The Global Automotive Paints Market is projected to reach around USD 12.3 billion by 2027 at a CAGR of around 3.8%.
Automotive paint is used on the surface of automobiles to protect them from environmental damage such as UV radiation, oxidation, corrosion, and for decoration purposes. Primer, base coat, and clear coat are the three layers used in paints. Primer is the first coat that gets applied and it protects from heat differences, corrosion, UV-light, bumps and others. Base cost is applied to the top of the primer which contains actual properties of color and effects. Clearcoat is a transparent and glossy coating that is sprayed on the top of the base coat for the final layer with the environment. Hence, a clear coat needs to be reliable to withstand UV light and resist abrasion.
Market Driver:
Volatile Organic Compounds (VOCs) contain a variety of chemicals that are widely found in products such as solvent-based paints/coatings, sealants, adhesives, organic solvents, and others. VOC-containing products cause air pollution and have adverse health effects. To control VOC emission, the government has imposed regulations for paint makers such as National Volatile Organic Compound Emission Standards for Architectural Coatings, National Emission Standards for Hazardous Air Pollutants (NESHAP) and others to limit the use of volatile organic compounds (VOCs) in their products. Hence, automotive paint technologies are shifting towards the waterborne paints and powder coatings, which cuts down the amount of VOCs they contain.
Therefore, regulations favoring eco-friendly paints are expected to propel the market growth during the forecast period.
Growing vehicle production will increase the demand for the automotive paints market. In 2018, India, Malaysia, Thailand, Russia and among others are the prominent countries that have shown positive growth of 8%, 12.2%, 9%, 13.9%, respectively. Moreover, the rise in automobile production in developing nations has increased the production of automotive catalysts for emission control devices in automobile exhaust systems.
Thus, the increase in vehicle production is anticipated to boost the market growth during the forecast period.
Market Restraint:
The cost of raw materials plays a vital role for paint manufacturers, as more than 50% of the operating costs are allotted to raw materials. Most of the raw materials used in paints are petroleum-based. Hence, price fluctuations of petroleum products, uncertain shortages, and supply-demand gaps have a negative impact on automotive paints manufacturers. Moreover, lack of constant supply of raw materials results in increasing raw material prices which, escalates the overall product price.
Thus, fluctuating raw material prices is a restraining factor for automotive paints market growth during the forecast period.
The report on the automotive paints market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
Base Year for Market Calculation |
2019 |
Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million), Volume (Kiloliter) |
Segments Included |
Type, Technology, Resin, Texture, and Application |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa |
AUTOMOTIVE PAINTS MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Automotive Paints Market, by Type
Automotive Paints Market, by Technology
Automotive Paints Market, by Resin
Automotive Paints Market, by Texture
Automotive Paints Market, Application
Automotive Paints Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE AUTOMOTIVE PAINTS MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY