Research Nester published a report titled “Automotive Paint Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global automotive paint market in terms of market segmentation by coating, texture, technology, resin, channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global automotive paint market is anticipated to grow with a CAGR of 5% over the forecast period, i.e., 2022-2031. The market is segmented by technology into water-borne, solvent-borne, and powder coatings. Out of these, the water-borne segment is anticipated to hold the largest market size by the end of 2031, as the water-borne paints are cost-efficient and inexpensive.
The global automotive paint market is estimated to garner a revenue of USD 23 Billion by the end of 2031, up from a revenue of USD 18 Billion in the year 2022. Increasing vehicle production, the demand of consumer preference, advancements in painting technology, and upsurge of innovative and eco-friendly automotive paints are some of the major factors projected to drive the growth of the automotive paints market in the coming years.
Geographically, the global automotive paint market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these markets, the market in the Asia Pacific region name is projected to hold the largest market share by the end of 2031. The high change in consumer preference for rich texture, aesthetic finish, and glossy look are anticipated to drive the market growth in the coming years.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rise Of Vehicles Production along with Growing Demand of Consumers to Boost the Market Growth
With the rise of vehicle production, growth of reselling market, and demand for classy look are increasing the growth of market size during the forecast period. The price of old cars is increased with the new look of paint which increases profit to the resellers and consumers get the high price branded car for less than the market price. New colors are constantly created to match the changing market trends and preferences. High use of polyurethane paints of water base decreases solvent exposure that protects the environment. The worldwide demand for resins comprises 20% of urethane resins.
However, emission of volatile organic compounds, rapid change in consumer preference, and adverse health issues in patients which are expected to operate as key restraint to the growth of global automotive paint market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automotive paint which includes company profiling 3M, BASF SE, PPG Industries, Inc., Akzo Nobel N.V., Axalta Coating Systems, The Sherwin-Williams Company, Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd, DuPont de Nemours, Inc., Clariant Ltd., and Solvay SA. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive paint that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
