According to a research report “Automotive Paints Market by Type (E-coat, Primer, Basecoat, Clearcoat), Resin (PU, Epoxy, Acrylic), Technology (Solvent, Water, Powder), Paint Equipment (Airless, Electrostatic), Texture, Content, ICE & EVs, Refinish and Region – Global Forecast to 2028″ published by MarketsandMarkets, the global automotive paints market is estimated to be USD 8.4 billion in 2023 and is projected to reach USD 9.9 billion by 2028, at a CAGR of 3.2% from 2023 to 2028.
Polyurethane resin is projected to have the highest demand in automotive paints market
Polyurethane-based coatings are popular in automotive OEM and refinish painting because they offer a unique combination of properties, this includes good elastic property at very low temperatures, solvent and water resistance, abrasion resistance, machine washability and dry cleanability. In addition to these benefits, polyurethane-based coatings do not increase paint thickness or change styling factors, such as drape. Also, with an increase in need of automotive paints by OEMs, the paint manufacturers have started investing in expanding their plant capacity for polyurethane resins. For instance, BASF SE has announced a single-digit million-euro investment in the capacity expansion of water-based polyurethane dispersions (PUDs) at its Castellbisbal site in Spain to increase the production capacity. Hence, polyurethane-based paints have the largest market in automotive paints market, by resin type.
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Passenger car is the second fastest growing segment in vehicle type for automotive paints market
Compact and mid-sized SUVs are among the most popular vehicle segments, and their demand is continuously growing. This has led to increased production of these vehicles, boosting the demand for automotive paints. These vehicles typically have a larger surface area than smaller cars, requiring more paint per vehicle. This has increased the consumption of automotive paints for these vehicle segments. Additionally, two-tone paints are becoming increasingly prevalent in compact and mid-sized SUVs, adding a more distinctive and customized look to these vehicles.
According to MarketsandMarkets Analysis, the global premium car segment under passenger car market is dominated by premium SUVs, which accounted for about 53% of total production in 2021 and grew to 62% in 2022 Developed countries such as the US, Canada, Japan, and South Korea hold the majority of the market, representing over 90% of global premium SUV production. For example, in 2021, the US produced luxury SUVs that comprised around 75% of its total luxury car production. Conversely, developing countries such as China, Brazil, and India have exhibited remarkable growth in SUV demand over the past few years. China and India’s SUV markets have grown by 36% and 10%, respectively, between 2018 and 2021. This growth in sales for SUVs is driving the market for passenger cars in the automotive paints market.
Asia Pacific to remain the fastest growing market for the for automotive paints
The Asia Pacific region is home to some of the world’s largest and fastest-growing OEMs, particularly in countries like China, India, and South Korea. This rapid growth in vehicle production is driving the demand for automotive paints, as new vehicles require painting and existing vehicles need repainting to maintain their appearance and protect them from corrosion.
The Asia Pacific region is experiencing rapid urbanization and a growing middle class, leading to an increase in disposable incomes. This surge in purchasing power is fueling the demand for new vehicles, further boosting the demand for automotive paints. Additionally, the growing urbanization trend is leading to an increase in the number of car owners, which creates a need for aftermarket services like repainting and refinishing, further driving the demand for automotive paints.
Key Players
Major manufacturers in the Automotive paints market include PPG Industries LLC. (US), Axalta Coating Systems LLC, (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), The Sherwin Williams Company (US), Valspar (US), DOW Chemical (US), 3M (US), and KCC (South Korea).
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