July 20, 2024

Automotive Paints & Coatings Market growth at a CAGR of 8.2% by 2027

[150+ Pages Report] As per the latest Research and survey report issued by Precedence Research, the global automotive paints & coatings market was valued at around USD 17.34 billion in 2019 and is expected to register revenues worth USD 26.8 billion by the end of 2027, growing at an exceptional CAGR of approximately 8.2% between 2022 and 2027.

Automotive Paints & Coatings

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Growth Factors:

Stringent regulations for harmful emission and growing environmental concerns for paints & coatings manufacturing process predicted to enhance the demand for eco-friendly paints in the market. Furthermore, increasing requirement for maintenance, repair, and restoration of vehicles expected to augment the market growth for automotive paints & coating in the coming years.

Report Scope of the Automotive Paints & Coatings Market
Report HighlightsDetails
Market SizeUSD 26.8 Billion by 2027
Growth RateCAGR of 8.2% from 2022 to 2027
Largest MarketEurope
Fastest Growing MarketAsia Pacific
Base Year2021
Forecast Period2022 to 2027
Segments CoveredRaw Material, Distribution Channel, Texture, Technology Type, Coating Type, Vehicle Type, Regional Outlook
Companies MentionedAkzo Nobel NV, Axalta Coating Systems, BASF SE, Cabot Corp, Clariant AG, Covestro

Increasing vehicle age is the main cause behind its significant repair & maintenance. As per U.S. Bureau of Labor Statistics, around 50% of vehicles are aged between 11-20 years and an average US$ 400 is spent yearly on car repair. This is anticipated to flourish the paints & coating market prominently in the years to come.

However, advancements in the automotive industry have reduced the number of accidents significantly that hinders the refinish market for automotive paints & coatings. Besides this, recent advancements in the paint & coating products for automotive sector have provided highly durable surface finish that exceeds the customer expectation along with it also complies with the environmental regulations.

Thus development in the paint chemistry and spraying methods have improved the uniformity in paint layer and paint transfer efficiency, thereby reducing the wastage. The aforementioned factors anticipated to flourish the market growth during the forecast period.

Scope of the Report

A recent study by Precedence Research on the automotive paints & coatings market offers a forecast for 2020 and 2027. The study analyzes crucial trends that are currently determining the growth of the automotive paints & coatings market.

This report explicates on vital dynamics such as the drivers, restraints, and opportunities for key market players, along with key stakeholders as well as emerging players associated with the manufacturing of automotive paints & coatings. The study also provides the dynamics that are responsible for influencing the future status of the automotive paints & coatings market over the forecast period.

A detailed assessment of the automotive paints & coatings market value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the automotive paints & coatings market along with their product portfolio enhances the reliability of this comprehensive research study.

Report Highlights
  • Europe is one of the major markets for automotive paints & coatings with prominent revenue share in 2019. The growth of the region is mainly due to presence of large number of automotive manufacturers in the region.
  • Asia Pacific is expected to show considerable growth during the forecast period owing to rising vehicle affordability among the public. In addition, several players plan to expand their production base in the Asian countries as it has large consumer base.
  • By raw material, polyurethane-based coatings led the market with substantial revenue share owing to rising refinishing services market. Rising number of fatalities and accidents on-road increases the refinish service market for paints & coatings. However, epoxy resins expected to offer magnificent growth over the coming years due to improved wear resistance capability and excellent adhesion with metals.
  • Rising vehicle sales and increased consumer spending on aesthetics and comfort have bolstered the OEM market. Nonetheless, rising number of accidents and shifting trend towards customized and cost-effective auto parts projected to trigger the aftermarket distribution channel in the coming years.
Competition Landscape

The report has engulfed a chapter on the global electric vehicle market’s competitive landscape, which provides detailed analysis and insights on companies offering electric vehicle. Profiles of key companies, along with a strategic overview of their M&A and expansion plans across geographies, have been delivered in this chapter.

This chapter is priceless for report readers, as its enables them in gauging their growth potential in the market and implement key strategies for extending their market reach. This chapter offers key recommendations for both new and existing market participants, enabling them to emerge sustainably and profitably.

Intelligence on the market players has been delivered on the basis of their product overview, SWOT analysis, key developments, key financials and company overview. Occupancy of these market participants has been tracked by the report and portrayed via an intensity map.

Some of the prominent players in the automotive paints & coatings market include:
  • Akzo Nobel NV
  • Axalta Coating Systems
  • Cabot Corp
  • Clariant AG
  • Covestro
  • Donglai Coating Technology
  • Dupont
  • Eastman
  • Kansai Paint Co. Ltd
  • KCC Corporation
  • Nippon Paint Holdings Co. Ltd
  • PPG Industries, Inc.
  • The Valspar Corporation.
  • Wanda refinish

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Segments Covered in the Report

By Vehicle Type

  • Passenger Cars
  • Heavy Commercial Vehicles
  • Light Commercial Vehicles

By Coating Type

  • Basecoat
  • Primer
  • Electrocoat
  • Clearcoat

By Technology Type

  • Solvent borne
  • Waterborne
  • UV Curved
  • Powder

By Texture

  • Metallic
  • Solid
  • Matte

By Distribution Channel

By Raw Material

  • Epoxy
  • Acrylic
  • Polyurethane
  • Other Resins

Regional Segmentation

  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
  • North America [United States, Canada, Mexico]
  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Middle East & Africa [GCC, North Africa, South Africa]

Read also@ Vehicle-to-Grid Technology Market to Rising 48 Percent Till 2030

Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region.

This section analyses region-wise revenue and volume for the forecast period of 2019 to 2027. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global automotive paints & coatings market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the automotive paints & coatings market.

The report includes country-wise and region-wise market size for the period 2019-2027. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2019-2027.

Why should you invest in this report?

If you are aiming to enter the global automotive paints & coatings market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for automotive paints & coatings are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Table of Contents

Chapter 1. Introduction

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Market Variables and Scope

Chapter 5. Market Dynamics Analysis and Trends

Chapter 6. Competitive Landscape

Chapter 7. Global Automotive Paints & Coatings Market, By Vehicle Type

Chapter 8. Global Automotive Paints & Coatings Market, By Coating Type

Chapter 9. Global Automotive Paints & Coatings Market, By Technology Type

Chapter 10. Global Automotive Paints & Coatings Market, By Texture Type

Chapter 11. Global Automotive Paints & Coatings Market, By Distribution Channel

Chapter 12. Global Automotive Paints & Coatings Market, By Raw Material

Chapter 13. Global Automotive Paints & Coatings Market, Regional Estimates and Trend Forecast

Chapter 14. Company Profiles

Chapter 15. Research Methodology

Chapter 16. Appendix

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Janet Edward

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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