Impact of COVID-19: Automotive Paints Market Size, Share, Investment Opportunities, Top Regions, Growth & Forecast by 2024
The Global Automotive Paints Market is projected to reach around USD 12.3 billion by 2027 at a CAGR of around 3.8%.
Automotive paint is used on the surface of automobiles to protect them from environmental damage such as UV radiation, oxidation, corrosion, and for decoration purposes. Primer, base coat, and clear coat are the three layers used in paints. Primer is the first coat that gets applied and it protects from heat differences, corrosion, UV-light, bumps and others. Base cost is applied to the top of the primer which contains actual properties of color and effects. Clearcoat is a transparent and glossy coating that is sprayed on the top of the base coat for the final layer with the environment. Hence, a clear coat needs to be reliable to withstand UV light and resist abrasion.
AUTOMOTIVE PAINTS MARKET: Drivers & Restraint
Regulations Favoring Eco-Friendly Paints
Volatile Organic Compounds (VOCs) contain a variety of chemicals that are widely found in products such as solvent-based paints/coatings, sealants, adhesives, organic solvents, and others. VOC-containing products cause air pollution and have adverse health effects. To control VOC emission, the government has imposed regulations for paint makers such as National Volatile Organic Compound Emission Standards for Architectural Coatings, National Emission Standards for Hazardous Air Pollutants (NESHAP) and others to limit the use of volatile organic compounds (VOCs) in their products. Hence, automotive paint technologies are shifting towards the waterborne paints and powder coatings, which cuts down the amount of VOCs they contain.
Therefore, regulations favoring eco-friendly paints are expected to propel the market growth during the forecast period.
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Increase in Vehicle Production
Growing vehicle production will increase the demand for the automotive paints market. In 2018, India, Malaysia, Thailand, Russia and among others are the prominent countries that have shown positive growth of 8%, 12.2%, 9%, 13.9%, respectively. Moreover, the rise in automobile production in developing nations has increased the production of automotive catalysts for emission control devices in automobile exhaust systems.
Thus, the increase in vehicle production is anticipated to boost the market growth during the forecast period.
Fluctuating Raw Material Price
The cost of raw materials plays a vital role for paint manufacturers, as more than 50% of the operating costs are allotted to raw materials. Most of the raw materials used in paints are petroleum-based. Hence, price fluctuations of petroleum products, uncertain shortages, and supply-demand gaps have a negative impact on automotive paints manufacturers. Moreover, lack of constant supply of raw materials results in increasing raw material prices which, escalates the overall product price.
Thus, fluctuating raw material prices is a restraining factor for automotive paints market growth during the forecast period.
Automotive Paints market: Key segments
- By Type: Primer, Base Coat, Clear Coat, and E-Coat.
- By Technology: Solvent Based, Water Based, Powder Coating and UV Cured Coating.
- By Resin: Polyurethane, Acrylic, Epoxy, Polyesters, and Others.
- By Texture: Solid Paints, Metallic Paints, Pearlescent, Matte Finish, and Others.
- By Application: Passenger Cars, Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV).
- Based on Region Covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
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List of the leading companies operating in the Automotive Paints Market include:
- PPG Industries, Inc. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- BASF SE
- Axalta Coating Systems
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Kansai Paint Co.,Ltd.
- Nippon Paint Holdings Co., Ltd.
- KCC Corporation
- Other Key Companies
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Automotive Paints MARKET: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Automotive Paints Market, by Type
- Base Coat
- Clear Coat
Automotive Paints Market, by Technology
- Powder Coating
- UV Cured Coating
Automotive Paints Market, by Resin
Automotive Paints Market, by Texture
- Solid Paints
- Metallic Paints
- Matte Finish
Automotive Paints Market, Application
- Passenger Cars
- Light-Duty Vehicle (LDV)
- Heavy-Duty Vehicle (HDV)
Automotive Paints Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the prominent developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and the market players in the future?
- What are the evolving variations of the market worldwide?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the world?
- How are the key players leveraging in the present market scenario globally?
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