Automotive paint market is segmented on the basis of vehicle type, coat type, texture type, technology, and geography. The vehicle type segment comprises of light commercial vehicles, heavy commercial vehicles, and passenger cars. On the basis of coat types, the market is further classified as a base coat, clear coat, primer coat, and electro-coat. The texture type segment is categorized into metallic texture and solid texture. On the basis of technology, the market is classified into powder coatings, waterborne coatings, and solvent-borne coatings. Geographically, the market is segmented into regions such as North America, Europe, Asia-Pacific (APAC) and LAMEA.
Allied Market Research published a report, titled, “Automotive Paints Market by Coating (Primer, Base Coat, Clear Coat, and Electrocoat), Texture Type (Solid, Metallic, Pearlescent, and Others), Technology (Waterborne Coatings, Solvent-borne Coatings, and Powder Coatings), and Vehicle Type (Passenger cars, Light Commercial Vehicle, and Heavy Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global automotive paints industry garnered $8.78 billion in 2018, and is expected to generate $12.34 billion by 2026, growing at a CAGR of 4.2% from 2019 to 2026.
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Drivers, restraints, and opportunities
Considerable upsurge in automobile production and rise in demand in eco-friendly and innovative automotive paints drive the global automotive paints market. However, significant increase in prices of raw materials hinder the market growth. On the other hand, manufacturing of eco-friendly and cheaper automotive paints would create new opportunities in the market.
The clear coat segment to maintain its dominance throughout the forecast period
Based on coating, the clear coat segment held the largest market share in the global automotive paints market, contributing to nearly two-fifths of the total market share in 2018, and is estimated to maintain its dominance throughout the forecast period. This is due to its ability to provide easy adherence to the flexible components such as plastic bumper. However, the base coat segment is estimated to register the fastest CAGR of 5.9% from 2019 to 2026, owing to rise in preferences of consumers for innovative automotive paints.
The solvent borne coatings segment to maintain its leadership status by 2026
Based on technology, the solvent borne coatings segment contributed to nearly three-fourths of the total share of the global automotive paints market in 2018, and is estimated to maintain its leadership status during the forecast period. This is attributed to its less susceptibility to the environment conditions including temperature and humidity during the curing phase. However, the powder coatings segment is expected to grow at the fastest CAGR of 7.4% from 2019 to 2026, owing to its ability to be durable, environment friendly, and pose less health hazards.
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LAMEA to grow at the fastest rate, North America to follow
Based on region, LAMEA is expected to portray the largest CAGR of 8.2% from 2019 to 2026. However, North America would register the second-highest growth rate, with a CAGR of 7.3% during the forecast period. On the other hand, Asia-Pacific held the highest market share in 2018, contributing for more than half of the global automotive paints market, and will maintain its dominant position in terms of revenue during the forecast period. This is due to surge in production of automobiles and rise of automotive industry.
Global Automotive Paints Market by Vehicle Type
• Light commercial vehicles
• Heavy commercial vehicles
• Passenger cars
Global Automotive Paints Market by Coat Type
• Clear coat
• Primer coat
• Electro coat
Global Automotive Paints Market by Texture Type
• Metallic texture
• Solid texture
Global Automotive Paints Market by Technology
• Powder coatings
• Waterborne coatings
• Solvent-borne coatings
Leading market players
• Berger Paints
• Kansai Paint Co. Ltd.
• Nippon Paint Co. Ltd.
• BASF SE
• PPG Asian Paints Private Limited
• Axalta Coating Systems LIC
• KCC Corporation
• Clariant AG
• Arkema SA
• Beckers Group
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