The automotive paints market is estimated to be USD 8.74 billion in 2018 and is projected to reach USD 10.65 billion by 2025, at a CAGR of 2.88%, from 2018 to 2025. The increasing production of passenger cars, stringent VOC emission regulations, and changing customer preferences for paint textures are the factors projected to drive the global automotive paints market.
In a conventional OEM coating, an automobile undergoes a number of steps. To start with it is subjected to pre-treatment, then sent for electrocoat, and then for top coats such as basecoat and clearcoat. These processes consume an intense amount of energy, time, and generate bio-hazardous wastes. Due to these drawbacks, these processes are not only costly but also do not adhere to environmental regulations. To deal with these issues, the key automotive paints suppliers have come up with their own innovative coating steps or products.
BASF’s process named as “integrated coating” reduces the primer surface layer as the functionality of two coats is integrated in one functional layer. The aim of providing these advanced paints and painting technology to the automotive industry is to minimize the hazards caused by solvent-borne coatings as they have a high content of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs). This will reduce the cycle time also. To comply with VOC regulations, OEMs are shifting to waterborne technology. PPG is also developing paints with enhanced dark color vehicle detection that allow the light to penetrate to a reflective under layer. The light bounces off this layer and returns to the sensor instead of being absorbed.
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Powder coating is expected to grow at the fastest rate due to its low or no VOC tag. Whereas, polyurethane-based paints are expected to grow at the fastest rate owing to their benefits over other resin types, such as loss, durability, scratch resistance, and corrosion resistance. In terms of vehicle type, passenger car segment is expected to be the fastest growing automotive paints market owing to its larger share compared to other vehicle types. The demand for powder coating is growing due to its higher use in premium cars. Hence, paint manufactures can focus on countries and OEMs which have a higher production of premium vehicles and capitalize on the growing demand for powder coating.
Asia Oceania is expected to be the fastest growing market for automotive paints due to its huge vehicle production. Also, Asia Oceania is expected to be the fastest as well as the largest market for automotive refinish paints due to its large vehicle parc number. Polyurethane-based refinish paints are widely used in automotive refinish shops, and it is expected to grow faster than other type of resins due to its various benefits.
Both the automotive industry and the automotive paints industry are continuously progressing to provide advanced technologies and eco-friendly products to their customers. The demand for automotive paints is largely influenced by the demand trends in the automotive industry, environmental regulations, health & safety norms, buyers’ preferences, lifestyle, and growing economy.
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