The global automotive paints and coatings market value is expected to reach around US$ 28.4 billion by 2026 and forecasted to grow at a CAGR around 4 % throughout the forecast period 2019 to 2026.
The layer used for automotive paints and coatings protects the substrate against harm to the environment while providing color and gloss to enhance the beauty of the substrate. The report provides analysis of global Automotive Paints and Coatings market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Cross linked with the growth of the Automotive Layers and Reinforcing industry, increasing demand for metallic coatings and changing consumers ' preference for car color and weight, improved technological changes. The market, however, faces certain inconveniences such as raw material pricing volatility and rising government regulation on environmental issues and energy costs. These factors can serve as a barrier to market growth.
The increase in the market share of waterborne automotive paints and coatings can be attributed to the strict rules and regulations for reducing VOCs in automotive coatings and paints. In addition, the size of a segment is further expanded by the presence of minimum toxic substances with less inflammability compared with solvent based paints. In addition, higher polishes and lasting finishing extend the segment growth from 2019 to 2026 over a long period of time.
The rise in the production of vehicles and increased consumer preference for dual color alternatives drive market shares in automotive layers and coatings. Industry players invest in technology and finishing so that customers can customize their vehicles. In addition, the resistance to scratches together with improved finishing and resistance to corrosion on the market is becoming more tractable.
Customers expect to be able to develop new color combinations and solutions primarily in terms of the sustainability, durability and aesthetics of automobiles. In order to reduce toxic substances on paints, paint manufacturers collaborate with automotive OEMs. Eliminating toxic gas emissions during painting, therewith promoting workers safety by the development of waterborne products with reduced organic composites (VOC). The development of these paints also helps to reduce the problem of waste disposal by reducing the use of hazardous materials, thereby expanding the market size of automotive lacquers and coatings.
In order to expand automotive painted and layer market size over the projected timeframe, technological progress in paint technology is of great importance. Proliferation of the system of low temperatures makes it possible to produce superior paints at around 100 degrees compared to the traditional paint systems at approximately 150 degrees. In addition the technology maintains color homogeneity between different car body parts and offers automakers to enhance their coatings. In 2018, for example, Ferrari introduced the technology of low baked paints which allowed the company to produce over 61 different colors in its base coat.
The increasing stipulate for metallic texture paints because of their unique gloss finish supports the segment's share during the study period. The improved esthetics of these paints, combined with superior design and the capacity to easily hide scratches, provide a positive perspective for the expansion of the automotive lacquer and lacquer market.
Due to increasing worldwide sales of light commercial vehicles, light-duty vehicles (LCV) car paints and lacquering market share will be approximately 3% of CAGR. Accordingly, for example, the 2018 LCV production of 21,072,296 units was an increase of around 4.2 percent, in 2018 compared to 2017, according to the International organization of the motor vehicle manufacturers (OICA). Layers expand their global presence by opening new installations in a number of regions to meet a quickly growing demand for LCV paints. For example, BASF opened new facilities, including ColorECo, in China in March 2019, to manufacture its LCV paint solutions.
A significant share in the car paints and coatings market will be represented by the primer coating. The superior corrosion and scratch protection offered by primers can be attributed to this. In addition, these lacquers provide considerable UV protection and enhanced stone chip protection. In addition, developing advanced primers with applications in stainless steel, cold-rolled steel, aluminum and fiber glass further speeds up the segment share over the expected period.
OEM is expected to dominate the market over time frame in automotive paints and coatings. The prevailing position is due to increasing demand for vehicles throughout the world. In collaboration with automotive manufacturers, industry participants work on reducing energy consumption and CO2 emissions from paint application activities. For example, the strategic partnership Audi, BASF and Covestro have entered into in 2017 to develop Audi Q2's bio-based hardener. These paints give the vehicle superior glossy finishes and significantly reduce CO2 emissions.
Polyurethane was an important part of the automotive lacquer market. Polyurethane materials are widely used in paints due to the advantages of higher solvent resistance and superior mechanical and weather damage resistance. Industry players concentrate on introducing polyurethane coatings for the improvement of their market share. PPG Industries Inc., for example, introduced its state of the art coatings in 2018 with isocyanate-free technology for polyurethane.
In the Asia-Pacific car paints and coverings market, the forecast timeframe has seen significant growth. This is due to improved economic circumstances, higher disposable revenues and increased demand for solutions to personal mobility. The growing presence of automakers in the entire region together with the establishment of production plants to boost vehicle production further increases the regional share over the period of study. Tesla Inc., for example, had announced its Gigafactory establishment in China in 2019 for manufacturing models 3 and Y.
Global Automotive Paints and Coatings Market By Vehicle
Global Automotive Paints and Coatings Market By Coating
Global Automotive Paints and Coatings Market By Technology
Global Automotive Paints and Coatings Market By Texture
Global Automotive Paints and Coatings Market By Distribution Channel
Global Automotive Paints and Coatings Market By Raw Material
Global Automotive Paints and Coatings Market, by Geography
The market research study on “Automotive Paints and Coatings Market (By Vehicle: Light Commercial Vehicles, Heavy Commercial Vehicles, Passenger Cars; By Coating: Primer, Electrocoat, Basecoat, Clearcoat; By Technology: Waterborne, Powder, Solvent borne, UV Cured; By Texture: Matte, Solid, Metallic; By Distribution Channel: OEM, Aftermarket; By Raw Material: Epoxy, Acrylic, Polyurethane, Other Resins) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Automotive Paints and Coatings market segments with market dynamics and their impact. The report provides insights on global Automotive Paints and Coatings market by vehicle, technology, texture, distribution channel, raw materials and major geographic regions. The report also covers basic technology development policies.
The report offers an overview of the market and statistical diagrams to support the expected figures. Our analysts predict the market scope and future prospects in an insightful way. The Acumen Research and Consulting report contains a comprehensive analysis of the global market in Automotive Paints and Coatings segmented by molecular type, test type and region. The report outlines numerous growth strategies implemented by companies as well as the latest market trends. The market share and current position of all leading players are discussed in detail. It analyzes players ' new revenue sources and highlights the different strategies.
Key Players & Strategies
Nippon Paint Holdings Co. is also a few of the industry participants in the car layers and coatings market. The other major actors are Wanda Refinish, Akzo Nobel NV, Axalta Coating Systems, KCC Corporation, PPG Industries Inc., Donglai Coating Technology, Clariant AG, and Valspar Corporation, Covestro, Cabot Corp., Eastman, Dupont and BASF SE. Strategic joint ventures and partnerships between industry players are one of the strategies for increasing their market share in the industry. In February 2019, for example, Nippon announced that it is providing car painting services to India in its strategic joint venture with Blue Bird Automotive.
In order to develop advanced paint technologies, industry participants collaborate with and invest continuously in R&D to increase market shares. For example, BASF joined Sirrus in 2018 to develop high-performance automotive coatings based on methylene malonate technology. These coatings significantly reduce emissions and provide smooth finishing in vehicles.