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The increasing production of passenger cars, stringent VOC emission regulations, and changing customer preferences for paint textures will drive the global automotive paints market
The automotive paints market is estimated to be USD 8.74 billion in 2018 and is projected to reach USD 10.65 billion by 2025, at a CAGR of 2.88% from 2018 to 2025. The demand for automotive paints is driven by the increasing demand for vehicles; whereas, technologies and RD investments are influenced by government regulations. However, advancements in automotive safety technologies have resulted in the reduced number of accidents, which, in turn, is a restraint for the automotive refinish paints market.
Waterborne technology is estimated to have the largest share in automotive paints market, by technology
The major advantage of waterborne paint is its low toxicity and flammability due to lower VOC levels. Paints based on this technology have excellent adhesion and greater heat resistance compared to solventbased paints. Owing to stringent emission regulations such as Regulation, Evaluation, Authorisation and Restriction of Chemical Substances REACH, countries in Europe are reducing the use of solventborne paints and have shifted towards ecofriendly waterborne paints. North America and Europe are estimated to showcase the largest usage rate for waterborne paints and are projected to grow at a steady pace over the forecast period. Developing markets such as India and China are also switching to waterbased paints, thus increasing the demand for waterborne paints over the forecast period.
Asia Oceania to dominate the automotive paints market
The automotive industry in the Asia Oceania region has been dynamic over the past few years and has seen an increase in the annual production of passenger and commercial vehicles. As a result, in the recent years, Asia Oceania has emerged as a hub for automobile production. As compared to the region's substantial population, the vehicle ownership is low, making Asia Oceania an attractive market for global manufacturers. With the increasing vehicle production, the demand for paint will also increase, making increasing vehicle production the single biggest driver of the Asia Oceania automotive paints market. Currently, due to the lack of strict VOC regulations, the usage of waterborne paints is lower than that in the western countries. This situation, however, is expected to change in the future and the demand for waterborne coating is projected to increase. These factors combined, Asia Oceania is projected to be the largest automotive paint market over the forecast period.
The study contains insights provided by various industry experts. The breakup of the primaries is as follows:
By Company Type: Tier1 45%, Tier2 30%, and OEMs 25%
By Designation: D level 45%, C level 34 % Other 21%
By Region: Asia Oceania 30%, North America 25%, Europe 20%, and RoW 25%
Note: Tier 1 companies are paint manufacturers, while Tier 2 are processed material suppliers and raw material suppliers
Note: Others includes managers and RD engineers
Note: The company tiers are based on the value chain and not on company revenue.
Major manufacturers in the Automotive paints market include PPG US, Axalta US, AkzoNobel Netherlands, BASF Germany, Sherwin Williams US, Valspar US, Solvay Belgium, DOW Chemical US, 3M US, and KCC South Korea.
The automotive paints market is segmented by Paint type Electrocoat, Primer, Basecoat, Clearcoat, by Technology type Solventborne, Waterborne, Powder coating, by Resin type Polyurethane, Epoxy, Acrylic, Other Resins, by Texture type Solid, Metallic, Pearlescent, Matte Finish, Solar Reflective Paints, by Content Water, Petroleumbased solvents, Resins and Binders, Silicone Polymers, Pigments and Colorants, Other additives, by Painting equipment Airless, Electrostatic,Refinish paints market by Resin type Polyurethane, Epoxy, Acrylic, Other Resins, by Vehicle type Passenger Car, LCV, HCV, by Electric Hybrid vehicle type BEV, HEV, PHEV, by Region Asia Oceania China, India, Japan, South Korea, Asia Oceania, Others; Europe Germany, Spain, Italy, France, UK, Europe, Others; North America Canada, Mexico, US; Row Brazil, Russia, South Africa, RoW, Others.
Reasons to Buy the Report:
This report provides insights with reference to the following points:
Market Size, by paint type: The report offers indepth market sizing and forecast up to 2025, by paint type such as electrocoating, primer, basecoat, clearcoat. The market sizing for paint type is covered for all key countries; whereas, technology type chapter is covered at regional level.
Market Size, by Texture type: The report offers indepth market sizing and forecast up to 2025, by texture type such as solid, metallic, matte, pearlescent, solar reflective paints for all key regions.
The report covers the paint market for Electric and Hybrid Vehicles at regional level.
The report also covers the Automotive Refinish Paints Market, by region and resin type.
The report also covers the Automotive Painting Equipment market By Volume
The report provides Market share information of the leading players in automotive paints market at OEM as well as Refinish level.
Market Development: The report provides comprehensive information about lucrative emerging markets for automotive paints across regions.
Product Development/Innovation: The report gives detailed insights into RD activities, upcoming technologies, and new product launches in the Automotive paints market.
Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the automotive paints market.
Original Article: Automotive Paints Market by Type Ecoat, Primer, Basecoat, Clearcoat, Resin PU, Epoxy, Acrylic, Technology Solvent, Water, Powder, Paint Equipment Airless, Electrostatic, Texture, Content, ICE EVs, Refinish, and Region Global Forecast to 2025 [Report UpdNEXT ARTICLE
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