The global aftermarket automotive paints and coating market is set to experience significant growth in the coming years, according to a new report by RationalStat. The market is estimated to reach a size of US$ 18.5 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of over 6.4% from 2023 to 2030.
One of the key drivers fueling this growth is the increasing interest of car owners in customizing or restoring old vehicles. Aftermarket paints and coatings provide solutions for improving the appearance of vehicles, whether through touch-ups or total repainting. Many customers want their vehicles to look new and appealing, and aftermarket paints and coatings allow for customization and repair projects that range from altering the color of the car to protecting and enhancing its appearance.
The report analyzes the global aftermarket automotive paints and coating market based on various market segments, including paint type, technology type, resin type, texture type, vehicle type, and geography/regions. The market sizing analysis covers the historical period of 2019-2022 and the forecast period of 2023-2030, providing market values and volumes for different products/services/equipment.
The report also examines market trends, key developments in the industry, import-export data, trade overview, and the competitive landscape. It profiles major companies operating in the market, including Akzo Nobel NV, Axalta Coating Systems, BASF SE, Cabot Corp, Clariant AG, Covestro, Donglai Coating Technology, Dupont, Eastman, and Kansai Paint Co. Ltd., among others.
In terms of market segmentation, the electrocoat category dominates the market in terms of paint type, while the powder coating segment leads in technology type. The report also analyzes the market based on resin type, texture type, and vehicle type. Additionally, it provides a regional analysis of the market, covering North America, Latin America, Western Europe, Eastern Europe, the Middle East & Africa, and the Asia Pacific region.
The report highlights the market drivers for the global aftermarket automotive paints and coating market, including the increase in vehicle ownership, the growing number of do-it-yourself (DIY) enthusiasts, and advancements in paint and coating technology. These factors contribute to the demand for aftermarket automotive paints and coatings as customers seek to improve the appearance of their vehicles.
Overall, the global aftermarket automotive paints and coating market is expected to witness significant growth in the next decade. With increasing interest in vehicle customization and repair, as well as advancements in paint and coating technology, the market is projected to expand at a healthy CAGR of over 6.4% from 2023 to 2030. As car owners continue to prioritize the appearance and aesthetics of their vehicles, the demand for aftermarket paints and coatings is expected to remain strong.