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
By Paint type, By Technology type, By Resin type, By Texture type, By Electric & Hybrid Vehicle type, By Vehicle type, By Content type, By Resin Refinish Paint type, By Painting Equipment
Regions covered
Asia Pacific, North America, Europe, and Rest of the World.
The 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%.
The automotive paint is driven by increase in sales of electric vehicles and SUVs while the water borne paint technologies is driven by the environmental regulations. Also, there is expansion of organized players in refinish paints. However, due to advancements in automotive industry regarding safety in vehicles which has resulted in the reduction of number of accidents, which in turn, has become a restraint in the automotive refinish paints market.
"The water borne technology is the fastest-growing segment in the automotive paints market."
Waterborne paints are water-based, making them significantly less harmful to the environment than traditional solvent-based paints. They emit far fewer volatile organic compounds (VOCs), which are harmful air pollutants that contribute to smog and other environmental problems. As environmental regulations become stricter and the automotive industry strives for sustainability, waterborne paints are becoming increasingly attractive.
Considering the automotive industry, water borne paint technology do not contain hazardous solvents which can pose health risks to workers, such as respiratory problems and skin irritation. This makes waterborne paints a more desirable choice for automotive manufacturers concerned about the health and safety of their employees. Key players of automotive paints manufacturer are manufacturing water borne paint technology for OEMs. For instance, PPG Industries LLC. Has invested USD 10 million to expand the automotive OEM coatings production in its site in Weingarten, Germany. The expansion will increase the facility's capacity to produce waterborne basecoats by more than 5,000 metric tons per year.
Hence, the tightening of environmental regulations and need for more sustainable solutions is driving the waterborne paints to the fastest growing technology in automotive painting.
"Basecoat segment is dominating the automotive paints market in paint type."
Basecoat serves as the foundation for the overall paint finish on a vehicle. It provides the primary color and establishes the underlying layer upon which the clearcoat, the final protective layer, is applied. Basecoat plays a crucial role in determining the vehicle's aesthetic appeal and ensuring consistent color tone across different panels and components. Also, it is available in a wide range of colors and finishes to cater to the diverse preferences and styles of vehicle owners.
Manufacturers offer basecoats in various shades, metallic effects, and pearlescent options, enabling them to create unique and eye-catching design. To stay ahead in the competition of automotive painting types, key players are investing heavily in developing new basecoat technology in paint types. For instance on August 2022, Axalta Coating Systems launched its next-generation basecoat technology, Cromax® Gen, specifically tailored for the automotive refinish market in Latin America. It was designed to enhance productivity, optimize costs, and elevate color accuracy for body shops across the region. Hence in general, basecoat is the most widely used paint type on automotives, and it typically accounts for about 60% of the total paint used, so holds the largest market share in automotive paints type.
"North America is the second fastest growing market."
North America has major key players of the world's largest automakers, including General Motors, Ford, and Chrysler. These manufacturers are constantly ramping up production to meet the growing demand for vehicles, fueling the consumption of automotive paints. According to International Organization of Motor Vehicle Manufacturers (OICA) in 2022, US produced over 9.2 million vehicles, accounting for a significant portion of global automotive production. This robust production is expected to continue in the coming years, driving the demand for automotive paints in North America.
The increasing number of vehicles on North American roads is also creating a surge in the demand for refinish paints. As vehicles age, they require refinishing to maintain their appearance, protect them from wear and tear, and enhance their resale value. In Canada, a study by the Automotive Industries Association of Canada revealed that over 20 million vehicles were in operation in 2022. This vast fleet of vehicles requires regular maintenance and refinishing, creating opportunities for refinish paints in the country.
Also, North America has implemented various VOC regulations to curb air pollution and its detrimental effects on public health. These regulations have significantly impacted the automotive paint industry, prompting manufacturers to develop innovative solutions to comply with the stringent standards. For instance, California's Air Resources Board (CARB) has a ban on solvent-based automotive paints for passenger cars, which means that all automotive paints used on passenger cars in California must have a density of VOC solvent content up to 880 g/L or less and VOC content less than 2.5 g/L. Also the Northeast and Mid-Atlantic Ozon Transport Commission (OTC) has a VOC emission limit of 250 g/L for automotive paints used on passenger cars and light-duty trucks.
In response to these pressing concerns, automotive paint manufacturers have embraced various strategies to develop low-VOC paints and developing and using new products of waterborne paints for the vehicles. Hence these factors has made North America the second fastest growing region in automotive paints market.
