The Global Automotive Paint Market is poised for substantial growth, projected to reach US$14.63 billion by 2030. This growth is driven by factors like increasing demand for UV and powder coats due to their eco-friendly properties and enhanced protection features.
These paints offer resistance against oxidation, UV rays, and acid rain corrosion while providing scratch resistance, contributing to market expansion.
The market’s growth is fueled by diverse automobile types, technological advancements, and evolving paint compositions, meeting stringent government regulations with advanced coating solutions. These innovations reduce total costs and time per vehicle unit through controlled paint shop emissions, thereby boosting demand for basecoats.
Automotive paint industry (Credits: Thomasnet)
Metallic paints are expected to witness higher demand compared to solid-textured paints, driven by changing consumer preferences towards metallic colors and increased sales of premium passenger cars. The passenger car segment, being the largest, is anticipated to drive market growth with an obvious increase.
Developing countries, witnessing a surge in automobile demand and production, are expected to drive the automotive paints market during the forecast period.
For instance, passenger cars and commercial vehicle production increased by 3%, as reported by the International Organization of Motor Vehicle Manufacturers (OICA), indicating a rise in automotive paint demand.
Automotive paint (Credits: Sybon)
Market players focus on expansion and innovation, investing heavily in the automotive paint market, which is expected to propel market growth.
The Asia Pacific region, led by high vehicle production and economic growth, is at the forefront of the automotive paints market. Countries like China and India, experiencing rapid automotive market growth, contribute greatly to the demand for automotive paints, driven by a robust automotive manufacturing sector and increasing automobile consumption.
