Automotive Paints & Coatings Market size is set to cross USD 16 billion by 2026, according to a new research report by Global Market Insights Inc.
Changing customer preference towards superior aesthetic appearance and finishing for automotive is propelling the industry demand. Factors such as UV protection, color retention and easy to use properties are gaining more attention. Growing demand for numerous automotive shades for exterior parts are offering growth prospects for the market. Various market players are engaged for introducing efficient processing technologies to reduce cost.
Increasing requirements for maintenance and restoration of automotive is driving the market growth. Growing demand towards use of pre-owned cars owing to favorable financing options coupled with lower prices is providing a positive outlook for automotive paints and coatings market. Moreover, industry participants are working on numerous strategic agreements and partnerships for expanding their foothold. For example, in January 2018, BASF and Sirrus started working on developing high-performance automotive coatings based on methylene malonate technology.
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The coronavirus pandemic will have a short-term negative impact on the automotive paints & coatings market. It will cause lower production output, fluctuation of raw material prices, and supply chain constraints. Additionally, the demand for automotive will be impacted significantly. However, by the end of the forecast period, the industry will return to normalcy.
Browse key industry insights spread across 550 pages with 1019 market data tables & 13 figures & charts from the report, “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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Heavy commercial vehicles segment is projected to grow at over 4% CAGR through 2026. Growing demand for heavy commercial vehicles is credited towards rising freight transportation and trade related activities. Various companies are providing specialized solutions for heavy commercial vehicles with more efficiency along with faster curing rate. Moreover, growing logistics and development in construction and e-commerce industry is likely to drive the market revenue.
Clearcoat segment is forecast to register around 5% growth rate from 2020 to 2026. Growing requirement for enhanced gloss finish on high end automotive is driving the demand for clearcoats. Also, prolonged protection from temperature fluctuations and micro scratches will help boost automotive paints & coatings market.
Powder coating market is predicted to generate more than USD 950 million in 2026 due to its high quality, easy usability, swift paint applicability, environment friendly and improved paint application. Powder coatings produces precise film thickness and also helps smoothen inappropriately coated areas, which makes them preferred choice for numerous end-use applications.
Matte texture segment is poised to observe 3.5% CAGR till 2026. Non-reflective and rough textures appearances for automotive exterior surfaces are highlighting vehicle design details. For example, in February 2018, Lexus unveiled 2019 GS RC and F type matte paint finish which can withstand multiple car washing frequencies.
Growing automotive sector to enhance Asia Pacific penetration
Asia Pacific dominates the automotive paints & coatings market with above 45% revenue share in 2019. Growing construction activities and rising demand for the automotive sector in emerging economies, such as India, Indonesia, China are expected to propel the market. Moreover, easy availability of raw materials, along with less stringent laws and regulation regarding VOCs emission as compared to European or North American countries has provided huge imputes to the paints and coatings market.
Low labor costs in Asia Pacific has attracted various foreign investors to set up manufacturing facilities in the region. Thus, the increasing number of production units is driving the automotive sector in the region, which is driving the market demand.