Automotive Paints and Coatings Market Size to hit $27.5bn by 2025

Automotive Paints and Coatings Market size is estimated to exceed USD 27.5 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

Improving economic conditions along with changing consumer lifestyles are providing potential opportunities for the automotive paints and coatings market expansion over the projected timeframe. Growing consumer demand for advanced features and superior driving experience are among the major factors influencing the demand for luxury vehicles with advanced paints and coatings. Increasing preference for utilizing vehicles featuring aesthetically appealing surfaces will prominently augment the market penetration.

 

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Shifting consumer preference for buying pre-owned and refurbished vehicles is showcasing strong growth prospects for automotive paints and coatings market size. Increasing consumer inclination towards customization, repair, and maintenance of refurbished vehicles will significantly augment the utilization of automotive paints & coatings over the study timeframe. Moreover, industry participants are entering into strategic partnerships for offering customized refinishing paints and coating solutions. For instance, in July 2018, Berger Paints India entered into agreement with Rock Paint Co., Japan for selling automotive refinish paints in India.
 

Rising concerns towards carbon emissions from automobiles are prompting industry players to introduce paints with lower VOC content along with usage of renewable materials for improving efficiency and margins. For instance, in 2015, Bayer Material Science introduced its Desmodur Eco N7300 paints that are manufactured using renewable raw materials. This contributes towards lowering carbon emissions significantly and improve margins.
 

China Automotive Paints & Coatings Market, By Vehicle, 2018 & 2025, (USD Million)
Automotive Paints and Coatings Market

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The automotive paints and coatings market participants are investing in R&D to develop new paint products with ultra-low VOC emission characteristics. Additionally, the enhanced color matching properties are supporting the industry growth in the aftermarket. For instance, in June 2019, PPG launched DELFLEET ONE paints for addressing the increasing refinish requirements from the commercial transportation industry.
 

Light commercial vehicles will hold a significant share in the automotive paints and coatings market size. This can be credited to the growth in the transportation industry in emerging economies. For instance, proliferating e-commerce industry in various emerging economies such as India and China are driving the market share. Additionally, these vehicles are ideal for small towns and cities for felicitating doorstep deliveries, thereby further enhancing the segment demand. The industries are innovating new ideas for business diversification. For instance., industry players such as Ola has introduced its Ola restrooms which uses LCVs.
 

Browse key industry insights spread across 300 pages with 955 market data tables & 13 figures & charts from the report, “Automotive Paints and Coatings Market Size By Vehicle (Light Commercial Vehicles, Heavy Commercial Vehicles, Passenger Cars), By Coating (Primer, Basecoat, Clearcoat, Electrocoat), By Technology (Waterborne, Solvent borne, Powder, UV Cured), By Texture (Solid, Metallic, Matte), By Distribution Channel (OEM, Aftermarket), Br Raw Material (Polyurethane, Epoxy, Acrylic) 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), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-paints-and-coatings-market
 

The increasing demand for primer in vehicles can be attributed to the benefits offered including offering resistance to new automobile body surfaces by sealing the original material so that the paint doesn’t soak into it. Another advantage of the primer coating is the sealing pores of unpainted surfaces, thereby covering imperfection of parts that has been repaired. Moreover, the coat also enables for blocking out of stains and scratches along with providing incremental rigidity during diversified weather conditions.
 

The waterborne technology is showcasing high growth potential in the automotive paints and coatings market share over the projected timeframe. The growth can be attributed to the benefits offered by the technology including superior resistance from heat and abrasion. Moreover, the lower toxicity along with reduced flammability owing to minimum VOC content are expected to positively drive the segment share. Moreover, the technology also offers a wide range of benefits including non-yellowing film, anti-sealing effect, and rub resistance, further boosting the segment size.
 

The growth in the metallic texture in automotive paints and coatings market share can be attributed to the availability of gloss finish along with superior protection of the automobile body surface from corrosion. Moreover, the metallic texture offers superior and premium finish for automobiles, that are expected to further boost the segment size over the projected timeframe.
 

Aftermarket will exhibit a significant share in the market share. The growth can be attributed to the rising preference of vehicle owners to restore and refurbish their vehicles to original conditions after crashes and accidents. Moreover, paint manufacturers are offering their products in the aftermarket for improving their market share. Additionally, the requirement for repainting and refinishing of old vehicles for improving appearance and increase the aspirational value are expected to positively drive the aftermarket growth.
 

The growth in the polyurethane automotive paints and coatings market share can be attributed to the benefits offered by the material including superior abrasion resistance along with enhanced oil and chemical resistance. Moreover, the polyurethane has superior design flexibility and offers superior elasticity, thereby expanding the segment share over the study period. Additionally, high performance can be easily attained with a very thin coat of polyurethane, thereby expanding the segment share over the projected timeframe.
 

North America is witnessing significant growth in the automotive paints and coatings market share on account of stringent regulatory norms. The U.S. Environmental Protection Agency (EPA) mandated National Emission Standards for Hazardous Air Pollutants (NESHAP) for paints and coatings used in automobiles. The law is applicable to area sources engaged in surface coating, paint stripping, and several surface coating operations. The several surface coating operations includes application that contains compounds of lead, chromium, manganese, and nickel. This ensures the control of hazardous air pollution that are emitted from paints & coatings operations involved in automotive industry.
 

The automotive paints and coatings market share is highly competitive owing to the presence of major players including BASF SE, Axalta Group, KCC, Dupont and PPG Group The other prominent participants in the industry includes Akzo Nobel N.V., Covestro AG, Nippon Paints, The Sherwin-Williams Company, Cabot Corp, Clariant AG, and Eastman. New product development and variations in color are the major focus areas of industry participants to improve their market share.
 

The industry is going to witness high competition owing to the adoption of new strategies including long term contracts, partnerships, and new product developments to gain high visibility in the market. For instance, in February 2018, BASF launched the Glasurit and R-M refinish paint brand in European market. The paints are certified according to biomass balance approach to reduce the CO2 emission.
 

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The automotive paints and coatings market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in million liters and revenue in USD million from 2013 to 2025, for the following segments:

By Vehicle

  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Passenger Cars

By Coating

  • Primer
  • Basecoat
  • Clearcoat
  • Electrocoat

By Technology

  • Waterborne
  • Solvent borne
  • Powder
  • UV Cured

By Texture

  • Solid
  • Metallic
  • Matte

By Distribution Channel

  • OEM
  • Aftermarket

By Raw Material

  • Polyurethane
  • Epoxy
  • Acrylic
  • Other Resins

The above information has been provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Poland
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Australia
    • Thailand
    • Japan
    • South Korea
    • Indonesia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Iran
    • South Africa

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