The break-up of the profile of primary participants in the automotive paint market:
By Region: North America - 10%, APAC - 80% and MEA - 10%
Global players dominate the automotive paints market and comprise several regional players. The key players in the automotive paints market are PPG industries, Inc. (US), BASF SE (Germany), Axalta Coating Systems LLC (US), Akzo Nobel N.V. (Netherlands), and The Sherwin Williams Company (US), Kansai Paints Co,. Ltd (Japan), Solvay (Germany), Nippon Paint Holding Co., Ltd., (Japan) and Covestro AG (Germany)
Research Coverage:
The automotive paints market is segmented by Paint type (Electrocoat, Primer, Basecoat, Clearcoat), by Technology type (Solventborne, Waterborne, Powder coating), by Resin type (Polyurethane, Epoxy, Acrylic, Other Resins), by Texture type (Solid, Metallic, Pearlescent, Matte Finish, Solar Reflective Paints), by Content (Water, Petroleum-based solvents, Resins and Binders, Silicone Polymers, Pigments and Colorants, Other additives), by Painting equipment (Airless, Electrostatic),Refinish paints market by Resin type (Polyurethane, Epoxy, Acrylic, Other Resins), by Vehicle type (Passenger Car, LCV, HCV), by Electric & Hybrid vehicle type (BEV, FCEV, PHEV), by Region (Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific); Europe (Germany, Spain, Italy, France, Russia, UK, Europe, Rest of Europe); North America (Canada, Mexico, US); Row (Brazil, South Africa, Rest of RoW)).
The report's scope covers detailed information regarding the major factors, such as influencing factors for the growth of the automotive paints market. A detailed analysis of the key industry players has been done to provide insights into their business overview, products, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, recession impact, and recent developments associated with the automotive paints market.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall automotive paints market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Stringent emission regulations has forced key players to produce sustainable and low-VOC paints; Expansion of organized players in refinish paint market), restraints (Advancements in autonomous technologies reduce accidents, restricting refinish market), opportunities (Emergence of innovative paint technologies; Booming sales of SUVs), and challenges (Automotive paint wastage in developing country at OEM and refinish level; Rapidly changing consumer preferences; Decline in vehicle sales) influencing the growth of the automotive paints market.
Product Development/Innovation: Detailed insights on upcoming technologies, and new product & service launches in the automotive paints market.
Market Development: Comprehensive information about the markets - the report analyses the authentication and brand protection market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in automotive paints market.
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like PPG industries, Inc. (US), BASF SE (Germany), Axalta Coating Systems LLC (US), Akzo Nobel N.V. (Netherlands), and The Sherwin Williams Company (US), among others in automotive paints market.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
TABLE 1 AUTOMOTIVE PAINTS MARKET DEFINITION, BY PAINT TYPE
TABLE 2 AUTOMOTIVE PAINTS MARKET DEFINITION, BY TECHNOLOGY
TABLE 3 AUTOMOTIVE PAINTS MARKET DEFINITION, BY RESIN TYPE
TABLE 4 AUTOMOTIVE PAINTS MARKET DEFINITION, BY TEXTURE
TABLE 5 AUTOMOTIVE PAINTS MARKET DEFINITION, BY CONTENT
