The automotive paints market is projected to reach USD 9.9 Billion by 2028 from an estimated USD 8.4 Billion in 2023, growing at a CAGR of 3.2% during the forecast period. The increasing in sales of EVs, growing trend for purchasing the compact and mid sized SUVs is driving the global automotive paints market. Also, there is increase in adoption for powder coating and water-borne coating technologies in automotive sector to reduce the environmental impact. Hence these factors is driving the automotive paints market.
Electrocoat (E-Coat) is the first layer applied to a vehicle’s body during the coating process. The primary function of this layer is to prevent corrosion and provide a uniform body surface. The thickness of an e-coat varies from 17–22 μm, which is approximately 18% of the total volume of paint applied on a vehicle. Electrocoating utilizes an electric current to deposit the coat on the vehicle’s body. Electrocoat forms a uniform, thin layer of paint on the entire surface of the metal substrate, including areas that are difficult to reach with traditional spray painting techniques. This comprehensive coverage provides superior corrosion protection, safeguarding the vehicle’s body from rust and other forms of degradation. Electrocoat also creates a strong bond with the metal substrate, resulting in exceptional paint adhesion. This enhanced adhesion prevents the paint from peeling or chipping, even under extreme conditions such as temperature fluctuations and physical impacts.
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Mettalic Texture
Metallic paints create a visually captivating and dynamic appearance due to their ability to reflect light and produce a shimmering effect. This eye-catching aesthetic is particularly appealing to consumers who desire a more stylish and sophisticated look for their vehicles.
Metallic paints have long been associated with luxury and prestige in the automotive industry. The shimmering finish and dynamic appearance of metallic paints exude a sense of refinement and exclusivity, appealing to consumers seeking to elevate the status of their vehicles. In response, automakers are increasingly using metallic texture paints on higher-end models to attract buyers. Adding further, according to Marklines and MarketsandMarkets Analysis, luxury and premium car sales have increased by 5% from 2018 to 2022, amounting to USD 4.4 million in 2022. Vehicles like Acura (US) – TLX is offered in Lunar Silver Metallic, Platinum White Pearl, Nightfall Black Pearl etc and Audi’s A3 is offered in Glacier White Metallic, Mythos Black Metallic, and Tango Red Metallic etc. Hence the combination of aesthetic appeal, imperfection masking ability, and association with luxury and prestige has established metallic texture as the dominant choice in automotive paint type. This trend is likely to continue, as consumers continue to value stylish, durable, and premium finishes for their vehicles.
In North America, SUVs and pick-up trucks fall into the light commercial vehicle category due to their weight. Considering the popularity of SUVs and pick-up trucks, the US is the largest producer of such vehicles. As a result, North America is the largest paint market for light commercial vehicles. Meanwhile, Asia Pacific is the second largest producer of light commercial vehicles; however, unlike the US, the majority of these vehicles are used for commercial purposes, not personal use. Light Commercial Vehicle: automotive paints market, by region, 2019–2022 (thousand gallons).
According to MarketsandMarkets analysis, the production of light commercial vehicles is projected to grow from 10.8 million units in 2022 to 11.8 million units by 2028. Countries such as China, the US, Mexico, Japan, and India lead the production of light commercial vehicles, with about 2.3 million units, 2.6 million units, 1.06 million units, 0.75 million units, and 0.60 million units, respectively, in 2022. On average, one light commercial vehicle requires 5–5.5 liters of paint, and the growing demand for light commercial vehicles will lead to the growth of the market for automotive paints. The growth of the supply chain and logistics industry due to the increase in urbanization and consumer spending power, primarily in developing economies, has also boosted the sales of light commercial vehicles. Volvo (Sweden), Daimler AG (Germany), Dongfeng Motor (China), Guangzhou Auto (China), and Mitsubishi (Japan) are the leading manufacturers of light commercial vehicles.
Key Players
Major manufacturers in the Automotive paints market include PPG Industries LLC. (US), Axalta Coating Systems LLC, (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), The Sherwin Williams Company (US), Valspar (US), DOW Chemical (US), 3M (US), and KCC (South Korea).
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