The automotive paint market size has grown strongly in recent years. It will grow from $14.87 billion in 2023 to $15.65 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to a rise in automotive production, a rise in consumer preferences for aesthetically pleasing vehicles, a rise in stringent environmental regulations, a shift towards lightweight materials, and an expansion of aftermarket services.
The automotive paint market size is expected to see strong growth in the next few years. It will grow to $19.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The projected growth in the forecast period can be attributed to several factors, including the expanding electric vehicle market, increasing digitalization in vehicle design, proliferation of shared mobility services, heightened emphasis on sustainable solutions, and the growth of automotive customization services. Key trends expected in this period encompass advancements in coating technologies, the development of eco-friendly solutions, integration of advanced color matching technologies, a focus on surface protection and maintenance, advancements in digital color matching technologies, and innovations in smart coatings.
The anticipated increase in vehicle production is poised to drive the automotive paint market in the foreseeable future. Vehicle production encompasses the entire process of manufacturing automobiles, from design and engineering to final assembly, making vehicles ready for sale and distribution. The upsurge in vehicle production can be attributed to the growing global demand for automobiles, the expansion of transportation infrastructure, and the ongoing trend of urbanization. Automotive paint plays a pivotal role in vehicle production, offering aesthetic enhancement, protection, brand differentiation, corrosion resistance, and manufacturing efficiency benefits that contribute to the overall quality and success of automotive products. For instance, as reported by the European Automobile Manufacturers Association, approximately 85.4 million motor vehicles were manufactured worldwide in 2022, marking a 5.7% increase compared to 2021. Therefore, the rise in vehicle production is propelling the automotive paint market forward.
Key players in the automotive paint market are actively developing technologically advanced solutions, such as biomass balance automotive coatings, to reduce carbon footprints and environmental impacts. Biomass balance automotive coatings are environmentally friendly paints tailored for the automotive industry, replacing a portion of the traditional fossil-based raw materials used in production with renewable raw materials sourced from biomass. For example, in December 2022, BASF SE introduced BASF's ColorBrite Airspace Blue ReSource basecoat, an automotive coating incorporating renewable raw materials using a certified biomass balance approach. These coatings leverage renewable raw materials in their manufacturing process, thereby reducing the product's carbon footprint by approximately 20%. BASF's biomass balance approach ensures that renewable raw materials replace fossil-based feedstock in manufacturing, with the proportion attributed to specific sales products using a certified mass balance method.
In July 2022, Sherwin-Williams Company expanded its presence in the European market by acquiring Gross and Perthun GmbH for an undisclosed amount. With this acquisition, Sherwin-Williams aims to bolster its portfolio with a high-quality complementary business focused on waterborne and solvent liquid coatings. Gross and Perthun GmbH, based in Germany, specializes in manufacturing paint products for the agricultural and commercial vehicle industries, further strengthening Sherwin-Williams' position in this sector.
Major companies operating in the automotive paint market are BASF SE, Dow Chemical Company, 3M Company, Henkel AG And Co. KGaA, Sherwin-Williams Company, Covestro AG, PPG Industries, Akzo Nobel N.V., Eastman Chemical Company, Nippon Paint Holdings Co. Ltd., Masco Corporation, RPM International Inc., Clariant AG, KCC Corporation, Axalta Coating Systems Ltd., Cabot Corporation, Asian Paints Limited, Kansai Paint Co. Ltd., Hempel A/S, Berger Paints India Limited, Teknos Group, SK Kaken Co. Ltd., Yip's Chemical Holdings Limited, Matrix System Automotive Finishes, Cresta Paint Industries Ltd.
Asia-Pacific was the largest region in the automotive paint market in 2023. The regions covered in the automotive paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive paint market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Automotive paint comprises specialized coatings utilized for both protection and aesthetic enhancement of vehicles. These paints provide a glossy finish while safeguarding the vehicle's metal or composite body against corrosion, UV radiation, and other environmental hazards.
