Automotive paint market (2017 2024) research nester

Global Automotive paint Market Outlook: Industry Insights & Opportunity Evaluation, 2016-2024

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Global Automotive Paint Market Overview 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.

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.

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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.

Geographically, the global market for computer numerical control is led by Asia-Pacific, with the region accounting for a share of approximately 35% in 2015. Developing economies such as China and

India have been

witnessing robust growth in terms of industrialization, thereby driving the growth of regional market. The CNC market in the European region is projected to grow at a significant rate, during the forecast period owing to the rise in adoption of technology. Increased efficiency, time effectiveness,

and precision & accuracy provided across metal working industries such as automobile and manufacturing industries is expected to drive the CNC market.

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.

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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.

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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.

Market Segmentation

Based on analysis, global automotive paint market is segmented into following segments:

By Coat Type Electrocoat Primer Basecoat Clearcoat

By Technology Solvent-borne Waterborne Powder Coating

By Vehicle Type Light Vehicle OEM Commercial Vehicle OEM Automotive Refinish

By Texture Solid texture Metallic texture

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By Region Automotive paint market is further classified on the basis of region as follows: • •

• • •

North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, YO-Y growth & Opportunity Analysis Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, South Korea & Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis

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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Scope and Context •

Overview of the Parent Market

•

Analyst View

Segmentation •

The Global Automotive Paint Market is segmented as follows:

•

By Coat Type Market Size & Y-O-Y Growth Analysis

•

By Technology Type Market Size & Y-O-Y Growth Analysis

•

By Vehicle Type Market Size & Y-O-Y Growth Analysis

• By Texture Type Market Size & Y-O-Y Growth Analysis Market Dynamics

•

Supply & Demand Risk

•

Competitive Landscape

•

Porter’s Five Force Model

•

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio •

Recent Trends and Developments

•

Industry Growth Drivers and Challenges

•

Key Information for Players to establish themselves in current dynamic environment

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