Global Automotive Paints and Coatings Market - By Vehicle Type(Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), By Technology (Powder, Waterborne, UV Curved, Solvent Borne), By Coating Type (Clearcoat, Primer, Electrocoat and Basecoat)- Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Automotive Paints And Coatings Market was valued at USD 15 billion in 2020 and is anticipated to register a CAGR of 5% over the forecast period.Automotive paint is referred to as a solution based on water, which is sprayed onto the surface of vehicles with the aid of a spray gun. Such paints are made of polyurethane-based enamel, which protects the car surface from damage to the environment, thereby improving motor vehicle aesthetics. The main factors driving the growth of the global automotive paint market are factors such as increased automotive production and increased demand for eco-friendly automotive paints. Rising prices of raw materials for automotive paints however hinders business growth. On the contrary, increased emphasis on producing cost-effective automotive paints is expected to provide the player operating on the automotive paint and coatings industry with opportunities for remunerative development. The automotive paints and coatings market growth is projected to rise as these products enhance the durability and appearance of automobiles and safeguard them against punitive environmental circumstances including extreme temperature, acid rain, foreign particles and UV radiations, etc.

Market Dynamics:

Growing automotive demand in developing countries, such as India, China, Mexico, Brazil, South Africa and South Korea, is expected to help with the expansion of global automotive paints and coatings market trend due to population growth and increasing income rates. In addition, increasing automotive refinishing requirement due to vehicle maintenance and repair would increase automotive paints & coatings market size over the coming years. The main market driver is increased demand for powder coatings. We are expected to see a rise due to environmental and economic advantages. In addition, rising demand for electric and hybrid vehicles is projected to fuel the growth of the automotive paints and coatings market sales in the coming years in light of carbon emissions. Volatile prices of titanium dioxide, one of the raw materials most frequently used, are expected to hamper production. In addition, difficulties in sourcing raw materials over the forecast period are expected to serve as a major challenge for manufacturers.

Market Segmentation:

Based on vehicle, the automotive paints and coatings market is segmented into heavy commercial vehicles, light commercial vehicles as well aspassenger vehicles. On the basis of technology, the automotive paints and coatingsmarket is classified into powder, waterborne, UV curved, solvent borne. Based on coating type the automotive paints and coatings market is bifurcated into clearcoat, primer,electrocoat and basecoat. Based on distribution channel the global automotive paints and coatings market is divided into aftermarket and OEM. The automotive paints and coatings market is divided into solid,matte and metallic on the basis of texture. Furthermore, the overall automotive paints and coatings market is divided into epoxy,polyurethane, acrylic and other resins on the basis of raw material. Geographic breakdown of automotive paints and coatings industry includes regions comprising North America, Europe, Asia-Pacific, and Rest of the world.

Competitive Scenario:

The major players of global automotive paints and coatings market include,Cabot Corp, Covestro, KCC Corporation,  Axalta Coating Systems, Akzo Nobel NV, Kansai Paint Co. Ltd, BASF SE, Clariant AG, Donglai Coating Technology, dupont, Eastman, The Valspar Corporation., PPG Industries, Inc., wanda refinish, Nippon Paint Holdings Co. Ltd, among others.

Automotive Paints and Coatings Market Report Scope