Automotive

Global Automotive Paints and Coatings Industry

January 13, 2022
ID: SR/AU-43
Format:Pdf
Pages:220

Global Automotive Paints and Coatings Industry, By Vehicle (Passenger Car, Heavy Commercial Vehicles, and Light Commercial Vehicles), By Coating Type (Basecoat, Primer, Electrocoat and Clearcoat), By Technology (Solvent Borne, Water Borne, UV Curved and Powder), By Texture (Metallic, Solid and Matte), By Distribution Channel (Aftermarket and OEM) By Raw Material (Epoxy, Acrylic, Polyurethane, and Other Resins), and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2028.

Description

The global automotive paints and coating industry was valued at USD 16 Billion in 2021 and projected to reach USD 23.58 Billion by 2028, growing at a CAGR of 5.7% over the forecast period 2022-2028.

A shift in consumer preference for attractive paint textures and improved vehicle aesthetics is helping the market expand. An increase in the automobile and the rising number of daily vehicle accidents are the major factors restoring the growth of the global automotive paints and coating industry.

Furthermore, the growing demand for focus on the production of eco-friendly paints security is among the factors expected over the forecast period to drive the global market’s growth for the automotive paints and coating industry.

What are Automotive Paints and Coatings?

The automotive paints and coatings are the surface solutions that provide a protective metal layer and enhance the vehicle’s aesthetics. A spray gun applies automotive paints and coatings to the automobile’s surface. The purpose of the paints and coatings is to protect them from freezing winters, heavy rains, heavy summers, and the impact of daily UV rays without cracking, fading or peeling. Automotive paints and coatings are water-based solutions consisting of polyurethane-based enamel. Upsurge in automobile production has propelled the demand for automotive paints and coatings.

Growth Driver

Active government support for the automobile industry

Government regulations support the private sector of the automotive industry and bring public benefits such as improved fuel efficiency. Demand for automotive paints is driven by rising demand for automobiles, and government regulations impact investment in technology and R & D. In addition, increased government support has enabled the world’s largest automakers to invest in production facilities in developing markets, thereby reducing production costs and increasing profits. In addition, government policies that support the automotive sector will lead to higher production, which will lead to higher demand for automobiles. As a result, the great demand for automotive paints and varnishes is driven by the expansion and development of the automotive industry.

Opportunities

The growing use of bio-based and eco-friendly

Focus on producing a rising focus on eco-friendly and bio-based products will create lucrative growth opportunities for the automotive paints and coatings industry. The most noticeable benefit of using green paints is that these paints are better for the environment. Auto manufacturers commonly use waterborne paint. People may be able to match the existing color of their vehicle more accurately. Additionally, they may require less blending to match the color, decreasing labor and costs. Rising personal disposable income is another indirect growth determinant for the market.

Restraints

Growing regulation threats and meeting formulators several registration requirements

The automotive paints and coatings market is one of the most regulated industries globally. However, the main problem is that almost all paints and coating products contain volatile organic compounds. VOCs can destroy ecosystems and, depending on the amount and type of VOCs released, can have debilitating consequences for people and the environment. As a result, the Industry’s ongoing challenge is replacing them and ensuring consistent performance while reducing VOCs. In addition, developing new coating technologies that meet the needs of formulators while meeting global regulations and regional market demands is a challenge for the global automotive paints and coatings market.

Pre Covid-19 impact on the global Automotive Paints and Coatings Industry market

Before the Covid-19 pandemic, automobile sales increased, and the automobile sector set new records. Which helped to increase the automotive paint and coating industry, increasing disposable income, and rising urbanization worldwide had generated various opportunities for the automotive paints and coating industry market. Furthermore, increasing concerns about environmental conditions and growing interest in developing environmentally friendly paints and coatings are driving the automotive paints and coatings industry in the pre-covid period.

Covid-19 impact on the global Automotive Paints and Coatings Industry market

In the Covid 19 pandemic, the global automotive paint and coating industry market has seen declines in car sales due to restrictions imposed by several governments to contain the spread of COVID-19. Countries worldwide are trying to prevent further infections by implementing various measures such as social distancing, quarantine and testing. Persons were forced to stay at home, and car sales plummeted. Restrictions implemented by several countries to contain COVID-19 have disrupted production and disrupted the entire supply chain. COVID-19 outbreak exposed multiple challenges for the automotive paint and coating sector.

Post Covid-19 impact on the global Automotive Paints and Coatings Industry market

The outbreak of the COVID19 virus has reduced demand in the automotive paints and coatings market. Due to the pandemic, using paints and coatings in the automotive industry has slowed due to temporary closures of production facilities and isolated industrial activities. Therefore, due to the outbreak of COVID19, the global automotive paints and paints market will grow at a slow pace, which will negatively affect the paints and paints market. Furthermore, a rising focus on eco-friendly and bio-based products is expected to grow the automotive paints and coating industry during the covid post period.

Vehicle Segmental Analysis

The global Automotive Paints and Coatings Industry is categorized into heavy commercial vehicles, light commercial vehicles, and passenger cars based on the vehicle. The passenger car segment captured the largest market share in 2021 and is projected to rise critically over the forecast period, 2022-2028, due to the availability of a widespread vehicle model range across the varied price range. The availability of easier alternatives to vehicle lending and the discounts automakers offer to increase sales during Christmas further support market demand.

Coating Type Segmental Analysis

Based on the Coating Type, the global Automotive Paints and Coatings Industry is categorized into Basecoat, Primer, Electrocoat and Clearcoat. The Primer segment holds the largest market share in 2021 and is likely to grow significantly over the forecast period, 2022-2028. The segmental growth is due to the growing use of Primer Paints and Coatings to protect against scratch and superior corrosion protection. The Primer Paints and Coatings are ultraviolet (UV) ray protection with improved protection against stone chipping.

