Automotive Paints & Coatings Market Size & Share | North America, Europe, & APAC Industry Forecasts 2026: Graphical Research

Prominent automotive paints and coatings market players include BASF SE, Axalta Coating Systems, AkzoNobel, Sherwin-Williams Company, 3M, Berger Paints India Limited, Clariant, Donglai Coating Technology (Shanghai) Co., Ltd., DuPont, Kansai Nerolac Paints Limited, KCC corporation, Nippon Paint (M) SDN BHD, Cabot Corporation, Covestro LLC, Diamond Vogel, Inc., Eastman chemical company, Kansai Paint Co., Ltd., PPG Industries Inc., and U.S. Paint Corporation.

Pune, INDIA


Pune, India, Sept. 15, 2021 (GLOBE NEWSWIRE) --

The automotive paints and coatings market size is poised to witness significant growth during the forecast period as customers across the globe are opting for refurbished vehicles. Companies specializing in the manufacturing of these products are striving towards producing high-quality paints with a wide range of colors. Below are the important trends that will have a positive impact on the market outlook:

COVID-19 impact on North America automotive paints & coatings market:

The ongoing COVID-19 pandemic had a major impact on several industries in North America during the initial stages. The regional automotive sector was severely affected by the virus spread as many manufacturing plants had to be temporarily shut down. Lockdowns were imposed by the regional governments, resulting in great shortage of the required raw materials and manpower.

The average income level of regional customers greatly reduced during this time, resulting in decreased spending on luxury products like cars. This factor reduced the production of vehicles, having a domino effect on the demand for coatings and paints in the region. However, the situation is gradually changing today with the automotive industry picking up pace, thereby positively contributing towards the regional market.

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Electrocoat is a preferred coating type in North America:

Automotive paints & coatings market in North America is projected to exceed a valuation of $3.1 billion by 2026. There are various types of coatings such as basecoat, primer, electrocoat, and clearcoat that are used for passenger vehicles. Electrocoat secured over 55% share of the market in 2019. The main reason cited is the various beneficial features this type of coating offers to vehicles. Some of these characteristics are high corrosion resistance, low curing temperature, and greater throw power, which is the ability of a coating of uniform thickness to evenly spread over an uneven surface.

In addition to the above-mentioned factors, electrocoat does not contain HAPs (Hazardous Air Pollutants) and has low VOC (Volatile Organic Compounds); VOCs emit harmful gases in the environment which can add to pollution problems.

North America sees rising use of waterborne coating technology:

Coating technologies like solvent-borne, powder, UV cured, and waterborne are widely used by automakers across the globe. North America paints and coatings market size from waterborne coating technology will expand at a CAGR of around 6.8% through 2026. A major reason for this is that waterborne coatings are quite easy to apply on various surfaces, offer great resistance to abrasion and heat, have supreme adhesion properties, and are quite cost-effective in nature. They protect the vehicle against extreme weather conditions.

Passenger cars gain traction in Asia Pacific:

The average disposable income of the population in APAC region has grown at a significant rate due to rising industrialization and urbanization. As more and more people are getting employed in the urban areas, their spending capacity has increased to a great extent. These factors have played a major role in helping the passenger cars segment capture more than 60% share of the regional market in 2019. The regional automakers are offering customers different choices by producing a wide range of vehicles in different colors.

Paints and coatings provide an elevated aesthetic appeal to passenger cars as well as great protection against extreme conditions like heat, acid rains, and radiation of harmful UV rays.

Primer coatings for passenger cars in Asia Pacific:

Asia Pacific paints & coatings market size is expected to be valued at more than $8.3 billion by 2026. The regional industry share from primer coating type will record a steady CAGR of 7.1% up to 2026. One of the main advantages of using primer as a coating is that it offers a deep glossy finish to the vehicle, enhancing its overall appearance. It provides the end-users with a wide range of textures to choose from and protects cars from micro scratches and other minor damages.

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Use of polyurethane-based coatings in APAC region:

Epoxy, acrylic, and polyurethane are some of the popular raw materials used in the production of paints and coatings. Among these, products containing polyurethane will gain momentum among consumers in APAC region. Automotive manufacturers are increasingly adopting polyurethane-based coatings for their vehicles as they have effective mechanical properties, great resistance to solvents, and appropriate cure rate in room temperature. On the other hand, there are many color and texture options of polyurethane paints available for the automakers to choose from, thereby boosting their consumption in Asia Pacific.

OEM remains a major distribution channel in Europe:

Europe automotive paints and coatings market size will be valued at around $2.72 billion by 2026. An astounding rise seen in the sale of passenger cars in Europe is expected to positively affect the demand for OEM channels in the region. People in Europe are ready to spend a lot of money on aspects like aesthetics, comfort, and functionality of their cars, which will offer great support to the progress of OEM distribution channels in the region. OEMs are a trusted source of paints that are long-lasting and highly resistant to corrosion. These paints are energy efficient as they use optimum paint spraying technologies. All these factors will boost the OEM network in Europe.

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As the demand for light, heavy commercial vehicles and passenger vehicles is going up in different regions across the globe, the use of paints and coats is growing at an appreciable rate. Paint textures like metallic, solid, and matte are quite popular and are used according to the requirements of clients. Apart from OEMs, aftermarket is distribution channel that can be used by end-users for purchasing high-quality paints and coats at affordable prices.

Luxury automakers in Europe use metallic paints and coats:

Metallic, matte, and solid textured paints and coatings are extensively used by various automobile manufacturers. The metallic textured paints will witness 3.9% CAGR from 2020 to 2026. Paints giving a metallic finish contain aluminum flake pigments and their appearance changes from different directions and under varied light settings. The demand for paints that have special effect pigments is growing at a notable rate as they give a highly glossy and supreme finishing to vehicles, thereby fostering the demand for metallic textured paints.

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