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  • 26 August 2019 21:18

Automotive Paints and Coatings Market to Drive Strong Growth

The global Automotive Paints and Coatings Market is forecasted to grow at CAGR above 4 % over the forecast time frame 2019-2026 and reach the market value around USD 28.4 billion by 2026.

Cross-border growth of automotive paints and coatings, coupled with the increase of the demand for metallic lacquering, shifting consumer preference to vehicle color and weight, and improved technological changes. However, the market faces certain disadvantages, such as price volatility and the rising regulations on environmental and energy costs. These factors can serve as a barrier to market growth.

In expanding the market size of automotive paints and laminations through the projected time period, the technological advances in paint technologies play a major part. Low temperature systems proliferation enables superior finishes of paints at approximately 100 degrees, as opposed to approximately 150 degrees for conventional paint systems. In addition, the technique maintains the color uniformity between different car body parts and offers car manufacturers the opportunity to increase their coats.

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A significant part in the automotive paints and coatings market will be represented by primary coating. The superior corrosion and scratch protection provided by primers can be attributed to this. These coatings also offer important UV ray protection and improved stone chipping protection. In addition, the development of state-of - the-art primers for application in stainless steel, aluminium, cold rolling steel, and fiber glass further accelerates the segment share over the expected timeframe.

Growth Factors

Customers are increasingly expecting new colors and solutions, primarily for the sustainable development, durability and cosmetic of vehicles. Paint companies cooperate in the reduction of toxic substances in paint with automobile operators. Elimination of toxic gas emissions during painting, which promotes workers ' safety, is done by developing waterborne products with lower volatiles organic compounds (VOC). The development of such lacquers also helps to reduce waste disposal problems due to the reduced use of harmful substances, and so to increase the size of the car layers.

In the automotive paint and coating sector, he is given great opportunity to quickly implement advanced powder coating and thermal spray technology. Automatic paint and coating has various advantages, including outstanding durability and durability, measurable thickness, hardness, easier maintenance, contamination resistance, hydrophobic characteristics, high gloss and gloss.

Regional Snapshots

In terms of market share, Asia-Pacific is the world's leading/important region, over 50 % in 2018. Increased automotive sales and production in China, Japan, India, South Korea and Thailand drives the automotive sector in Asia Pacifico. China was the largest automotive producer and is probably the leading producer due to the country's economic work. As vehicle manufacturing in Germany, Sweden, Italy, France and the UK increase, Europe will be experiencing steady growth over the next few years. In Asia-Pacific the growth rate / CAGR is expected to increase in the 2018-2025 projection period.

Key Players & Strategies

Nippon Paint Holdings Co. is also a few of the industry participants in the car layers and coatings market. The other major actors are Wanda Refinish, Akzo Nobel NV, Axaltra Coating Systems, KCC Corporation, PPG Industries Inc., Donglai Coating Technology, Clariant AG, and Valspar. Ltd. Covestro, Cabot Corp., Eastman, Dupont and BASF SE. Strategic joint ventures and partnerships between industry players are one of the strategies for increasing their market share in the industry. In February 2019, for example, Nippon announced that it is providing car painting services to India in its strategic joint venture with Blue Bird Automotive.

In order to develop advanced paint technologies, industry participants collaborate with and invest continuously in R&D to increase market shares. For example, BASF joined Sirrus in 2018 to develop high-performance automotive coatings based on methylene malonate technology. These coatings significantly reduce emissions and provide smooth finishing in vehicles.

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