According to a recent report published by Allied Market Research, titled, “Automotive Paints Market by Coating, Texture Type, Technology, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2019-2026″ the global automotive paints market size was valued at $8.78 billion in 2018, and is projected to reach $12.34 billion by 2026, registering a CAGR of 4.2% from 2019 to 2026.
Asia-Pacific dominates the market, followed by Europe, LAMEA and North America. China led the Asia-Pacific automotive paints market share in 2018, whereas South Korea is expected to grow at a significant rate in the Asia-Pacific during the forecast period, owing to rise in demand for eco-friendly automotive paints.
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The automotive industry is expected to witness upsurge in need for innovative and pollution-free paints. . Thus, rise in preference toward eco-friendly paints as compared to traditional paints is boosting the growth of the global automotive paints market. This is attributable 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. Conversely, waterborne paints are thinned with water, which significantly cuts down the amount of VOCs they contain. Thus, rise in demand for eco-friendly paints is anticipated to propel the growth of automotive paints market, as they reduce the negative environmental impact.
Developing nations have witnessed rise in demand and production of automobile. For instance, in 2017, 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. This rise in automobile production in the developing nations has in n turn led to increased production of automobile paints. Therefore, increase in automobile production is anticipated to boost the growth of the automotive paint market.
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For all the companies operating in the automotive paints industry, cost of raw materials required for production of paints is increasing significantly over the last few months. The cost of commodities and raw materials plays a crucial role for paint manufacturers, as more than 50% of the operating costs are allotted to raw materials. Thus, upsurge in prices of commodities has led to rise in the product’s final price. Thus, rise in prices of raw materials is anticipated to hinder the growth of the automotive paints market.
Increase in production of automotive paints 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 are rising considerably, which in turn is restraining the growth of the automotive paints market. Thus, production of cost-effective & eco-friendly automotive paints is anticipated to provide lucrative growth opportunity for the players operating in the market.
Automotive paints majorly consist of three layers of coating, primer, basecoat, and clearcoat. Primer is the type of coat which is used to get the surface of the vehicle ready for painting. If the base or clear coat is directly applied to the surface, it will not only look inferior, but also will not be able to bond consistently. Base coat is the actual colored paint of the vehicle that is applied on the top of the primer, as it does not contain strengtheners or hardeners. This raw layer of base coat is not able to protect itself and needs protective layer on top of it to prevent paint blemishes. Clear coat is the top layer on the top of base coat, which does not contain any pigment or color. In addition, the clear coat is used to protect the base coat layer, not to add any color. Furthermore, clear coat finishes contain specialized chemicals that provides easy adherence to components such as plastic bumper.
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Key Finding of The Automotive Paints Market:
Depending on technology, the solvent-borne coatings segment generated the highest revenue in 2018.
By vehicle type, the heavy commercial vehicle segment is anticipated to exhibit significant growth during the forecast period.
Region wise, LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
Asia-Pacific contributed the highest automotive paints market revenue in 2018.
The key players analyzed in this report are BASF SE, PPG, Akzo Nobel N.V, Axalta Coating Systems, LLC, The Sherwin-Williams, Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., DuPont, Clariant, Solvay, and others.
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