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By 2025, Global Automotive Paints & Coatings Market to Procure Substantial Revenue of USD 27.5 Billion

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By 2025, Global Automotive Paints & Coatings Market to Procure Substantial Revenue of USD 27.5 Billion

July 05
01:12 2019
By 2025, Global Automotive Paints & Coatings Market to Procure Substantial Revenue of USD 27.5 Billion

Asia Pacific automotive paints & coatings market witness significant growth over the forecast timeframe
Rising vehicle production coupled with rising consumer preference towards dual color alternatives are driving the automotive paints & coatings market share

Europe will showcase significant growth in automotive paints & coatings market owing to stringent vehicle paint regulations. The limiting usage of VOC based paints and development of wide water-borne paints and coatings are boosting the product penetration across the region. Moreover, the presence of multiple automobile OEMs focusing on offering a wide range of vehicles with diversified paint schemes at varied costs further accelerates the regional share over the study timeframe.

Rising automobile sales along with increasing consumer preference towards improved vehicle aesthetics of vehicles are driving the automotive paints & coatings market over the study timeframe. The benefits offered by the paints including protection to the vehicle base material from corrosion along with improved finishes further expands the market. Additionally, the proliferating vehicle customization alternatives based on color and graphic schemes further accelerates the business share.

 

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Passenger cars will grow considerably in the automotive paints & coatings market over the study timeframe. The growth can be attributed to the availability of a wide vehicle model range across diversified price range. The availability of easier vehicle financing alternatives along with discounts offered by vehicle manufacturers in festive seasons to increase their sales are further supporting the market demand. Additionally, the entry of new players in the market are supporting the revenue generation over the projected timeframe. For instance, in May 2016, Berger Paints through their subsidiary BNB Coatings entered the passenger car painting business.

Clear coat automotive paints & coatings market will showcase considerable growth owing to benefits offered by this coat in protecting primer and base coats from adverse environmental conditions. The clear coat is non pigmented and offers superior mirror finish and glossy appearance to the vehicles. Additionally, the coat is also mixed with UV blockers to protect the base coat from harmful sun rays that fades the paint. Industry participants are continuously upgrading their portfolio for improving their market share. For instance, in March 2017, BASF, Covestro, and Audi announced the development of an advanced combining technology, that efficiently produces higher quality and eco-friendly clearcoat finishes.

 

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Water-borne paint technology will account for a considerable share in the automotive paints & coatings market. The benefits offered by the water-borne technology including reduced toxic materials content along with stringent regulations pertaining to reduction of VOC emission from painting process will support the market growth. Moreover, the improved durability along with higher corrosion resistance further expands the segment share from 2019 to 2025.

Matte paint texture will witness significant growth in the automotive paints & coatings market owing to non-reflective appearance, rough and sandy texture. The characteristics of textures including prevention from discoloration and oxidation, makes them suitable for wider applications. The matte texture is widely used in higher end automobiles. The paint offers improved protection form finger prints and offers premium color finish compared to its counterparts. However, easier visibility of scratches or dents may limit its usage over the study timeframe.

OEMs will hold dominance in the automotive paints & coatings market over the forecast timeframe. The dominance can be credited to the increasing vehicle production across the globe. Automotive manufactures are focusing on offering environment friendly and durable products with a wide range of color options. The automotive suppliers are expanding their paint shop network to support the higher vehicle production. For instance, in October 2017, Magna announced the construction of a new USD 100 million paint shop in Slovenia.

 

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Polyurethanes will hold considerable share in the automotive paints & coatings market owing to enhanced resistance to chemical and weathering conditions. The improved corrosion resistance and durable properties increases the polyurethane coatings usage in heavy commercial vehicles (HCV). Paint manufactures are launching new premium quality products for HCVs to increase their revenue. For instance, in May 2016, Axalta Coating Systems announced the launch of its Imron polyurethane coating brand for catering to the heavy-duty trucks and buses customers.

Few of the industry participants in the automotive paints and coatings market include Nippon Paint Holdings Co. Ltd, Covestro, Cabot Corp, Eastman, PPG industries Inc, Dupont, and BASF SE. Other notable players include Wanda Refinish, Axaltra Coating Systems, Donglai Coating Technology, KCC Corporation, Akzo Nobel NV, Clariant AG, and Valspar.

 

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