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Global Automotive Paints Market to reach USD XX billion by the end of 2030.

Global Automotive Paints Market Size study & Forecast, by Paint Type (Powder Coating, Solvent-Borne, Waterborne, Others), by Resin Type (Polyurethane, Epoxy, Acrylic, Others.) and Regional Analysis, 2023-2030

Product Code: CMPCA-70059634
Publish Date: 10-01-2024
Page: 200

Global Automotive Paints Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Automotive paints are specialized coatings designed for application on vehicles to provide both aesthetic appeal and protection. These paints serve several purposes, ranging from enhancing the visual appeal of the vehicle to protecting its underlying metal surfaces from corrosion, weathering, and other environmental factors. Automotive paints are formulated to meet specific requirements, considering factors such as durability, adhesion, flexibility, and resistance to various elements. The key factors driving the market growth are increasing automotive production, growing demand for specialty coatings, such as anti-corrosion coatings, high-performance coatings, and eco-friendly water-based coatings, rising disposable income and Consumer Preferences that are anticipated to support the market growth.

Additionally, the automotive industry’s overall growth and an increase in the production of vehicles contribute directly to the demand for automotive paints. According to the International Organization of Motor Vehicle Manufacturers, in 2020, the number of vehicles produced globally was 77.6 million and the number reached 80.1 million in 2021. As a result, the rising demand for automotive vehicles globally is anticipated to accelerate the market growth over projected period. Moreover, increasing focus on customization and the emergence of innovative paint technologies are anticipated to create lucrative opportunities for the market over the projected period. However, the fluctuating raw material prices stifled market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Automotive Paints Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rise of electric and autonomous vehicles, robust automotive manufacturing, extreme climatic conditions, and the presence of key market players. Whereas, the Asia Pacific is expected to grow with the highest CAGR over the forecast period, owing to factors such as growing vehicle production, favorable government policies for electric vehicles, and a robust automobile manufacturing industry.

Major market player included in this report are:
BASF SE
Akzo Nobel N.V.
Axalta Coatings Systems LLC
Clariant AG
The Sherwin Williams Company
Nippon Paints Holdings Co. Ltd
DuPont
DuPont de Nemours, Inc.
Solvay S.A.
Kansai Paints Co. Ltd.

Recent Developments in the Market:
Ø In December 2022, BASF introduced its inaugural biomass balance automotive coatings in China, with the initial offering being the ColorBrite Airspace Blue ReSource basecoat. Certified by REDcert² through a biomass balance approach, this basecoat is crafted from renewable raw materials utilized in its production and assigned to the product via a mass balance system. As a result, there is a 20% reduction in the carbon footprint of the product. Additionally, BASF has obtained biomass certification for its resins plant in Caojing, along with its paint manufacturing facilities in Minhang and Caojing, both managed by BASF Shanghai Coatings Co., Ltd.

Global Automotive Paints Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Paint Type, Resin Type, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Paint Type:
Powder Coating
Solvent-Borne
Waterborne
Others

By Resin Type:
Polyurethane
Epoxy
Acrylic
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Automotive Paints Market, by Region, 2020-2030 (USD Billion)
1.2.2. Automotive Paints Market, by Paint Type, 2020-2030 (USD Billion)
1.2.3. Automotive Paints Market, by Resin Type, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Automotive Paints Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Automotive Paints Market Dynamics
3.1. Automotive Paints Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Increasing automotive production
3.1.1.2. Growing demand for specialty coating
3.1.1.3. Rising disposable income and Consumer Preferences
3.1.2. Market Challenges
3.1.2.1. Fluctuating raw material prices
3.1.3. Market Opportunities
3.1.3.1. Increasing focus on customization
3.1.3.2. Emergence of innovative paint technologies
Chapter 4. Global Automotive Paints Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Automotive Paints Market, by Paint Type
5.1. Market Snapshot
5.2. Global Automotive Paints Market by Paint Type, Performance – Potential Analysis
5.3. Global Automotive Paints Market Estimates & Forecasts by Paint Type 2020-2030 (USD Billion)
5.4. Automotive Paints Market, Sub Segment Analysis
5.4.1. Powder Coating
5.4.2. Solvent-Borne
5.4.3. Waterborne
5.4.4. Others
Chapter 6. Global Automotive Paints Market, by Resin Type
6.1. Market Snapshot
6.2. Global Automotive Paints Market by Resin Type, Performance – Potential Analysis
6.3. Global Automotive Paints Market Estimates & Forecasts by Resin Type 2020-2030 (USD Billion)
6.4. Automotive Paints Market, Sub Segment Analysis
6.4.1. Polyurethane
6.4.2. Epoxy
6.4.3. Acrylic
6.4.4. Others
Chapter 7. Global Automotive Paints Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Automotive Paints Market, Regional Market Snapshot
7.4. North America Automotive Paints Market
7.4.1. U.S. Automotive Paints Market
7.4.1.1. Paint Type breakdown estimates & forecasts, 2020-2030
7.4.1.2. Resin Type breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Automotive Paints Market
7.5. Europe Automotive Paints Market Snapshot
7.5.1. U.K. Automotive Paints Market
7.5.2. Germany Automotive Paints Market
7.5.3. France Automotive Paints Market
7.5.4. Spain Automotive Paints Market
7.5.5. Italy Automotive Paints Market
7.5.6. Rest of Europe Automotive Paints Market
7.6. Asia-Pacific Automotive Paints Market Snapshot
7.6.1. China Automotive Paints Market
7.6.2. India Automotive Paints Market
7.6.3. Japan Automotive Paints Market
7.6.4. Australia Automotive Paints Market
7.6.5. South Korea Automotive Paints Market
7.6.6. Rest of Asia Pacific Automotive Paints Market
7.7. Latin America Automotive Paints Market Snapshot
7.7.1. Brazil Automotive Paints Market
7.7.2. Mexico Automotive Paints Market
7.8. Middle East & Africa Automotive Paints Market
7.8.1. Saudi Arabia Automotive Paints Market
7.8.2. South Africa Automotive Paints Market
7.8.3. Rest of Middle East & Africa Automotive Paints Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. BASF SE
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Recent Developments
8.3.2. Akzo Nobel N.V.
8.3.3. Axalta Coatings Systems LLC
8.3.4. Clariant AG
8.3.5. The Sherwin Williams Company
8.3.6. Nippon Paints Holdings Co. Ltd
8.3.7. DuPont
8.3.8. DuPont de Nemours, Inc.
8.3.9. Solvay S.A.
8.3.10. Kansai Paints Co. Ltd
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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