Automotive Paints & Coatings Market worth $27.5bn by 2025: Global Market Insights, Inc.

Asia Pacific automotive paints and coatings market will witness significant growth over the forecast timeframe owing to higher requirement for personal mobility solutions.

Selbyville, Delaware, UNITED STATES


Selbyville, Delaware, April 18, 2019 (GLOBE NEWSWIRE) --

The automotive paints & coatings market is poised to rise from USD 16 billion in 2018 to around USD 27.5 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Rising vehicle production coupled with rising consumer preference towards dual color alternatives are driving the market share. Industry players are investing in technologies and finishes to give customers alternatives for customizing their vehicles. Additionally, scratch resistance along with improved gloss finishing and corrosion resistance are gaining significant traction in the market.

Growing customer expectations primarily with respect to sustainability, durability and aesthetics of vehicles are enabling automobile OEMs to develop new color combinations and solutions. Paint manufacturers are collaborating with automobile OEMs to reduce toxic substances in paints. The development of water-borne products with reduced volatile organic compounds (VOC) emission eliminates the toxic gas emission during painting, thereby promoting worker safety. The development of such paints also contributes towards reducing the problems associated with waste disposal owing to the reduced usage of hazardous substances, thereby expanding the automotive paints and coatings market size.

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Technological advancements in paint technologies play a major role in expanding the automotive paints & coatings market size over the projected timeframe. Proliferation of low temperature paint systems enables for superior paint finishes at around 100 degrees compared to around 150 degrees in the traditional paint systems. Additionally, the technology also maintains the color uniformity between various car body parts and offers automobile manufacturers to increase their base coats.

Primer coating will account for a significant share in the automotive paints and coatings market. This can be attributed to the superior corrosion and scratch protection offered by primers. Additionally, these coatings also offer significant UV ray protection along with enhanced protection against stone chipping. Moreover, the development of advanced primers with the capability of applying in stainless steel, cold rolled steel, aluminum, and fiber glass further accelerates the segment share over the projected timeframe.

The growth in the waterborne automotive paints & coatings market share can be credited to the stringent rules and regulations pertaining to the reduction of VOCs in automotive paints and coatings. Additionally, the presence of minimum toxic materials along with lower flammability compared to solvent based paints further expands the segment size. Additionally, higher gloss polish along with durable finishing over long period further expands the segment growth from 2019 to 2025.

Browse key industry insights spread across 300 pages with 1998 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 (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) 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 – 2025” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/automotive-paints-and-coatings-market

Growing demand for metallic texture paints owing to unique gloss finishing are supporting the segment share over the study timeframe. The improved aesthetics offered by these paints along with superior finishing along with the capabilities to hide scratches easily are providing a positive outlook for the automotive paints and coatings market expansion.

OEM is expected to hold dominance in automotive paints & coatings market size over the study timeframe. The dominance can be attributed to rising vehicle demand across the globe. Industry participants are collaboratively working with automotive manufacturers to minimize energy consumption and CO2 emission from paint application activities.

Polyurethanes accounted for considerable share in the automotive paints and coatings market. Polyurethanes materials are widely used in paints owing the benefits offered including higher resistance to solvents along with superior mechanical and weathering damage resistance. Industry players are focusing on introducing environmentally friendly polyurethane coatings for improving their market share.

Asia Pacific automotive paints & coatings market witness significant growth over the forecast timeframe. This can be attributed to the improving economic conditions, rising disposable income along with higher requirement for personal mobility solutions. The increasing presence of automotive manufacturers across the region along with setting up of production facilities for ramping up of vehicle production further expands the regional share over the study timeframe.

Few of the industry participants in the automotive paints and coatings market include Nippon Paint Holdings Co. Ltd, Covestro, Cabot Corp, Eastman, PPG industries Inc, Dupont, and BASF SE. Other notable players include Wanda Refinish, Axaltra Coating Systems, Donglai Coating Technology, KCC Corporation, Akzo Nobel NV, Clariant AG, and Valspar.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.


        

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