, and is projected to reach $12.34 billion by 2026, registering a CAGR of 4.2% from 2019 to 2026.
Automotive paint market is segmented on the basis of vehicle type, coat type, texture type, technology, and geography. The vehicle type segment comprises of light commercial vehicles, heavy commercial vehicles, and passenger cars. On the basis of coat types, the market is further classified as a base coat, clear coat, primer coat, and electro-coat. The texture type segment is categorized into metallic texture and solid texture. On the basis of technology, the market is classified into powder coatings, waterborne coatings, and solvent-borne coatings. Geographically, the market is segmented into regions such as North America, Europe, Asia-Pacific (APAC) and LAMEA.
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Globally, the automotive sector has undergone substantial growth in recent years. Automotive paint is used on automobiles as a protective measure against corrosion, acid rains, UV rays, and oxidization. Pigments, binders, and thinners are the basic ingredients used to make automotive paint. Automotive paints have low volatile organic compounds (VOCs). Automotive paints are garnering high demand in the automotive sector owing to the less exposure to toxins. Increasing demand of vehicles worldwide has boosted the growth of the automotive paints market. End-users are preferring to buy vehicles, featuring durable automotive paint. Thus, automotive paint is expected to generate a high demand among vehicle manufacturers. High prices of raw materials can limit the growth of the market. Changing government regulations for increasing environmental awareness would provide many significant opportunities for the growth of the automotive paints market.
The key players operating in the global automotive paints market are BASF SE, PPG, Akzo Nobel N.V, Axalta Coating Systems, LLC, The Sherwin-Williams, Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., DuPont, Clariant, Solvay, and others.
Driving factors for the market
- Increase in Automobile production
- Rising demand innovative and eco-friendly automotive paints.
Market Restraints and Opportunities:
- Rising price of raw materials
- Production of cheaper and eco-friendly automotive paints
KEY SEGMENTATION
Global Automotive Paints Market by Vehicle Type
- Light commercial vehicles
- Heavy commercial vehicles
- Passenger cars
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Global Automotive Paints Market by Coat Type
- Basecoat
- Clear coat
- Primer coat
- Electro coat
Global Automotive Paints Market by Texture Type
- Metallic texture
- Solid texture
Global Automotive Paints Market by Technology
- Powder coatings
- Waterborne coatings
- Solvent-borne coatings
Key Players
- Berger Paints
- Kansai Paint Co. Ltd.
- Nippon Paint Co. Ltd.
- BASF SE
- PPG Asian Paints Private Limited
- Axalta Coating Systems LIC
- KCC Corporation
- Clariant AG
- Arkema SA
- Beckers Group
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