Published Date : 24 Jul 2023
The global automotive paints and coatings market size surpassed USD 17.41 billion in 2022 and is projected to rise USD 36.05 billion by 2032, anticipated to grow at a strong CAGR of 7.60 percent during the projection period from 2023 to 2032.
The automotive paints and coatings market is referred to the segment in the automotive industry that offers precise solutions with the development and distribution of several painting and coating solutions for the industry to repair external damage of the car or any vehicle. Painting a car includes specific procedures to ensure the application of a protective and effective coating. Body-in-white (BIW) temporarily assembles automobile parts and body panels. The drying process is then sped up by applying automotive paint in a temperature-controlled setting. Many application phases are used to preserve the integrity of the painting for a long time.
On the other hand, coatings for the automotive industry offer an additional protective layer for the vehicle, they are painted over the primer layer with the vehicle's actual color. To prevent defects on painted surfaces, this base coat's raw layer has to be protected by further layers of protection. Due to the growing usage and requirement for base coats, which extend the life of paints, market participants are creating novel base coats for car manufacturers.
Asia Pacific is expected to expand at a significant rate during the forecast period. China holds the largest share in the market for automotive paints and coatings. The booming automotive industry in countries such as India and China is observed to create significant opportunities for the market’s expansion. As a result, global automakers like Hyundai and Fiat Chrysler have stepped up their investments in the area. Additionally, there is a more significant requirement for automotive paints due to the rising demand for and manufacturing of both passenger and commercial cars. The government's promotion of electric cars has also raised the need for paints and coatings, advancing the industry under study.
The European automotive paints and coatings market is rising dramatically, primarily due to consumers' shifting tastes towards improving vehicle aesthetics and rising auto sales. Product penetration will be aided by several advantages of paints and coatings, such as protecting automobiles from corrosion and harmful environmental elements. Additionally, the expanding industry would be helped by the increased demand for caramelization substitutes in vehicles based on visual and color schemes.
Automotive Paints and Coatings Market Report Scope:
|Market Revenue in 2023||USD 18.65 Billion|
|Projected Forecast Revenue in 2032||USD 36.05 Billion|
|Growth Rate from 2023 to 2032||CAGR of 7.60%|
|Forecast Period||2023 To 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Rising consumer demand for OEM products
While focusing on the quality of the product to maintain the aesthetics of the vehicle, consumers highly prefer the use of OEM which is original equipment manufacturer’s products for external and well as internal repair of the car. OEM products are prone to be more durable. Automotive OEMs are increasingly emphasizing cost-cutting measures, such as boosting production efficiency and buying items on sale. Suppliers work directly with automakers to provide unique solutions that set their cars apart. Automotive OEMs are eager to purchase coatings that require less time to cure, which reduces downtime. Thus, as the original manufacturers focus on the development of automotive paints and coating products while considering consumer requirements, the market is expected to grow.
High cost of ceramic coatings
The cost related to the development of ceramic coatings is considered one of the most major hindering factors for the growth of the market. The development of ceramic coating requires a significant amount of investment. Moreover, the required raw material and expertise for the application of ceramic coatings also adds up to the cost of the products. The cost factor limits consumers from trying the product while acting as a major restraint for the market.
Rising demand for DIY products
The global paint and coatings industry is witnessing a significant demand for DIY products. Do-it-yourself or DIY products offer an opportunity for car owners to express their own vision for their car’s appearance. The artistic opportunity offered by DIY coatings or paint associate products for the car owner creates an enormous demand for such products. Moreover, DIY products can be easily carried off and easy yet safe to apply. Considering the rising demand for DIY products along with the increasing emphasis on the development of such products will open a set of significant opportunities for the market to grow.
Defects and issues may arise during or shortly after the application of automobile coatings, particularly due to many external factors such as fluctuating weather conditions. These flaws detract from aesthetics and may reduce the coating's capacity to provide protection. They are even complicated to be sanded and fixed when they happen, which might result in further flaws. Preventing errors before they happen is the best method to correct them. Controlling surface tension and rheology and improving cleanliness in paint factories and car manufacturing can avoid or decrease many. It involves expertise and access to specialized tools to pinpoint problems and their causes. Thus, the potential risk of defects with the automotive coating is observed to pose a challenge for the market.
Major Key Players:
By Vehicle Type
By Coating Type
By Technology Type
By Distribution Channel
By Raw Material
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