Automotive Paints Market Size, Share, Opportunities, And Trends By Paint Type (Electrocoat, Basecoat, Primer, Clearcoat), By Technology Type (Solvent Borne, Water Borne, Powder Coating), By Resin Type (Polyurethane, Epoxy, Acrylic, Other Resins), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Trucks, Buses), And By Geography - Forecasts From 2024 To 2029

The automotive paints market is anticipated to grow significantly over the forecast period.

Automotive paint is used on automobiles for both decorative and protective reasons. Water-based acrylic polyurethane enamel paint is the most popular used paint for reasons including reducing paint's impact on the environment or helping to reduce harmful emissions that can affect the environment. In the recent automobile painting techniques that are developed, it is applied in multiple layers, with a total thickness of around 0.1mm, and requires preparation and primer steps to ensure proper application.

After the primer paint is applied, a basecoat is applied to the vehicle. Then, a clear coat of paint may be applied that forms a transparent and glossy coating. This layer must be able to withstand UV light. Luxury car manufacturers widely claim to offer custom-made colors, even going to the extent of manufacturing them if they’re not available commercially. Even though paint does not directly affect the performance of a car, it plays an important role from an aesthetic point of view for the customer.

INTRODUCTION:

The major driver for the automotive paint market is growing concerns about increasing environmental issues like global warming. These concerns are leading the automotive paint market towards the development of eco-friendly products. The automotive industry is under pressure to reduce its harmful emissions and keep it to a minimum amount if possible. Also, government organizations are encouraging the use and development of products that can reduce the carbon footprint and help save the environment by making environmentally friendly products.

The rise of production of vehicles and the growth of the automotive sector in many countries is a major market driver towards the automotive paints market growth. Moreover, people tend to refurbish or restore their vehicles more, and this trend is growing over time, which increases the demand for automotive paints. Furthermore, the development of the latest and most cost-effective coating & paint solutions is projected to fuel the market growth in the coming years.

MARKET DRIVERS:

• Growing concerns about environmental issues are predicted to propel the automotive paints market:

A rapid increase is experienced in demand for eco-friendly automotive paint products with increasing global environmental issues. Also, governments around the globe are making regulations and promoting to reduce the harmful emissions. Hence, the demand for these automotive paints is growing. Eco-friendly paints are waterborne and conventional paints are solvent-borne. Solvent-borne paints use products based on chemicals that contain volatile organic compounds, which are harmful to the environment. They contain different kinds of chemicals, some of which may have short- and long-term health effects. On the other hand, waterborne paints are thinned with water, which majorly cuts down the number of VOCs they contain in that solvent and makes it more eco-friendly.

• The rapid rise in automotive production projects to drive the automotive paints market.

Rapid growth in demand for vehicles in developing countries with a rise in the production of automobiles further leads to growth in automotive paint market growth. This rise in the production of cars will drive the demand for paints as some people like to customize their vehicles according to their choice, and during production, initial paint is done on the vehicle. For instance, according to OICA, the overall production of cars around the globe has increased by 6% in 2022.

• The growing investments by market players are anticipated to propel market growth.

The developments and expansion in the automotive paints market by major market players are focused on investing heavily in the automotive paint market. Key players like FP Advanced Coatings, a UK-based company, and BASF made significant investments to expand and develop more efficient automotive paints. These heavy investment and expansion plans are major drivers for the market growth.

MARKET RESTRAINT:

The rising cost of the raw materials to produce automotive paints is a major hindrance to market growth. Raw materials have reached high prices in the past few years. The price of raw materials and commodities plays an important role for paint manufacturers, as more than 50% of the operating costs depend upon the prices of raw materials. Therefore, an increase in the cost of raw materials is predicted to slow down the automotive paints market growth during the forecast period.

Prominent growth is projected in the Asia Pacific region.

The Asia Pacific region is expected to show major growth in the automotive paints industry as the rising popularity of SUVs and EVs and the rapid adoption of these vehicles in these regions are a major factor contributing to the automotive paint industry growth. Demand for specialized automotive paints is increasing that can keep up with new designs and structural challenges EVs bring with it in the region and provide solutions accordingly.

Moreover, governments in these regions are also heavily promoting and encouraging the adoption of EVs, increasing the growth of manufacturing stations for such cars and building the appropriate infrastructure required for it, which in turn will propel the growth in demand for automotive paints.

PRODUCTS OFFERED BY KEY COMPANIES:

• Esdee paints: AUTOCOAT Polyurethane Commercial Glossy Clear is an automotive paint that is made by Esdee Paints. It is used for Auto Car Refinish Clear Lacquer on Autocoat Basecoat in the Auto PU System. It provides a very good gloss, with impressive DOI, and excellent surface slip. It provides good UV resistance in extreme weather conditions. It is highly suitable as a base coat for automobiles. This product provides a great finishing look to the automobile, making it even better visually.
• Grand Polycoats: GP Acrylic PU Paint is an automotive paint, which has a perfect gloss, non-yellowing, and color retention properties. It also protects against Ultraviolet rays and weathering, This product is recommended as a topcoat with suitable primers and undercoats for use in moderate saline and chemical atmospheres for better aesthetics and corrosion resistance. It is recommended for transportation Industries, Infrastructure Projects, locomotives, steel structures, etc. is recommended as a self-priming coat for direct adhesion on a variety of substrates like MS, Aluminum, Galvanized Iron, and selected plastic surfaces.

Key Developments:

• In December 2023, PPG brought the PPG moonwalk automotive paint mixing system to Mexico. This system offers several significant benefits for car refinishing, with improved quality and efficiency, saving labor costs and time, and reducing material waste.

Segmentation:

• By Paint Type
  • Electrocoat
  • Basecoat
  • Primer
  • Clearcoat
• By Technology Type
  • Solvent Borne
  • Water Borne
  • Powder Coating
• By Resin Type
  • Polyurethane
  • Epoxy
  • Acrylic
  • Other Resins
• By Vehicle Type
  • Passenger Car
  • Light Commercial Vehicle
  • Trucks
  • Buses
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others 
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others 
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others 
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others