TABLE 6 AUTOMOTIVE PAINTS MARKET DEFINITION, BY PAINTING EQUIPMENT TECHNIQUE
TABLE 7 AUTOMOTIVE PAINTS MARKET DEFINITION, BY VEHICLE TYPE
TABLE 8 ELECTRIC & HYBRID VEHICLE PAINTS MARKET DEFINITION, BY VEHICLE TYPE
TABLE 9 AUTOMOTIVE REFINISH PAINTS MARKET DEFINITION, BY RESIN TYPE
1.2.1 INCLUSIONS AND EXCLUSIONS
TABLE 10 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
FIGURE 1 AUTOMOTIVE PAINTS MARKET SEGMENTATION
1.3.1 REGIONS COVERED
1.3.2 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
TABLE 11 CURRENCY EXCHANGE RATES
1.5 UNIT CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
1.7.1 RECESSION IMPACT
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 2 RESEARCH DESIGN
FIGURE 3 RESEARCH DESIGN MODEL
2.1.1 SECONDARY DATA
2.1.1.1 Secondary sources
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
2.1.2.1 Primary participants
2.1.3 SAMPLING TECHNIQUES AND DATA COLLECTION METHODS
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
FIGURE 5 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
FIGURE 6 TOP-DOWN APPROACH
2.3 DATA TRIANGULATION
FIGURE 7 DATA TRIANGULATION
2.4 FACTOR ANALYSIS
2.5 RESEARCH ASSUMPTIONS
2.6 RESEARCH LIMITATIONS
2.7 RECESSION IMPACT ANALYSIS
3 EXECUTIVE SUMMARY
FIGURE 8 AUTOMOTIVE PAINTS MARKET OUTLOOK
FIGURE 9 WATER-BORNE SEGMENT TO GROW RAPIDLY DURING FORECAST PERIOD
FIGURE 10 POLYURETHANE TO BE LARGEST SEGMENT DURING FORECAST PERIOD
FIGURE 11 METALLIC TO SURPASS OTHER SEGMENTS DURING FORECAST PERIOD
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN AUTOMOTIVE PAINTS MARKET
FIGURE 12 INCREASE IN VEHICLE PRODUCTION TO DRIVE GROWTH
4.2 AUTOMOTIVE PAINTS MARKET, BY PAINT TYPE
FIGURE 13 BASE COAT TO ACQUIRE MAXIMUM MARKET SHARE BY VALUE IN 2028
4.3 AUTOMOTIVE PAINTS MARKET, BY TECHNOLOGY
FIGURE 14 SOLVENT-BORNE TO BE LARGEST SEGMENT BY VALUE DURING FORECAST PERIOD
4.4 AUTOMOTIVE PAINTS MARKET, BY RESIN TYPE
FIGURE 15 POLYURETHANE TO HOLD LARGEST MARKET SHARE BY VALUE IN 2028
4.5 AUTOMOTIVE PAINTS MARKET, BY TEXTURE
FIGURE 16 METALLIC TO BE LARGEST SEGMENT BY VOLUME DURING FORECAST PERIOD
4.6 AUTOMOTIVE PAINTS MARKET, BY VEHICLE TYPE
FIGURE 17 PASSENGER CAR TO SECURE LEADING MARKET POSITION BY VALUE DURING FORECAST PERIOD
4.7 AUTOMOTIVE PAINTS MARKET, BY CONTENT
FIGURE 18 PIGMENT & COLORANT TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
4.8 ELECTRIC & HYBRID VEHICLE PAINTS MARKET, BY VEHICLE TYPE
FIGURE 19 BEV TO SURPASS OTHER SEGMENTS BY VALUE DURING FORECAST PERIOD
4.9 AUTOMOTIVE PAINTS MARKET, BY REGION
FIGURE 20 ASIA PACIFIC TO BE LARGEST MARKET DURING FORECAST PERIOD
4.10 AUTOMOTIVE REFINISH PAINTS MARKET, BY RESIN TYPE
FIGURE 21 POLYURETHANE TO SECURE LEADING MARKET POSITION DURING FORECAST PERIOD
4.11 AUTOMOTIVE PAINTS EQUIPMENT MARKET, BY REGION
FIGURE 22 ASIA PACIFIC TO BE LARGEST MARKET FOR ELECTROSTATIC SPRAY GUNS DURING FORECAST PERIOD
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 23 AUTOMOTIVE PAINTS MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Rising production of sustainable automotive paints due to stringent emission regulations
TABLE 12 VOC CONTENT LIMITS IN AUTOMOTIVE COATINGS
5.2.1.2 Expansion of established players in refinish paints market
5.2.2 RESTRAINTS
5.2.2.1 Reduced number of accidents and refinish jobs due to advancements in autonomous technologies
TABLE 13 SAFETY FEATURES IMPOSED BY KEY COUNTRIES
5.2.3 OPPORTUNITY
5.2.3.1 Emergence of innovative paint technologies
FIGURE 24 AUTOMOTIVE COAT PROCESS: CONVENTIONAL VS. ADVANCED
5.2.3.2 Growing popularity of SUVs
FIGURE 25 GLOBAL SUV PRODUCTION DATA, 2018-2022
