Regulations Favoring Eco-Friendly Paints To Drive The Automotive Paints Market
Automotive Paints Market: Key Highlights
- According to the new market research report “Automotive Paints Market 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, and Heavy-Duty Vehicle ), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the automotive paints market is estimated to reach around USD 12.3 Billion by 2027 at a CAGR of around 3.8% during the review period
- Regulations favoring eco-friendly paints is a key factor to boost the demand for the automotive paints market
- However, the fluctuating raw material prices remains a major restraining factor for the market growth
Automotive Paints Market: Key Market Dynamics
- Rising vehicle production has increased the production of automotive catalysts for emission control devices in automobile exhaust systems. Therefore, growing vehicle production will propel the automotive paint market during the assessment period
- To control Volatile Organic Compounds (VOCs) emission, government has implemented regulations for paint manufactures to lower the use of VOCs in their products. Hence, supportive government regulations favoring eco-friendly paints are expected to boost the market growth during the forecast period
- The growing adoption of high-end vehicles is anticipated to boost the automotive paints market in the future
- Defects associated with automotive paints is likely to act as a challenge for market growth
Automotive Paints Market: Regional Overview
The growth in the Asia-Pacific region is attributed to the highest production and sales of automobiles and the adoption of premium and smart vehicles, that will penetrate high usage of powder coating. A prominent country like China holds the largest automobile share in this region which is expected to boost the growth for the automotive paints market. Furthermore, leading global players such as Toyota, Audi, Honda, and Skoda have shifted their manufacturing plants in China.
In Europe, the increasing vehicle production, technological advancements, and customers’ preference towards high-end vehicles have resulted in the boost for automotive paints market growth. Moreover, Germany, UK, and France hold the major share for automobile production which indirectly propels the automotive paint market growth in this region.
Automotive Paints Market: Key Players Overview
- PPG Industries, Inc.:
PPG Industries, Inc. is a US-Based company that supplies products for the automotive, manufacturing, chemical processing, construction, and other industries. The company makes decorative and protective coatings, fabricated glass products, flat glass, continuous-strand fiberglass products, and specialty chemicals. In February 2020, the company announced its plan to acquire Alpha Coating Technologies which is a manufacturer of heat-sensitive substrates and powder coatings for light industrial applications.
- BASF SE:
BASF SE is a German-based chemical company that operates in six segments which include chemicals, performance products, plastics, oil and gas, functional solutions, and agricultural solutions. In December 2019, BASF announced plans for continued investment in coatings site at Jiangmen, China by constructing a new facility for automotive refinish coatings that will start production in the first half of 2022.
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