Water-borne paint technology will account for a considerable share in the automotive paints & coatings market. The benefits offered by the water-borne technology including reduced toxic materials content along with stringent regulations pertaining to reduction of VOC emission from painting process will support the market growth. Moreover, the improved durability along with higher corrosion resistance further expands the segment share from 2019 to 2025.
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Europe will showcase significant growth in automotive paints & coatings market owing to stringent vehicle paint regulations. The limiting usage of VOC based paints and development of wide water-borne paints and coatings are boosting the product penetration across the region. Moreover, the presence of multiple automobile OEMs focusing on offering a wide range of vehicles with diversified paint schemes at varied costs further accelerates the regional share over the study timeframe.
Polyurethanes will hold considerable share in the automotive paints & coatings market owing to enhanced resistance to chemical and weathering conditions. The improved corrosion resistance and durable properties increases the polyurethane coatings usage in heavy commercial vehicles (HCV). Paint manufactures are launching new premium quality products for HCVs to increase their revenue.
Clear coat automotive paints & coatings market will showcase considerable growth owing to benefits offered by this coat in protecting primer and base coats from adverse environmental conditions. The clear coat is non pigmented and offers superior mirror finish and glossy appearance to the vehicles. Additionally, the coat is also mixed with UV blockers to protect the base coat from harmful sun rays that fades the paint. Industry participants are continuously upgrading their portfolio for improving their market share.
Matte paint texture will witness significant growth in the automotive paints & coatings market owing to non-reflective appearance, rough and sandy texture. The characteristics of textures including prevention from discoloration and oxidation, makes them suitable for wider applications. The matte texture is widely used in higher end automobiles. The paint offers improved protection form finger prints and offers premium color finish compared to its counterparts. However, easier visibility of scratches or dents may limit its usage over the study timeframe.
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Advancements in paint technologies including anti-finger print paint finishes, anti-glare coatings, transparent protective coatings and superior UV protection are boosting the automotive paints & coatings market over the projected timeframe. Moreover, increasing adoption of dual coat technologies offering improved corrosion resistance along with smooth surface finish, thereby providing a positive outlook for the market expansion over the study timeframe.
OEMs will hold dominance in the automotive paints & coatings market over the forecast timeframe. The dominance can be credited to the increasing vehicle production across the globe. Automotive manufactures are focusing on offering environment friendly and durable products with a wide range of color options. The automotive suppliers are expanding their paint shop network to support the higher vehicle production.
Passenger cars will grow considerably in the automotive paints & coatings market over the study timeframe. The growth can be attributed to the availability of a wide vehicle model range across diversified price range. The availability of easier vehicle financing alternatives along with discounts offered by vehicle manufacturers in festive seasons to increase their sales are further supporting the market demand. Additionally, the entry of new players in the market are supporting the revenue generation over the projected timeframe.
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Major automotive paints & coatings market players include Eastman, Nippon Paints Holdings Co. Ltd., Cabot Corp, Covestro, Dupont, PPG Industries Inc, and BAFS SE. The other notable participants are Axaltra Coating Systems, Donglai Coating Technology, Akzo Nobel NV, Wanda refinish, Valspar, and Clariant AG.