February 26, 2020
According to the research report titled ‘Automotive Paints & Coatings Market Size By Vehicle (Light Commercial Vehicles, Heavy Commercial Vehicles, Passenger Cars), By Coating Type (Primer, Basecoat, Clearcoat, Electrocoat), By Technology (Waterborne, Solvent borne, Powder, UV Curved), By Texture (Solid, Metallic, Matte), By Distribution Channel (OEM, Aftermarket), By Raw Material (Polyurethane, Epoxy, Acrylic, Other Resins) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Netherlands, China, India, Australia, Thailand, Japan, South Korea, Indonesia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Iran, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available at MarketStudyReport.com, the global automotive paints & coatings market is expected to record a substantial growth rate through 2025.
According to the report, increasing sales of automobiles coupled with shifting preference towards enhanced vehicle aesthetics are major factors driving the growth of automotive paints & coatings industry. Rising trend of vehicle customization on the basis of graphic and color schemes is further aiding the market expansion. Numerous market majors are undertaking R&D activities to develop ecofriendly paints in order to reduce the VOC content. Adding to this, rising adoption of dual coat technologies owing to their smooth surface finish and superior corrosion resistance properties is stimulating the industry outlook.
Technological advancements pertaining to the development of products which offer improved UV protection and anti-fingerprint properties as well as introduction of transparent protective coatings and anti-glare coatings are augmenting the market landscape. Rising prevalence of vehicle accidents and growing demand for repair and refurbishment services are fostering the demand for automotive paints & coatings across the globe.
In terms of vehicle type, the report states that passengers cars segment is expected to register substantial growth during the forecast period. Availability of various models of passenger vehicles and favorable financing policies are fueling the segmental growth.
Based on technology, water-borne segment of automotive paints & coatings market is slated to witness lucrative growth by the year 2025. Water-borne technology offers high corrosion resistance, durability and reduced content of toxic materials in automotive paints & coatings. This factor along with strict government regulations regarding VOC emission mitigation are propelling the market growth.
By texture, the report cites that matte finish segment is expected to amass commendable gains in the subsequent years, primarily due to its sandy and rough texture as well as non-reflective capabilities. However, scratches and dents are evidently visible on matte texture which in turn may inhibit the market growth.
Citing the distribution channels, OEMs are expected to dominate the automotive paints & coatings industry by the year 2025. Increasing production of vehicles and shifting focus towards providing durable and ecofriendly products are boosting the growth of the segment.
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Considering the geographical landscape, the report states that Europe automotive paints & coatings industry is presumed to expand significantly during the forecast period. Strict government regulations regarding automotive paints, development of wide range of water-borne paints, and high concentration of market majors across the region are augmenting the Europe market share.
Wanda Refinish, The Valspar Corporation, PPG Industries, Inc., Nippon Paint Holdings Co. Ltd., KCC Corp., Kansai Paint Co. Ltd., Eastman, Dupont, Donglai Coating Technology, BASF SE, Covestro, Clariant AG, Cabot Corp., Axalta Coating Systems, and Akzo Nobel NV are the prominent companies operating in the automotive paints & coatings industry.
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