The global automotive paints market is anticipated to grow at a significant CAGR of 4.2% during the forecast period. Government support to the automobile industry has been provided in a variety of forms, including subsidies to firms and direct involvement in industry restructuring plans. The increasing demand for automobiles results in increasing demand for automobile production is driving the growth of the automotive paint market over the forecast. According to India Brand Equity Foundation, in October 2021, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 2,214,745 units. Moreover, the automotive mission plan 2016-26 is a mutual initiative by the government of India and the Indian automotive industry to lay down the roadmap for the development of the industry, which will support the automotive paints market over the forecast. In 2020, India was the fifth-largest auto market, with ~3.49 million units combined sold in the passenger and commercial vehicles categories. It was the seventh-largest manufacturer of commercial vehicles in 2019.
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Impact of COVID-19 Pandemic on Global Automotive Paints Market
The life-threatening effects of the COVID-19 Pandemic have intensely affected peoples, their working style, and lifestyles. Almost every industry across the globe has been suffering through the pandemic. One of the impacts of the Covid-19 has been the disruption in the global supply chain, with prices of raw material (RM), as well as freight and logistics, cost turning skywards. COVID-19 has had a major impact on the automotive paint market over the last two years. The supply chain across the industry was disturbed and due to lockdown, the production of automobiles was stopped, resulting in diminishing growth of the market over the forecast. Additionally, the shutdown of other supporting sectors has also affected the automotive paints industry.
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Segmental Outlook
The global automotive paints market is segmented based on the vehicle, paint type, technology, texture, and painting equipment. Based on the vehicle, the market is segmented into light commercial vehicles, heavy commercial vehicles, and passenger cars. Based on the paint type, the market is sub-segmented into the primer, basecoat, Clearcoat, and electrocoat. Based on the technology, the market is augmented into water borne, solvent borne, and powder. Based on the texture, the market is again sub-segmented into solid, metallic, and matte. Based on the painting equipment, the market is bifurcated into the airless spray gun and electrostatic spray gun. Based on paint type, the basecoat is expected to hold a prominent share in the market. The basecoats act as both the basecoat and a primer, which is excluding the requirement for primers, boosting the growth of the basecoat segment.
by Vehicle (Light Commercial Vehicle, Heavy Commercial Vehicle, and Passenger Cars),
by Paint Type (Primer, Basecoat, Clearcoat, and Electrocoat) by Technology (Water Borne, Solvent Borne, and Powder),
by Texture (Solid, Metallic, and Matte), and by Painting Equipment (Airless Spray Gun and Electrostatic Spray Gun)
Market Players Outlook
The major companies serving the global automotive paints market include 3M, Axalta Coatings Systems, BASF SE, Berger Paints, Clariant AG, Covestro AG, DuPont de Numerous, Inc., Fabula Coatings India Pvt. Ltd., Nippon Paint Holdings Co. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2020, Nippon Paint India, part of the NIPSEA Group, had launched a new international automotive refinish product system under the n-MAX brand. With this launch, Nippon Paint has expanded its presence in the Indian and International car refinishing markets through its new state of the art product line that is designed to excel in all geographical regions and weather conditions
The Report Covers
Market value data analysis of 2021 and forecast to 2028.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global automotive paints market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market
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