Acumen Research & Consulting estimates that global Automotive Paints market is expected to reach the market value of around US$ 12 Bn by 2027 and is anticipated to grow at a CAGR of around 4% in terms of revenue during the forecast period 2020 – 2027.
Automotive paint is considered the water-based type, and is applied with the aid of a spray device on the surface of vehicles. Such materials are made from polyurethane enamel, which protects the vehicle surface from environmental degradation and increases engine aesthetics.
The report provides analysis of global Automotive Paints market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Thanks to continuous changes in their properties and performance, demand for car paint grows. Automotive paints are currently not only used to enhance vehicle embellishment and also to improve surface life. Automotive paint improves the resistance of a vehicle's metal and aluminum parts to severe environmental conditions, such as UV radiation, acid, heat, and dust particles. In addition, automakers channel efforts to improve the overall automotive coating and painting technology. In modern cars, multiple layers of paint and coating can achieve a thickness of almost 100 microns (0.1 mm) when used. Many factories follow a highly systematic and precautionary preparation method in order to ensure the proper application of automotive paint. A mixture of layers of painting, including a paint foundation, basecoat and clearcoat, typically includes automobile paint.
The increase in vehicle production and robust auto sector growth in nations such as Brazil, Mexico, China, India and South Korea is also increasing the world 's sales of automotive paint. Moreover, increasing trends of car restorement and refurbishment are likely to favorably reflect the sales prospect of auto paints on the vertical aftermarket. Simultaneously, the quick adoption of advanced technology for powder coating and thermal spray will likely boost the global automotive paint market growth.
Asia Pacific is projected to be a leading region on the industry owing to the highest production and sales of cars in this area. The rise of Indian and China economic standards led to a rise in demand for more completed and looked luxury cars and thermal and UV safety which is expected to fuel the growth of industry. Increased incident and increased consumption expenses for car repairs and maintenance resulted in increased demand for product lacquering, which led to the market size of automotive lacquering.
North America and Europe are expected to be the emerging automotive paint markets due to the increasing rate of economic activities and technological advances in these regions. Strong spending on research and development in the introduction of emerging technologies and production of high-investment goods will speed up business growth. Throughout the region's rising lightweight car trend, cost effective and reliable coating technologies have been implemented that will have an impact on regional development. It will have a positive impact.
Auto manufacturers do not prefer lacquer-based paints due to inconvenience, such as frequent maintenance, tendency to become fragmented with ageing, a tendency to crack and chalk after long use, and highly toxic solvents, such as toluene, which have adverse environmental effects. Colors in urethane are highly resistant, slightly more expensive and very difficult to spray. Presently, despite their marginally higher quality, many car manufacturers are preferred to urethane-based paints for their recent models because of their superior efficiency.
The market research study on “Automotive Paints Market (Automotive Paints Market By Paint Type: Water-based paints, Solvent-based paint, Nanotechnology-based paints, Powder painting; Automotive Paints Market By Vehicle: Passenger Cars, Commercial Vehicles; Automotive Paints Market By Texture: Metallic, Pearlescent, Solid, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Automotive Paints market entailing insights on its different market segments.
The global Automotive Paints market is segmented as below:
Automotive Paints Market By Paint Type
Automotive Paints Market By Vehicle
Automotive Paints Market By Texture
Automotive Paints Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such BASF, KCC, Solvay SA, PPG, DuPont, Guangdong Yin Fan Chemistry Co. Ltd., Nippon Paints, Cabot Corp., Bayer AG, Berger Paints, Deft Inc., Others.