Global automotive paint market
DUBLIN, April 10, 2024 (GLOBE NEWSWIRE) — “Automotive Coatings Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insights, Inflation Impact, Company Analysis” report added Ta. ResearchAndMarkets.com Recruitment.
The global automotive paints market is expected to reach USD 14.63 billion by 2030 from USD 10.96 billion in 2023, growing at a CAGR of 4.21% from 2024 to 2030. UV and powder coats are the future of automotive paints due to their environmentally friendly nature and low VOC coatings. They protect against corrosion from oxidation, UV rays, and acid rain, as well as provide scratch resistance for vehicles, driving market growth.
The dynamic growth of the market is driven by the large number of vehicle types, technological advances, and evolving paint types. Due to strict government regulations, advanced coating solutions are manufactured by automotive paint companies and provided to car manufacturers. These innovations are expected to minimize the overall cost and time required per vehicle unit to control paint shop emissions, driving demand for basecoats in the market.
Increased demand for metallic paints is expected to outpace demand for solid textured paints due to changing buyer preferences for metallic colors and increased sales of luxury passenger cars. Also, passenger cars, which is the largest segment, is expected to focus on the expansion of the automotive paints market during the forecast period.
Increasing demand and production of automobiles in developing countries is expected to support the demand for automotive paints during the forecast period. For example, according to the International Automobile Manufacturing Organization (OICA), the production of passenger cars and commercial vehicles increased by 3%. Therefore, the surge in automobile production is anticipated to propel the rise in the global auto paint industry during the forecast period. The market players of the Automotive Paints market are focused on expansion and development as these companies are making significant investments in the Automotive Paints market which is expected to drive the market during the forecast period.
Asia Pacific led the automotive paints market due to high automobile production and economic growth. Our automotive paint business has grown together with automobiles. Both industries work hard to provide consumers with innovative technology and environmentally safe products. The automobile market is rapidly growing in the Asia-Pacific region, especially in countries such as China and India. This includes both domestic vehicle manufacturing and consumption. The region's strong automotive manufacturing sector creates a huge demand for automotive paints.
Company analysis: business overview, recent trends, profit analysis
Vehicle Type – The global automotive paint market is segmented from three perspectives:
Technology – Analyzes the global automotive paint market from three perspectives.
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aqueous
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Solvent-based
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Powder coating
Paint Types – The global automotive paint market is classified from four perspectives:
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Primer
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base coat
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clear coat
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Electrodeposition painting
Regions – Breakdown of the global automotive paints market from six perspectives:
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North America
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Europe
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Asia Pacific
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latin america
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middle east and africa
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Rest of the world
Key attributes:
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report attributes |
detail |
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number of pages |
180 |
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Forecast period |
2023-2030 |
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Estimated market value in 2023 (USD) |
$10.96 billion |
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Projected market value to 2030 (USD) |
$14.63 billion |
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compound annual growth rate |
4.2% |
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Target area |
global |
For more information on this report, please visit https://www.researchandmarkets.com/r/gfx2h8.
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