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At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Automotive Paints Market. We are working diligently to help companies take rapid decisions by studying:
- The impact of COVID-19 on the Automotive Paints Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
- The rapid shifts in the strategies of the Top 50 companies in the Automotive Paints Market
- The shifting short-term priorities of the top 50 companies’ clients and their client’s clients
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According to the recent report “Automotive Paints Market by Type (E-coat, 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” published by MarketsandMarkets™, The Global Automotive Paints Market is estimated to be USD 8.46 Billion in 2017 and is projected to reach USD 10.65 Billion by 2025, at a CAGR of 2.88%, during the forecast period.
The automotive paints industry has evolved along with the automotive industry. The demand for automotive paints and advancements in the paint technology is largely influenced by factors such as the demand trends in the automotive industry, environmental regulations, health & safety norms, buyers’ preferences, lifestyle, and growing economy.
Browse in-depth TOC on“Automotive Paints Market”
232 – Tables
67 – Figures
205 – Pages
Major manufacturers in the global 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).
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Water-borne coating projected to hold the largest share throughout the forecast period
The stringent emission norms and regulations related to automotive paints have shifted the focus from solvent-borne paints to environment-friendly technologies like waterborne. OEMs based in developed economies of North America and Europe largely prefer waterborne coating over solvent-borne coating owing to the high content of hazardous air pollutants (HAPs) and volatile organic compounds (VOC). Additionally, the penetration of waterborne technology in developing economies, including, but not limited to China, India, Russia, and Brazil is anticipated to escalate in the near future due to the implementation of stringent emission norms.
Solar reflective and pearl scent texture likely to witness the fastest growth till 2025
Solar reflective and pearl scent paints have a higher penetration for the premium car segment in North America and Europe. Additionally, owing to improving the economy of Asia Oceania, the premium passenger car segment is likely to grow in the near future, thereby fueling the demand for solar reflective and pearl scent texture paints. However, solid texture paints are widely used for automotive vehicles. With the decline in prices of metallic paints, their demand has increased in the global market. Currently, these paints are widely used for the passenger car segment.
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Asia Oceania spearheaded by China and India to dominate the global automotive paints market
Asia Oceania comprises emerging economies such as China and India, along with developed nations such as Japan and South Korea. The automotive industry in Asia Oceania has been dynamic over the past few years and seen an increase in the annual production and sales of vehicles. The increasing domestic demand in the region has propelled the growth of the automotive paints market, which is also driven by lenient paint emission norms as compared to other regions. Countries such as Japan and South Korea are an exception and have stringent paint emission norms and regulations. China is the largest vehicle manufacturer in Asia Oceania and has witnessed substantial growth in vehicle production. With an increase in disposable income, China has emerged as a key market for premium vehicles, which, in turn, would boost the demand for innovative and advanced automotive paints.
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