Automotive Paints Market worth USD 4,103.6 million by 2030

The Market Statsville Group (MSG) publishes the new report on the "Automotive Paints Market by Coating (Primer, Base coat, Clear coat, and Electrocoat), by Texture Type (Solid, Metallic, Pearlescent, and Others), by Technology (Waterborne Coatings, Solvent Borne Coatings, and Powder Coatings), by Painting Equipment Outlook (Airless Spray Gun and Electrostatic Spray Gun), by Vehicle Type (Passenger Cars, Light Commercial Vehicle, and Heavy Commercial Vehicle), by Region – Global Share and Forecast to 2030".

The global automotive paints market size is expected to grow from USD 1,531.6 million in 2021 to USD 4,103.6 million by 2030, at a CAGR of 15.1% during the forecast period. Increase in urbanization & industrialization is expected to result in growth in waste generation. In addition, rise in residential and commercial sectors has also led to rise in the amount of waste. Moreover, environmental problems such as soil, water, and air pollution have increased, owing to unplanned waste dumping over last few years. In addition, increase in environmental awareness has significantly fueled demand for waste management in developed countries and is incorporating rapidly in developing countries. Moreover, increase in smart city initiatives, specifically in North America and Europe, are expected to propel growth of the automotive paints market. On contrary, huge capital investments required and lack of efficient connectivity are anticipated to hamper growth of the global automotive paints market.

Global Automotive Paints Market Segmentation

The overall automotive paints market has been segmented into the component, waste type, method, application, and region.

• By Coating (Primer, Base coat, Clear coat, and Electrocoat)
• By Texture Type (Solid, Metallic, Pearlescent, and Others)
• By Technology (Waterborne Coatings, Solvent Borne Coatings, and Powder Coatings)
• By Painting Equipment Outlook (Airless Spray Gun and Electrostatic Spray Gun)
• By Vehicle Type (Passenger Cars, Light Commercial Vehicle, and Heavy Commercial Vehicle)
• By Region (North America, Europe, Asia Pacific, South America, and the Middle East and Africa)

Solid, by texture, is estimated to hold the largest market share during the forecast period

Based on texture type, the market is classified into solid, metallic, pearlescent, and others. The solid segment was the highest contributor with a market share of 89.8% in the global automotive paints market. The solid texture can be defined as a single application of base color, followed by a layer of clear coat. Solid texture is the most common option for automotive paints that is available in white, blue, red, and black, and does not incur any extra cost. Majority of the consumers have shifted their preference toward vehicles with solid color texture type, as no additional cost for paint is paid, which acts as the key factor that drives the growth of the market.

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Asia Pacific is accounted for the largest market share

Based on the regions, the global automotive paints market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific accounted for the highest market share of 47.2% in the global automotive paints market and was anticipated to maintain its dominance throughout the forecast period. Continuous development of the automobile industry and an increase in demand for automotive paints are the key factors impacting the growth of the automotive paints market in Asia-Pacific. In addition, implementing stringent government regulations to opt for eco-friendly paints to reduce the adverse effect on the environment is driving the market growth in this region.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the automotive paints market. It also consists of the profiles of leading companies such as BASF SE, PPG, Akzo Nobel N.V, The Sherwin-Williams, Axalta Coating Systems, LLC, Nippon Paint Holdings Co., Ltd, DuPont, Kansai Paint Co., Ltd, Clariant, and Solvay.

Browse complete report: https://www.marketstatsville.com/automotive-paints-market

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