There has been an increasing demand of innovative and speciality products in the automobile sector which has been majorly accounted for the increase in demand of automotive paints. Also, there has been a rise in the usage of eco-friendly coatings such as powder, UV-cured and waterborne coatings in economies that are emerging and are expected to boost the market in the forthcoming years.
An increasing demand in the metallic coating and shifting consumer preferences towards vehicle colour, weight and increased production of automotive vehicles has been the primary reason behind the growth of automotive paints and coatings market, globally.
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Automotive paints are applied on automobiles both for protection and aesthetics. Currently, enamel paint is one of the most widely used automotive paints. These paints are not delivered as a finished end product and doesn’t acquire the properties unless various coats have been applied one after the other. Automotive paints are designed to be highly resistant to high stresses, UV exposure, heat and cold.
The market for global automotive paints and coatings market has witnessed a steady growth since the last few decades due to the increase in vehicles in APAC, US and Germany and it’s anticipated to witness similar trend for the years to come.
APAC has dominated the automotive paints market and has accounted for a majority of market share of the global automotive paints market in 2016 and the growth can be attributed to the rising per capita income, purchasing power of consumers and increased demands of vehicles in countries like India, China.
The enhancement of production capacities and setting up of new vehicle manufacturing facilities of major automobile companies in India is also driving the growth of global automotive paints and coatings industry in APAC. However, a major supply imbalance and price variations of key raw materials like titanium oxide, pigments, additives and resins may create pricing issues and prove detrimental to the upward growth of automotive paint market prices.
Market Segments:
The global automotive paints market can been segmented on the basis of the vehicle type where they are used, their coat type, technology, texture, and region manufactured
Market segmentation in terms of Geographies manufacturing automotive paint and coatings:
APAC
North America
Europe
Latin America
Middle East and Africa
Market segmentation in terms of Textureof automotive paint and coatings:
Solid
Metallic
Market segmentation in terms of Coat Typeof automotive paint and coatings:
Base coat
Electro coat
Primer
Clear coat
Market segmentation in terms of Technologyofautomotive paint and coatings:
Solvent
Powder coating
Water borne
Market segmentation in terms of Vehicle Type ofautomotive paint and coatings:
Light commercial vehicles
Heavy commercial vehicles
Passenger cars
Geographical Analysis:
APAC has undoubtedly been the largest market share holder in the global automotive paints and coatings market with India and China being the largest contributors in the region. Major Indian automotive OEMS like Mahindra & Mahindra, Ashok Leyland, Maruti Suzuki and etc. expanding their vehicle manufacturing facilities and a number of overseas manufacturers concentrating on investing in this region to cater market growth, has been the major reasons for the upswing of demand of the paints and coatings market in APAC.
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North America, on the other hand, is anticipated to witness the speediest growth in the forthcoming years with increased R&D investments and ongoing product development to enhance performance of automotive paints. Europe has been one of the leading players in the industry until 2016 with Germany being the largest revenue contributor for the specific region. Currently, European automotive OEMS are concentrating on investments in latest products like UV-cure coatings in order to tackle issues of VOC emissions.
Key Players:
Some key players in the global automotive paints and coatings market can be listed down as below:
Bayer, Becker, Bollig & Kemper, Axalta coating systems, BASF SE, Cabot corp, Eastman, Feidal Coatings, Jotun A/S, KCC Corp., Lord Corp., Kansa Paint Co. Ltd, PPG Industries, Sanghai coatings co. Ltd, The Sherwin Williams. Co, Shanghai Kinlita
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