Advanced Materials and Chemicals

Automotive Paints Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Release Year : May 2024

Format : Pdf Ppt Xls

Report ID: KR 472

Author : Saket A.

Base Year

2023

Forecast Year

2024-2031

Historical Years

2019-2022

Market Value (2023)

USD 18.61 Billion

Forecasted Value (2031)

USD 26.16 Billion

CAGR (2024 - 2031)

4.47%

Fastest Growing Region (2024 - 2031)

Asia Pacific

Largest Region

Asia Pacific

By Vehicle Type

Light Commercial Vehicle, Heavy Commercial Vehicle, Passenger Vehicle.

By Technology

Waterborne Coatings, Solvent Borne Coatings, Powder Coatings.

By Coating

Primer Base Coat, Base Coat, Clear Coat, Electrocoat.

By Texture

Metallic, Solid, Pearlscent, Matte.

By Sales Channel

OEM, Aftermarket.


RESEARCH PROCESS

Kings Research conducts market studies with a comprehensive and focused approach. The process begins with studying a specific market, which includes understanding the market and conducting an in-depth analysis of the product or service. The requirements analysis involves market segmentation and geographical classification to identify key players and recent trends.

methodology img

Once the scope of the market study is defined, the research design is established based on the scope defined. The type of research, such as syndicated research or custom research, is determined. Consulting projects like competition benchmarking, Go-to-Market studies, and supply chain research are also considered to establish research goals.

Sample selection is an important step, and Kings Research collects data from leading market companies, buyers, raw material suppliers, and sales and distribution networks to represent the market accurately.

Data collection is a vital part of Kings Research's approach. The emphasis is on data triangulation, which involves both secondary and primary research. Secondary research includes searching databases, using official sources and publications, news articles, and press releases. Primary research involves surveys, interviews, focused group discussions, and expert opinions.

Research Approach

Kings Research employs a robust and comprehensive research methodology that aims to provide accurate estimates and forecasts. The research utilizes two methodologies for data triangulation: the Top-Down Approach and the Bottom-Up Approach. These approaches enable the segmentation and estimation of quantitative aspects of the market. The final market shares of the top players are determined through data triangulation using various sources such as company reports, databases, government documents, news articles, and paid databases.

  • Company websites, annual reports, financial reports, investor presentations, and SEC filings
  • Internal and external proprietary databases, relevant patents, and regulatory databases
  • National government documents, statistical databases, and market reports
  • News articles, press releases, and webcasts specific to the companies operating in the market
  • Paid database

methodology img methodology img
Preliminary data mining

Key opinion leaders from the industry are contacted to gather information on companies, market dominance, product types, and technologies. These leaders include top and mid-level executives from leading companies and executives from end users.

The data for total revenue generated by the industry was determined through primary research in each of the countries by interviewing key opinion leaders, which included insights from

  • C-Level Executives
  • Marketing Manager, Brand Manager, and Product Manager
  • Sales Manager, Sales Officer, Regional Sales Manager, Country Manager
  • Procurement Manager
  • Distributors
  • Production Manager
  • Supply Chain Manager
  • Technical Personnel
Statistical Model

Market estimates and forecasts are derived through data simulation models developed specifically for each study. Market dynamics, technology landscape, major trends, and pricing trends are analyzed using correlation, regression, and time series analysis. Economic tools, technological analysis, industry experience, and domain expertise are combined to perform market forecasting

  • Market drivers and restraints, opportunities, and their current and expected impact
  • Recent technological advancements, demand, and supply vs. price trends
  • Regulatory scenario and expected developments
  • Current scenario and expected scenario up to 2030

Market drivers, restraints, opportunities, recent advancements, and regulatory scenarios are considered for forecasting. Kings Market Research assigns weights to macro and microeconomic factors and quantifies the market impact using weighted average analysis to derive an expected market growth rate.

CHOOSE LICENCE TYPE
CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
The global automotive paints market is projected to reach USD 26.16 billion by 2031, growing at a CAGR of 4.47% from 2024 to 2031.
The global automotive paints market was valued at USD 18.61 billion in 2023.
The major driving factor for the market growth is increasing automotive production coupled with technological advancements.
Top manufacturers of automotive paints market are 3M, Axalta Coating Systems, LLC, AkzoNobel N.V., BASF SE, Berger Paints India Limited, Henkel Corporation, Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., Sika AG, and others.
Asia-Pacific is the fastest growing region with the CAGR of 5.22% in the forecasted period (2024-2031) with the market value forecasted to reach at USD 9.83 billion.
By technology, waterborne coatings will hold the maximum share in the Automotive paints market with the revenue value of USD 15.67 billion in 2031.
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