The global automotive paint additives market size was valued at $3.29 billion in 2018, and is projected to reach $5.63 billion by 2026, registering a CAGR of 7.0% from 2019 to 2026. North America accounted for the highest share in 2018, and is expected to be the highest contributor to the global automotive paint additives market, in terms of revenue, during the automotive paint additives market forecast.
Automotive paint additives can be defined as the components of the paints that are used in small quantities to enhance the quality and characteristics of paints. Application of additives in the right sequence and in right quantity in the paint improves the durability of quality and flow of point. The additives of additives breaks the bubbles that are formed in the paints when the paint is mixed for application. In addition, the additives are used to improve the storing and production properties of the paint and reduce the drag of paint. Automotive additives include wetting & dispersing agents, deformers, specialty additives, thicker &anti setting agents, emulsifiers, and effluent treatment additives.
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Major Market Players:
- BASF SE
- Akzo Nobel N.V
- Eastman Chemical Company
- The Sherwin-Williams
- Kansai Paint Co., Ltd
- Nippon Paint Holdings Co., Ltd
Factor such as increase in automobile production is anticipated to propel the growth of automotive paints additives market. In addition, increase in demand for eco-friendly and innovative automotive paints is boosting the growth of market. However, rise in prices of raw materials is hindering the growth of automotive paint additives market. Conversely, production of eco-friendly and cost-effective automotive paints offers remarkable growth opportunity for the players operating in the global market.
The global automotive paint additives market is segmented into type, application, vehicle type, and region. By type, the market is divided into blending solvents, flow enhancers, fisheye eliminator, and others. On the basis of application, it is segregated into automotive decorative paint, automotive antirust paint, automotive fire-retardant paint, and others. Depending on vehicle type, it is categorized into passenger cars and commercial vehicles. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Market Segments
- BY APPLICATION
- Automotive Decorative Paint
- Automotive Antirust Paint
- Automotive Fire-retardant Paint
- BY VEHICLE TYPE
- PASSENGER VEHICLE
- COMMERCIAL VEHICLE
- BY TYPE
- BLENDING SOLVENTS
- FLOW ENHANCERS
- FISHEYE ELIMINATOR
The automotive industry has witnessed robust growth in the last decade, especially in countries such as China, the U.S., Japan, India, Germany, and the UK. Although the global automotive industry, in its early stage, was focused only on developed countries such as Japan, the U.S., and Germany, the manufacturing facilities presently are expanding their businesses in developing countries such as China, Thailand, and India. This is attributed to the fact that the automobile industry is witnessing rapid growth, owing to increase in industrialization in developing countries, which has led to increase in sales of commercial vehicles such as trucks, tractors, and trailers. Moreover, developing nations have witnessed rise in demand and production of automobile, which has fueled the automotive paint additives market growth. For instance, India became the fourth largest automobile industry in the world, with increase in sales of 9.5% year-on-year to 4.2 million units. Thus, surge in automobile production is anticipated to boost the growth of the global automotive paint additives market.
Increase in preference for eco-friendly paints as compared to traditional paints is a key factor that contributes toward the growth of the automotive paint additives market. This is attributed to the fact that eco-friendly paints are waterborne and traditional paints are solvent borne. Solvent-borne paints use products based on petrochemicals that contain volatile organic compounds (VOCs), which are harmful for the environment. VOCs contain a variety of chemicals, some of which may have short- and long-term adverse health effects. However, waterborne paints are thinned with water, which significantly cuts down the number of VOCs they contain. Thus, rise in demand for eco-friendly paints is anticipated to propel the growth of the automotive paints additives market, as they reduce the negative environmental impact.
Increase in production of automotive paints additives can cause pollution, owing to emission of VOCs. Majority of VOCs are emitted from spraying operation through the use of solvent-based paints, as air in spray booth is mixed with gaseous solvent compounds. In addition, prices of materials needed for the manufacturing of automotive paints additives are rising considerably, which in turn is restraining the growth of the automotive paints additives market. Thus, production of cost-effective & eco-friendly automotive paints additives is anticipated to provide lucrative growth opportunity for the players operating in the market.
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