International. Astute Analytica, a market research consultancy, valued the global automotive paint market at $18.733 billion in 2022.
The firm estimates in turn that this will reach a valuation of US $ 27,539 million by 2031 with a CAGR of 4.3%.
In terms of volume, the market is projected to experience expansion at a CAGR of 4.0% during the forecast period.
Several factors would drive significant growth in the coming years.
In 2022, the Asia-Pacific region dominated the market due to high vehicle production in countries such as China, Japan, India, and South Korea. This trend is expected to continue, as the number of electric vehicles on the road is projected to increase from 11 million in 2020 to 145 million by 2030, representing an important opportunity.
Electric vehicles require different types of paints that are lighter, more durable, and resistant to higher temperatures.
The global economy is expected to boost overall car sales worldwide.
According to the International Monetary Fund, the world economy grew by 4.9% in 2021 and 4.4% in 2022. This recovery is likely to drive demand for automotive paint, and with the increasing number of vehicle accidents and growing demand for customizations and modifications.
In line with this, the automotive finishing coatings market is expected to grow at a CAGR of 5.1% during the forecast period.
Since recent years, automotive original equipment manufacturers (OEMs) across the global automotive paint market are increasingly investing in advanced paint technologies, such as Nissan's "automatic repair" paint technology, to improve the durability and appearance of their vehicles.
However, the market is still very competitive, with a few major players dominating the market. Increased competition from local and regional players is expected to drive innovation and reduce prices, benefiting smaller players.
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