Rising at a CAGR of 5.2% Automotive Paint Market is anticipated to reach USD 14.2 billion by 2024

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Automotive paint, one of the most vital parts of automobile, is applied on automobiles to preserve them from UV rays, corrosion and oxidation. They are used extensively for painting exterior and interior of automobiles and serve a dual purpose of decoration as well as protection. The different products that fall under automotive paints are electro coats, powder coats, basecoat and clearcoat. Availability of various choices of color is boosting the automotive paints market.

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Automotive paint is made up of pigments, binders and thinners. Nowadays, automotive paint market is witnessing demand for technological advance paints instead of traditional paints. Moreover, automotive paint market is showcasing huge demand for specific coatings such powder coating and water borne coating. Further, automotive paints manufacturers are tilted towards minimum wastage spray technology, low volatile organic compound paints which is anticipated to bolster the automotive paint market. Moreover, expanding market of automobiles is uplifting the demand for automotive paints. Automotive touch-up paints are one of major factor for driving automobile sales.

Market Size and Forecast

Rising at a CAGR of 5.2% between 2017 and 2024, the global automotive paint market is anticipated to reach USD 14.2 billion by 2024. Riding on the back of the expanding automobile industry, Asia-Pacific is largest market share holder with 56.7% share in 2016 and is expected to show similar trend over the forecast period. China, being the largest automobile manufacturer country, is expected to witness robust growth in automotive paint market over the forecast period. Further, shifting of major companies manufacturing plant such as Audi, Toyota, Honda and Skoda is bolstering the automotive paint market in China.

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Europe occupies the second place in the terms of market share and is anticipated to foresee growth in automotive paint market. In Europe, major market share of automotive paint is held by Germany. Further, BENELUX is major growing market for automotive paints due to the new automotive industrial establishments in these countries. The major driving factors accounting for the growth of automotive paint market is increasing production of automobiles, burgeoning middle class population and increasing disposable income. Furthermore, North America is anticipated to outrun Europe in the terms market share over the forecast period as it is witnessing noteworthy production rate of automobiles.

Leading Key Players of Automotive Industry:

Nippon Paints, Valspar, Axalta Coating Systems LLC, Kansai Paint Corp. Ltd., Solvay, BASF SE, Akzo Nobel N.V, Jotun, KCC Corporation, Lord Corporation, and Others

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Market Segmentation:
By Coat Type
By Technology
By Distribution Channel
By Vehicle Type
By Texture
By Region

Growth Drivers and Challenges

Rising demand for automobiles and increasing disposable incomes are few of the major elements that are driving the automotive paint market. Also, durable automotive paints are driving the automotive market as they are preferred by end user while purchasing a vehicle. Further, rising middle class population in developing countries and favorable economic trend is anticipated to boost the market. Moreover, the increasing adoption of improved new technologies is expected to drive the market over the forecast period.

However, variable raw material prices and environmental regulations are expected to dampen the global automotive paints market. Environmental regulation in North America and Europe discourage the production of high volatile organic compound paints resulting in affecting the automotive paints market. Further, moderate growth in machinery and appliances for automotive paints manufacturing is expected to reduce the growth of market.

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