The main vehicle categories for automotive paints encompass passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars, often known as automobiles or cars, are vehicles primarily intended for passenger transportation. Automotive paints typically include primer, base coat, clear coat, and electrocoat layers, while texture variations encompass solid, metallic, and other textures. Technologies utilized in automotive paints range from waterborne coatings to solvent-borne coatings and powder coatings. These paints are distributed through various sales channels including original equipment manufacturers (OEMs) and the aftermarket.
The automotive paint market research report is one of a series of new reports that provides automotive paint market statistics, including the automotive paint industry global market size, regional shares, competitors with an automotive paint market share, detailed automotive paint market segments, market trends and opportunities, and any further data you may need to thrive in the automotive paint industry. This automotive paint market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive paint market consists of sales of touch-up paints, activators and catalysts, specialty coatings, and additives to facilitate color matching, curing, customization, and performance enhancement of vehicle coatings. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The automotive paint market size is expected to see strong growth in the next few years. It will grow to $19.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The projected growth in the forecast period can be attributed to several factors, including the expanding electric vehicle market, increasing digitalization in vehicle design, proliferation of shared mobility services, heightened emphasis on sustainable solutions, and the growth of automotive customization services. Key trends expected in this period encompass advancements in coating technologies, the development of eco-friendly solutions, integration of advanced color matching technologies, a focus on surface protection and maintenance, advancements in digital color matching technologies, and innovations in smart coatings.
The anticipated increase in vehicle production is poised to drive the automotive paint market in the foreseeable future. Vehicle production encompasses the entire process of manufacturing automobiles, from design and engineering to final assembly, making vehicles ready for sale and distribution. The upsurge in vehicle production can be attributed to the growing global demand for automobiles, the expansion of transportation infrastructure, and the ongoing trend of urbanization. Automotive paint plays a pivotal role in vehicle production, offering aesthetic enhancement, protection, brand differentiation, corrosion resistance, and manufacturing efficiency benefits that contribute to the overall quality and success of automotive products. For instance, as reported by the European Automobile Manufacturers Association, approximately 85.4 million motor vehicles were manufactured worldwide in 2022, marking a 5.7% increase compared to 2021. Therefore, the rise in vehicle production is propelling the automotive paint market forward.
Key players in the automotive paint market are actively developing technologically advanced solutions, such as biomass balance automotive coatings, to reduce carbon footprints and environmental impacts. Biomass balance automotive coatings are environmentally friendly paints tailored for the automotive industry, replacing a portion of the traditional fossil-based raw materials used in production with renewable raw materials sourced from biomass. For example, in December 2022, BASF SE introduced BASF's ColorBrite Airspace Blue ReSource basecoat, an automotive coating incorporating renewable raw materials using a certified biomass balance approach. These coatings leverage renewable raw materials in their manufacturing process, thereby reducing the product's carbon footprint by approximately 20%. BASF's biomass balance approach ensures that renewable raw materials replace fossil-based feedstock in manufacturing, with the proportion attributed to specific sales products using a certified mass balance method.
In July 2022, Sherwin-Williams Company expanded its presence in the European market by acquiring Gross and Perthun GmbH for an undisclosed amount. With this acquisition, Sherwin-Williams aims to bolster its portfolio with a high-quality complementary business focused on waterborne and solvent liquid coatings. Gross and Perthun GmbH, based in Germany, specializes in manufacturing paint products for the agricultural and commercial vehicle industries, further strengthening Sherwin-Williams' position in this sector.
Major companies operating in the automotive paint market are BASF SE, Dow Chemical Company, 3M Company, Henkel AG And Co. KGaA, Sherwin-Williams Company, Covestro AG, PPG Industries, Akzo Nobel N.V., Eastman Chemical Company, Nippon Paint Holdings Co. Ltd., Masco Corporation, RPM International Inc., Clariant AG, KCC Corporation, Axalta Coating Systems Ltd., Cabot Corporation, Asian Paints Limited, Kansai Paint Co. Ltd., Hempel A/S, Berger Paints India Limited, Teknos Group, SK Kaken Co. Ltd., Yip's Chemical Holdings Limited, Matrix System Automotive Finishes, Cresta Paint Industries Ltd.