5.2.4 CHALLENGES
5.2.4.1 Lack of adequate waste management infrastructure in developing countries
5.2.4.2 Rapidly changing consumer preferences
5.2.4.3 Decline in vehicle sales
5.3 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS' BUSINESSES
FIGURE 26 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS' BUSINESSES
5.4 TECHNOLOGY ANALYSIS
5.4.1 NANO-CERAMIC COATINGS
5.4.2 SMART PAINTS
5.4.3 SELF-CLEANING PAINTS
5.4.4 DRESS UP
5.4.5 SELF-HEALING WRAPS
5.4.6 PAINT ATOMIZERS
5.4.7 SMART AUTOMOTIVE PAINT BOOTHS
5.4.8 ANTIMICROBIAL COATINGS
5.4.9 IMPACT OF ELECTRIC VEHICLES ON AUTOMOTIVE PAINTS MARKET
5.5 CASE STUDIES
5.5.1 MITSUBISHI CHEMICAL GROUP
5.5.2 POPULAR PAINTS
5.5.3 TWIN CITY FAN
5.6 POPULARITY OF AUTOMOTIVE COLORS WORLDWIDE
5.6.1 POPULAR AUTOMOTIVE COLORS
FIGURE 27 COLORS SOLD GLOBALLY
FIGURE 28 COLORS WIDELY USED IN AUTOMOBILES (%)
FIGURE 29 NORTH AMERICA: COLOR PREFERENCES, BY VEHICLE TYPE
FIGURE 30 EUROPE: COLOR PREFERENCES, BY VEHICLE TYPE
5.6.2 VEHICLE DEPRECIATION VALUE BASED ON COLORS
TABLE 14 VEHICLE DEPRECIATION VALUE BASED ON COLORS
5.6.3 NEW COLOR TRENDS BY AUTOMAKERS
TABLE 15 NEW VEHICLE COLOR TRENDS BY AUTOMAKERS
5.7 PATENT ANALYSIS
TABLE 16 INNOVATIONS AND PATENTS, 2020-2023
5.8 TRADE ANALYSIS
5.8.1 IMPORT DATA
TABLE 17 US: IMPORT, BY COUNTRY (%)
TABLE 18 CHINA: IMPORT, BY COUNTRY (%)
TABLE 19 GERMANY: IMPORT, BY COUNTRY (%)
TABLE 20 BELGIUM: IMPORT, BY COUNTRY (%)
TABLE 21 NETHERLANDS: IMPORT, BY COUNTRY (%)
TABLE 22 CANADA: IMPORT, BY COUNTRY (%)
5.8.2 EXPORT DATA
TABLE 23 GERMANY: EXPORT, BY COUNTRY (%)
TABLE 24 JAPAN: EXPORT, BY COUNTRY (%)
TABLE 25 US: EXPORT, BY COUNTRY (%)
TABLE 26 BELGIUM: EXPORT, BY COUNTRY (%)
TABLE 27 NETHERLANDS: EXPORT, BY COUNTRY (%)
5.9 SUPPLY CHAIN ANALYSIS
FIGURE 31 SUPPLY CHAIN ANALYSIS
TABLE 28 ROLE OF COMPANIES IN SUPPLY CHAIN
5.10 ECOSYSTEM MAPPING
FIGURE 32 ECOSYSTEM MAPPING
5.11 PRICING ANALYSIS
TABLE 29 AVERAGE SELLING PRICE TREND OF AUTOMOTIVE PAINTS, BY VEHICLE TYPE, 2022 (USD)
TABLE 30 AVERAGE SELLING PRICE TREND OF AUTOMOTIVE PAINTS, BY REGION, 2022 (USD)
5.12 TARIFF AND REGULATORY LANDSCAPE
5.12.1 TARIFF RELATED TO AUTOMOTIVE PAINTS
TABLE 31 TARIFF RELATED TO AUTOMOTIVE PAINTS
5.12.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 32 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA
5.13.1 STAKEHOLDERS IN BUYING PROCESS
TABLE 33 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR AUTOMOTIVE PAINTS
5.13.2 KEY BUYING CRITERIA
FIGURE 33 KEY BUYING CRITERIA FOR AUTOMOTIVE PAINTS
TABLE 34 KEY BUYING CRITERIA FOR AUTOMOTIVE PAINTS
5.14 KEY CONFERENCES AND EVENTS, 2023-2024
TABLE 35 KEY CONFERENCES AND EVENTS, 2023-2024
6 AUTOMOTIVE PAINTS MARKET, BY PAINT TYPE
6.1 INTRODUCTION
6.1.1 INDUSTRY INSIGHTS
FIGURE 34 AVERAGE THICKNESS OF AUTOMOTIVE PAINTS, BY LAYER (µM)
FIGURE 35 AUTOMOTIVE REFINISH PAINT SINGLE STAGING PROCESS, BY LAYER (µM)
TABLE 329 DONGLAI COATING TECHNOLOGY (SHANGHAI) CO., LTD.: COMPANY OVERVIEW
17.2.5 DUPONT
TABLE 330 DUPONT: COMPANY OVERVIEW
17.2.6 STANDOX
TABLE 331 STANDOX: COMPANY OVERVIEW
17.2.7 NEXA AUTOCOLOR
TABLE 332 NEXA AUTOCOLOR: COMPANY OVERVIEW
17.2.8 3M
TABLE 333 3M: COMPANY OVERVIEW
17.2.9 WACKER CHEMIE AG
TABLE 334 WACKER CHEMIE AG: COMPANY OVERVIEW
17.2.10 PPG ASIANPAINTS
TABLE 335 PPG ASIANPAINTS: COMPANY OVERVIEW
*Details on Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
18 RECOMMENDATIONS BY MARKETSANDMARKETS
18.1 ASIA PACIFIC TO BE MAJOR MARKET FOR AUTOMOTIVE PAINTS
18.2 ENVIRONMENT FRIENDLINESS AND BETTER STRENGTH-TO-WEIGHT RATIO TO DRIVE POLYURETHANE SEGMENT