OTTAWA, Sept. 30, 2020 (GLOBE NEWSWIRE) — The global automotive paints and coatings market was valued at US$ 17.34 billion in 2019 and projected to register compound annual growth rate (CAGR) of 8.2% during the forecast period 2020 to 2027. Read more Information@ https://www.precedenceresearch.com/automotive-paints-and-coatings-market
Automotive paints & coatings are the automotive surface protection solutions. They are applied on the vehicle surface with the assistance of a spray gun. The automotive paints consist of polyurethane-based enamel that protects the automobile surface from environment such as rusting and other damages, thereby enhancing the aesthetics of the vehicle.
Stringent regulations for harmful emission and growing environmental concerns for paints & coatings manufacturing process predicted to enhance the demand for eco-friendly paints in the market. Furthermore, increasing requirement for maintenance, repair, and restoration of vehicles expected to augment the market growth for automotive paints & coating in the coming years. Increasing vehicle age is the main cause behind its significant repair & maintenance. As per U.S. Bureau of Labor Statistics, around 50% of vehicles are aged between 11-20 years and an average US$ 400 is spent yearly on car repair. This is anticipated to flourish the paints & coating market prominently in the years to come.
However, advancements in the automotive industry have reduced the number of accidents significantly that hinders the refinish market for automotive paints & coatings. Besides this, recent advancements in the paint & coating products for automotive sector have provided highly durable surface finish that exceeds the customer expectation along with it also complies with the environmental regulations. Thus development in the paint chemistry and spraying methods have improved the uniformity in paint layer and paint transfer efficiency, thereby reducing the wastage. The aforementioned factors anticipated to flourish the market growth during the forecast period.
Europe projects magnificent growth for paints & coatings for the automotive industry owing large automobile production capacity of the region. According to European Automobile Manufacturers Association, 19.2 Mn that accounts to 20% of the total global motor vehicles production were recorded in European Union in the year 2018. Out of the stats presented, 16.5 Mn were passenger vehicles and rests were commercial vehicles. Furthermore, increasing number merger & acquisition in the region expected to showcase significant growth potential in the coming years.
On the contrary, Asia Pacific held substantial revenue share in the global automotive paints & coatings market in 2019. This is mainly attributed to the increased vehicle affordability and rising per capita income in the region. In addition, the region offers large consumer base for the vehicle sale that attracts potential automobile manufacturers to establish their production plant in the region. For instance, Honda Motor Co. Ltd. announced its plan in 2014 to expand its car production in Asia Pacific. The company aimed to sell 1.3 Mn units in China by 2015 and 1.2 Mn in the rest of Asia Pacific by 2016.
- Europe is one of the major markets for automotive paints & coatings with prominent revenue share in 2019. The growth of the region is mainly due to presence of large number of automotive manufacturers in the region.
- Asia Pacific is expected to show considerable growth during the forecast period owing to rising vehicle affordability among the public. In addition, several players plan to expand their production base in the Asian countries as it has large consumer base.
- By raw material, polyurethane-based coatings led the market with substantial revenue share owing to rising refinishing services market. Rising number of fatalities and accidents on-road increases the refinish service market for paints & coatings. However, epoxy resins expected to offer magnificent growth over the coming years due to improved wear resistance capability and excellent adhesion with metals.
- Rising vehicle sales and increased consumer spending on aesthetics and comfort have bolstered the OEM market. Nonetheless, rising number of accidents and shifting trend towards customized and cost-effective auto parts projected to trigger the aftermarket distribution channel in the coming years.
Key Players & Strategies
The global automotive paints & coatings market seeks high competition due to presence of large number of players in the market. The market for automotive paints & coatings is a niche market with lucrative growth opportunities in the near future. Significant involvement of players in product development is the key factor contributing to the market growth. In May 2020, Clariant AG launched solutions that accelerate the industrial coatings requirement for North America with improved sustainability and performance.
Some of the key players of the market are Akzo Nobel NV, Axalta Coating Systems, BASF SE, Cabot Corp, Clariant AG, Covestro, Donglai Coating Technology, dupont, Eastman, Kansai Paint Co. Ltd, KCC Corporation, Nippon Paint Holdings Co. Ltd, PPG Industries, Inc., The Valspar Corporation., and wanda refinish among others.
By Vehicle Type
- Passenger Cars
- Heavy Commercial Vehicles
- Light Commercial Vehicles
By Coating Type
By Technology Type
- Solvent borne
- UV Curved
By Distribution Channel
By Raw Material
- Other Resins
By Regional Outlook
- North America
- Asia Pacific
- Rest of the World
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