Asia-Pacific was the largest region in the automotive paint market in 2023. The regions covered in the automotive paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive paint market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Automotive paint comprises specialized coatings utilized for both protection and aesthetic enhancement of vehicles. These paints provide a glossy finish while safeguarding the vehicle's metal or composite body against corrosion, UV radiation, and other environmental hazards.
The main vehicle categories for automotive paints encompass passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars, often known as automobiles or cars, are vehicles primarily intended for passenger transportation. Automotive paints typically include primer, base coat, clear coat, and electrocoat layers, while texture variations encompass solid, metallic, and other textures. Technologies utilized in automotive paints range from waterborne coatings to solvent-borne coatings and powder coatings. These paints are distributed through various sales channels including original equipment manufacturers (OEMs) and the aftermarket.
The automotive paint market research report is one of a series of new reports that provides automotive paint market statistics, including the automotive paint industry global market size, regional shares, competitors with an automotive paint market share, detailed automotive paint market segments, market trends and opportunities, and any further data you may need to thrive in the automotive paint industry. This automotive paint market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive paint market consists of sales of touch-up paints, activators and catalysts, specialty coatings, and additives to facilitate color matching, curing, customization, and performance enhancement of vehicle coatings. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Automotive Paint Market Characteristics3. Automotive Paint Market Trends and Strategies32. Global Automotive Paint Market Competitive Benchmarking33. Global Automotive Paint Market Competitive Dashboard34. Key Mergers and Acquisitions in the Automotive Paint Market
4. Automotive Paint Market - Macro Economic Scenario
5. Global Automotive Paint Market Size and Growth
6. Automotive Paint Market Segmentation
7. Automotive Paint Market Regional and Country Analysis
8. Asia-Pacific Automotive Paint Market
9. China Automotive Paint Market
10. India Automotive Paint Market
11. Japan Automotive Paint Market
12. Australia Automotive Paint Market
13. Indonesia Automotive Paint Market
14. South Korea Automotive Paint Market
15. Western Europe Automotive Paint Market
16. UK Automotive Paint Market
17. Germany Automotive Paint Market
18. France Automotive Paint Market
19. Italy Automotive Paint Market
20. Spain Automotive Paint Market
21. Eastern Europe Automotive Paint Market
22. Russia Automotive Paint Market
23. North America Automotive Paint Market
24. USA Automotive Paint Market
25. Canada Automotive Paint Market
26. South America Automotive Paint Market
27. Brazil Automotive Paint Market
28. Middle East Automotive Paint Market
29. Africa Automotive Paint Market
30. Automotive Paint Market Competitive Landscape and Company Profiles
31. Automotive Paint Market Other Major and Innovative Companies
35. Automotive Paint Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Automotive Paint Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on automotive paint market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for automotive paint? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive paint market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Vehicle Type: Passenger Cars; Light Commercial Vehicles; Heavy Commercial Vehicles2) By Coating: Primer; Base Coat; Clear Coat; Electrocoat
3) By Technology: Waterborne Coating; Solvent-Borne Coating; Powder Coating
4) By Sales Channel: Original Equipment Manufacturer (OEM); Aftermarket
Key Companies Mentioned: BASF SE; Dow Chemical Company; 3M Company; Henkel AG And Co. KGaA; Sherwin-Williams Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- BASF SE
- Dow Chemical Company
- 3M Company
- Henkel AG And Co. KGaA
- Sherwin-Williams Company
- Covestro AG
- PPG Industries
- Akzo Nobel N.V.
- Eastman Chemical Company
- Nippon Paint Holdings Co. Ltd.
- Masco Corporation
- RPM International Inc.
- Clariant AG
- KCC Corporation
- Axalta Coating Systems Ltd.
- Cabot Corporation
- Asian Paints Limited
- Kansai Paint Co. Ltd.
- Hempel A/S
- Berger Paints India Limited
- Teknos Group
- SK Kaken Co. Ltd.
- Yip's Chemical Holdings Limited
- Matrix System Automotive Finishes
- Cresta Paint Industries Ltd.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | July 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 15.65 Billion |
Forecasted Market Value ( USD | $ 19.44 Billion |
Compound Annual Growth Rate | 5.6% |
Regions Covered | Global |