Industry Background:
Automotive paints are used for vehicles for protection from UV rays, corrosion and oxidation and decoration purpose. Different types of automotive paints are E-coat, primer, basecoat and clear coat. It is made from pigments, binders and thinners. Availability of numerous varieties of color is boosting the automotive paints market. Additionally, automotive paint market is showcasing huge demand for specific coatings including powder coating and water borne coating. Further, automotive paints manufacturers are tilted towards minimum waste spray technology, low volatile organic compound paints which is projected to strengthen the automotive paint market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | PPG (United States), Axalta (United States), Nippon Paint Co. Ltd. (Japan), BASF (Germany), DOW Chemical (United States), Arkema SA (France), Solvay (Belgium), 3M (United States), AkzoNobel (Netherlands) and Sherwin Williams (United States) |
According to AMA, the market for Automotive Paints is expected to register a CAGR of 4.82% during the forecast period to 2028. This growth is primarily driven by Rising Production of Vehicles, High Adoption of Durable Automotive Paints and Increasing Reach of Organized Players in the Refinish Market to Drive The Automotive Refinish Market.
Globally, a noticeable market trend is evident Government Initiation for Eco-Friendly Paints
The Automobiles sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as PPG (United States), Axalta (United States), Nippon Paint Co. Ltd. (Japan), BASF (Germany), DOW Chemical (United States), Arkema SA (France), Solvay (Belgium), 3M (United States), AkzoNobel (Netherlands) and Sherwin Williams (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 7th January 2019, PPG, the global leader in paints and coating has acquired automotive coatings manufacturer Hemmelrath.
On 19th January 2018, Nippon Paint, Asia’s leading paint manufacturer has launched Nippon Paint X’press, its unique car painting and car care center concept in India. The first Nippon Paint X’press flagship center that will deliver world-class body & paint repair as well as car care services while cutting process times extremely was inaugurated in Gurugram. and On 9th November 2018, Nippon Paint, one of the leaders in the automotive paints market has launched a polarized paint, Maziora that changes color depending on the angle from which it is viewed or from where the light highlights it. This paint is properly used to re-paint vehicles or as a high-design paint for new vehicles as well as designer racing cars.
Influencing Trend:
Government Initiation for Eco-Friendly Paints and Rapid Adoption of Advanced Powder Coating and Thermal Spray Technologies
Market Growth Drivers:
Rising Production of Vehicles, High Adoption of Durable Automotive Paints and Increasing Reach of Organized Players in the Refinish Market to Drive The Automotive Refinish Market
Challenges:
Environmental Regulation for Production of High Volatile Organic Compound Paints and Rapid Change in Consumer Preferences
Restraints:
High Prices of Raw Materials and Decreasing Paint Wastage during the Paint Making
Opportunities:
High Demand for Innovative Paint Technologies and Fueling Demand Powder Coating for Premium Cars
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Automotive Paints Market
- Analysis about New Entrants in Automotive Paints Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Automotive Paints Study Sheds Light on
The Automotive Paints Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Automotive Paints industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Automotive Paints industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.