Global Automotive Paint Market Projected to reach US$ 11966.1 Million by 2022

Paints are prepared of three components a carrier agent, pigment and binder. A pigment also known as the tint is the color whereas the binder is normally referred as resin, which is thick, adhesive hydrocarbon liquid that hardens when out in the open. A carrier agent concerns with the solution which the resin is suspended in and maintains the binder in liquid form till the time it is applied, at that time it either chemically bonds or evaporates from the surface of the car.

Automotive paint binders are normally one of the three chemical compounds- urethane, enamel or lacquer. Lacquer is due to the regulatory actions by the government is restrained to control the pollution, despite the fact that it is easy to spray, and dries to an even and smooth glossy show-car finishing.

The overall market is estimated to touch a figure of approximately US$ 11966.1 Million by the end of 2022 and is projected to grow at a CAGR of 5.7% throughout the projection period, 2017-2022.

Market Segmentation

Based on coating type, the worldwide market is categorized into clearcoat, basecoat, primer and electrocoat. The electrocoat category is considered to be significantly high, by accounting for above US$ 3,860 Million by 2022 end.; Based on the finish, the worldwide market is segmented into pearlescent, solid, metallic and other (matte finish, etc.). The metallic paint segment will be the most preferred among other finish products and is likely to gain more over 2022. At present, it is about one-third of the market share in terms of revenue.

Based on vehicle type, the overall market is segmented into heavy commercial vehicles, light commercial vehicles, luxury passenger cars, premium passenger cars, mid-sized passenger cars and compact passenger cars. The automotive paint is considered to be comparatively higher in compact passenger cars segment by reaching around US$ 2,600 Million in 2017 mainly owing to rise in the worldwide demands for such cars.

Based on paint base, the overall market is broadly categorized into waterborne and solvent-borne. The waterborne category is expected to account for over 50% of market share in terms of revenue by 2017 end and is predicted to gain more than US$ 5,800 Million of worth by the end of 2022.; The overall market for automotive paint is studied across six major regions namely Europe, North America, Latin America, APEJ, Japan and MEA. North America is expected to remain dominant over the estimated period.

Key Market Players: Automotive Paint companies operating in the worldwide market include: Clariant AG, DuPont Coatings & Color Technologies Group, Axalta Coating Systems Ltd, Kansai Paint Co., Ltd., NIPPON PAINT, PPG Industries, BASF SE, Valspar Corporation, Akzo Nobel N.V, Sherwin-Williams Company

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Nikhil Kaitwade

With over 8 years of experience in market research and consulting industry, Nikhil has worked on more than 250 research assignments pertaining to chemicals, materials and energy sector. He has worked directly with about 35 reputed companies as lead consultant for plant expansion, product positioning, capacity factor analysis, new market/segment exploration, export market opportunity evaluation and sourcing strategies.