The automotive paints industry 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 industry. 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 industry.
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.
Asia Pacific to remain the fastest growing market for the for automotive paints
The Asia Pacific region is home to some of the world's largest and fastest-growing OEMs, particularly in countries like China, India, and South Korea. This rapid growth in vehicle production is driving the demand for automotive paints, as new vehicles require painting and existing vehicles need repainting to maintain their appearance and protect them from corrosion.
The Asia Pacific region is experiencing rapid urbanization and a growing middle class, leading to an increase in disposable incomes. This surge in purchasing power is fueling the demand for new vehicles, further boosting the demand for automotive paints. Additionally, the growing urbanization trend is leading to an increase in the number of car owners, which creates a need for aftermarket services like repainting and refinishing, further driving the demand for automotive paints.
Key Players
Major manufacturers in the Automotive paints industry 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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