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Automotive Paints & Coatings Market Size

Report ID: GMI3243
Published Date: Dec 2020
Report Format: PDF

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Automotive Paints & Coatings Market Size

Automotive Paints & Coatings Market size was USD 14.33 billion in 2019 and is estimated to exhibit around 5.3% CAGR from 2020 to 2026. Changing customer preference towards attractive paint textures and improved aesthetic appearance for vehicle is boosting the market expansion.

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The demand for automotive paints and coatings is primarily driven by the increasing demand for automotive, whereas research and development investments are influenced by government regulations. The advancements in market led by stringent fuel emission regulations regarding manufacturing processes, paint products and the industry’s carbon footprint. For instance, surface pre-treatment of metal, which requires application of paint and coating on the surface to increase the adhesion of paint & coating along with corrosion resistance. Traditionally chromate and phosphate-based conversion coatings were used for pre-treatment activities. These types of coatings generally emit very high VOC emissions. However due to introduction of new non-VOC regulations, these coating chemicals are being replaced with non-VOC surface coatings.

Automotive Paints & Coatings Market Report Attributes
Report Attribute	Details
Base Year:	2019
Automotive Paints & Coatings Market Size in 2019:	14,330.6 Million (USD)
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	5.3%
2026 Value Projection:	16,436.8 Million (USD)
Historical Data for:	2016 to 2019
No. of Pages:	550
Tables, Charts & Figures:	1,032
Segments covered:	Vehicle, Coating Type, Technology, Texture, Distribution Channel, Raw Material, Region
Growth Drivers:	Stringent automotive paints & coatings regulations Presence of multiple automotive OEMs along with rising investments in advanced paint technologies Increasing sales of refurbished and used vehicles Proliferating vehicle production Increasing luxury vehicle sales
Pitfalls & Challenges:	Fluctuating raw material prices and issues associated with painting plastic & composite components

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Growing automobile production in Asia-Pacific and Latin America on account of rising population and income level is poised to spur automobile sector which will have a positive impact on the automotive paints & coatings market. Shifting customer demand towards improved aesthetics appearance and protection from rough environmental conditions like acid rain, UV radiation, foreign particles and extreme temperature will aid in revenue generation. The closure of several production sites across the world impelled by the coronavirus pandemic will negatively influence paints & coatings demand across various applications for the short-term. Despite a recent drop in the demand from the automobile sector owing to weakened economic conditions, automotive paints & coatings industry is likely to offer ample opportunities in the long run.

Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

Global automotive paints & coatings industry size was valued at USD 14.33 billion in 2019 and is likely to grow at nearly 5.3% CAGR through 2026.

Automotive paints & coatings market share from the electrocoat segment is estimated to reach USD 8 billion by 2026 driven by its benefits like corrosion resistance and lower curing temperature.

The waterborne technology segment accounted for a revenue of USD 6.5 billion in 2019 and is set to witness exponential growth due to low VOCs emission and superior performance.

OEMs segment held over 70% of the overall automotive paints & coatings market share during 2019 and will grow with the increasing automobile sales and consumer spending on aesthetic appearance, functionality, and comfort.

In 2019, polyurethane captured nearly 20% of automotive paints & coatings industry revenue and is set to record constant growth attributed to its durability, high gloss, and scratch and corrosion resistance.