Global automotive paint market is expected to flourish at a significant CAGR of 5.2% during the forecast period. Moreover, the global automotive paint market is expected to garner USD 14.2 Billion by the end of 2024.
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“Automotive Paint Market: Global Demand Analysis & Opportunity Outlook 2024”
The global automotive paint market is segmented into technology such as solvent-borne, waterborne and powder coating. Among these segments, waterborne automotive paint segment is expected to occupy top position in overall automotive paint market during the forecast period.
Factors such as fewer volatile organic compound (VOCs) content as compared to other coatings are anticipated to swell the growth of waterborne automotive paint market in the upcoming years. Complementary to this, stringent government guidelines and regulations regarding the usage of high VOCs automotive paint are anticipated to increase the demand for waterborne automotive paints.
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Moreover, waterborne automotive paint segment is anticipated to capture more than 52% market share by the end of 2024.
Rising affluent middle class population and significant growth of automotive industry are some of the key factors driving the growth of automotive paint market. Moreover, government regulations and rising environmental concerns coupled with availability of environment friendly automotive paint is expected to provide robust growth opportunities to the automotive paint market during the forecast period.
Asia Pacific accounted for highest percentage of market share, with a share of 56.7% in 2016. Increasing demand for automobiles and high number of car production (7.6% growth in 2016 as compared to 2015) in the region are expected to impel the demand for automotive paints over the forecast period.
Moreover, rising setup of automotive manufacturing units in the region is expected to strengthen the growth of the automotive pain market. Countries such as China, Japan, India and South Korea are witnessing the augmented demand for automotive paint on the account of increasing number of automotive production per year.
North America is anticipated to experience lucrative growth during the forecast period.
Stringent Government Regulations
Strict government regulations and initiatives to reduce harmful components in the environment are anticipated to garner the growth of advanced and environment friendly automotive paints. Apart from this, increasing demand for environment friendly and low emission automobiles owing to the rising environmental awareness is anticipated to positively impact the growth of the automotive paint market.
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Advances in technologies such as development of waterborne coatings and powder coatings are anticipated to drive the growth of the automotive paint market. Moreover, rising preference for these technologically advanced paints is accelerating the growth of the global automotive paint market.
On the other hand, fluctuation in the price of raw materials is likely to dampen the growth of automotive paint market during the forecast period.
The report titled “Automotive Paint Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive paint market in terms of market segmentation by coat type, by technology, by vehicle type, by distribution channel, by texture and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive paint market which includes company profiling of Nippon Paints, Valspar Corporation, Axalta Coating Systems LLC, Kansai Paint Corp. Ltd., Cytec Solvay Group, BASF SE, Akzo Nobel N.V., Jotun KCC Corporation and LORD Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive paint market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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