Global
Automotive paint Market by Coat Type (Electro coat, Primer, Basecoat, Clear
coat) by Technology (Solvent-borne, Waterborne, Powder Coating) By Vehicle Type
(Light Vehicle OEM, Commercial Vehicle OEM, Automotive Refinish) and Region -
Global Forecast to 2024
Automotive
paint, one of the most vital parts of automobile, is applied on automobiles to
preserve them from UV rays, corrosion and oxidation. They are used extensively
for painting exterior and interior of automobiles and serve a dual purpose of
decoration as well as protection. The different products that fall under
automotive paints are electro coats, powder coats, basecoat and clearcoat.
Availability of various choices of color is boosting the automotive paints
market.
Automotive
paint is made up of pigments, binders and thinners. Nowadays, automotive paint
market is witnessing demand for technological advance paints instead of
traditional paints. Moreover, automotive paint market
is showcasing huge demand for specific coatings such powder coating and water
borne coating. Further, automotive paints manufacturers are tilted towards
minimum wastage spray technology, low volatile organic compound paints which is
anticipated to bolster the automotive paint market.
Moreover,
expanding market of automobiles is uplifting the demand for automotive paints.
Automotive touch-up paints are one of major factor for driving automobile
sales.
Market Size and Forecast
Rising at
a CAGR of 5.2% between 2017 and 2024, the global automotive paint market is
anticipated to reach USD 14.2 billion by 2024.
Riding on
the back of the expanding automobile industry, Asia-Pacific is largest market
share holder with 56.7% share in 2016 and is expected to show similar trend
over the forecast period. China, being the largest automobile manufacturer
country, is expected to witness robust growth in automotive paint market over
the forecast period. Further, shifting of major companies manufacturing plant
such as Audi, Toyota, Honda and Skoda is bolstering the automotive paint market
in China.
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Europe
occupies the second place in the terms of market share and is anticipated to
foresee growth in automotive paint market. In Europe, major market share of
automotive paint is held by Germany. Further, BENELUX is major growing market
for automotive paints due to the new automotive industrial establishments in
these countries. The major driving factors accounting for the growth of
automotive paint market is increasing production of automobiles, burgeoning
middle class population and increasing disposable income.
Furthermore,
North America is anticipated to outrun Europe in the terms market share over
the forecast period as it is witnessing noteworthy production rate of
automobiles.
By Region
Automotive
paint market is further classified on the basis of region as follows:
North
America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity
Analysis
Latin
America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth &
Opportunity Analysis
Western
and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium,
Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth
& Opportunity Analysis
Asia-Pacific
(China, India, Japan, Singapore, Australia, New Zealand, South Korea & Rest
of Asia) Market size, Y-O-Y growth & Opportunity Analysis
Middle
East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Growth Drivers and Challenges
Rising
demand for automobiles and increasing disposable incomes are few of the major
elements that are driving the automotive paint market. Also, durable automotive
paints are driving the automotive market as they are preferred by end user
while purchasing a vehicle. Further, rising middle class population in
developing countries and favorable economic trend is anticipated to boost the
market. Moreover, the increasing adoption of improved new technologies is
expected to drive the market over the forecast period.
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However,
variable raw material prices and environmental regulations are expected to
dampen the global automotive paints market. Environmental regulation in North
America and Europe discourage the production of high volatile organic compound
paints resulting in affecting the automotive paints market. Further, moderate
growth in machinery and appliances for automotive paints manufacturing is
expected to reduce the growth of market.
Key Players
Nippon
Paints
Valspar
Axalta
Coating Systems LLC
Kansai
Paint Corp. Ltd.
Solvay
BASF SE
Akzonobel
N.V.
Jotun
KCC
Corporation
Lord
Corporation
Scope and
Context
Overview
of the Parent Market
Analyst
View
Segmentation
The Global
automotive paint market is segmented as follows:
By Coat
Type Market Size & Y-O-Y Growth Analysis
By
Technology Market Size & Y-O-Y Growth Analysis
By Vehicle
Type Market Size & Y-O-Y Growth Analysis
By Texture
Market Size & Y-O-Y Growth Analysis
By Region
Market Size & Y-O-Y Growth Analysis
Market
Dynamics
Supply
& Demand Risk
Competitive
Landscape
Porter’s
Five Force Model
Geographical
Economic Activity
Key
Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent
Trends and Developments
Industry
Growth Drivers and Challenges
Key
Information for Players to establish themselves in current dynamic environment
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