Technology Segmental Analysis

Based on the Technology, the global Automotive Paints and Coatings Industry is categorized into Solvent Borne, Water Borne, UV Curved and Powder. The Water Borne segment accounted for the highest market percentage in 2021 is projected to generate a sizeable revenue over the forecast period, 2022-2028. The growth of the Waterborne segment is attributed to protecting the vehicle from bad weather and significant cost savings. Furthermore, waterborne technology provides high chemical resistance, lower temperature processing, and solvent-free preparation of coatings.

Texture Segmental Analysis

Texture’s global automotive paints & coatings industry is segregated into Metallic, Solid and Matte. The Metallic segment captured the largest market share in 2021 and is expected to generate maximum profit during the forecast period, 2022-2028. The metallic texture is attributed to the non-reflective appearance, rough and sandy texture. It is extensively used in high-end automotive. It is appropriate for a wide range of applications due to its texture characteristics, such as the prevention of discoloration and oxidation.

Distribution Channel Segmental Analysis

The global automotive paints & coatings industry is segregated into Aftermarket and OEM. The OEM segment captured the largest market share in 2021 and is expected to generate maximum profit during the forecast period, 2022-2028. It is attributed to the growing consumer spending on aesthetic appearance, functionality and comfort. The availability of corrosion-resistant and long-lasting paints will continue to support the expansion of the Industry.

Raw Material Segmental Analysis

Based on the Raw Material, the global automotive paints & coatings industry is segregated into Epoxy, Acrylic, Polyurethane, and Other Resin. The Polyurethane segment captured the largest market share in 2021 and is projected to generate maximum profit during the forecast period, 2022-2028. It is attributed to the excellent mechanical and weather resistance. It has advantages such as high solvent resistance. The industry players are focusing on introducing eco-friendly polyurethane coatings to increase their market share.

Region Segmental Analysis

The global automotive paints & coatings industry is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe has the largest market share in 2021 and is estimated to grow significantly during the forecast period, 2022-2028. Europe segment larger market because there are strong car makers in this area. In addition, the region is seeking prominent mergers and acquisitions among market participants that will intensify competition among market participants and make market development more volatile.

Competitor Analysis

Companies include Baxalta coating system, Akzo Nobel NV, basf se, Berger paints ltd., cobot corporation, Clariant ag, Kansai paint co. Ltd., kcc corporation, ppg industries inc, rpm international inc, Sherwin Williams, Valspar Corporation, others prominent players in the global automotive paints and coatings industry.

Key Stakeholders

Market research and consulting firms
Industry associations
Global automotive paints and coatings industry manufacturing firm
Global automotive paints and coatings industry providers
Local governments
Regulatory bodies
Suppliers
Retailers

Recent Developments

In March 2021, BASF signed a multi-year agreement with Mercedes Benz in the Asia-Pacific region, expanding its long-standing commercially recognized supplier status to Australia, Malaysia, Japan, South Korea.

In March 2021, Akzo Nobel NVI acquired TitanSAU (Titan Paints) to strengthen its paint business in Spain, becoming one of its market leaders.

In February 2021, AkzoNobel opened a new R & D center in Como, Italy, specializing in low-hardening powder coating.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 16 Billion
The revenue forecast in 2028	USD 23.58 Billion
Growth Rate	CAGR of 5.7% from 2022 to 2028.
Historical data	2017-2020
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Axalta Coating System, Akzo Nobel NV, BASF SE, Berger Paints Ltd., Cobot Corporation, Clariant AG, Kansai Paint Co. Ltd., KCC Corporation, PPG Industries Inc, RPM International Inc, Sherwin Williams, Valspar Corporation, Others Prominent Players

Market Modelling

By Vehicle

Passenger Car
Heavy Commercial Vehicles
Light Commercial Vehicles

By Coating Type

Basecoat
Primer
Electrocoat
Clearcoat

By Technology

Solvent Borne
Water-Borne
UV Curved
Powder

By Texture

Metallic
Solid
Matte

By Distribution Channel

Aftermarket
OEM

By Raw Material

Epoxy
Acrylic
Polyurethane
Other Resins

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is Automotive Paints and Coatings Industry?

The automotive paints and coatings are the surface solutions that provide a protective metal layer and enhance the vehicle’s aesthetics. The paints and coatings protect them from freezing winters, heavy rains, heavy summers, and the impact of daily UV rays without cracking, fading or peeling.

What is the growth rate of the Automotive Paints and Coatings Industry?

The global Automotive Paints and Coatings Industry market is expected to grow with a CAGR of 5.7%, in value terms, over the forecast period 2022-2028, and expected to reach USD 23.33 Billion by 2028.

What are the driving factors for the global Automotive Paints and Coatings Industry?

What are the impacts of the COVID-19 pandemic on the global Automotive Paints and Coatings Industry?

Due to the pandemic, using paints and coatings in the automotive industry has slowed due to temporary closures of production facilities and isolated industrial activities. Therefore, due to the outbreak of COVID19, the global automotive paints and paints market will grow at a slow pace, which will negatively affect the paints and paints market.

What are the key innovations in the Automotive Paints and Coatings Industry?

Which region is expected to have the largest share in the global Automotive Paints and Coatings Industry?

Europe captured the largest market share in 2021 and is estimated to grow significantly during the forecast period, 2022-2028.

Who are the major players in the global Automotive Paints and Coatings Industry?

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