| A00563 | Pages: 319 | Oct 2019 | 15136 Views | ||
| Author(s) : Lalit Katare & Anvay Sonpimple , Supradip Baul | Tables: 128 | Charts: 82 |
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Request Now !The global automotive paints market size was valued at $8.78 billion in 2018, and is projected to reach $12.34 billion by 2026, registering a CAGR of 4.2% from 2019 to 2026. Asia-Pacific accounted for the highest share in 2018, and is anticipated to maintain its dominance in the throughout the forecast period.
Automotive paint is referred to as a water-based formula, which is sprayed on automobiles surface with the assistance of a spray gun. These paints are consists of polyurethane-based enamel, which protects the surface of automobile from environmental damages, thus enhancing the aesthetics of the motor vehicles.
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The process of automobile painting comprises defined steps to ensure application of protective and efficient coating. The parts and body panels of the automobile are arranged into a temporary assembly known as body-in-white (BIW). Subsequently, automotive paint is applied in a temperature-controlled environment to accelerate the drying process. Multiple stages of application are done to ensure the integrity of paintwork for extended period of time.
Factors such as increase in automobile production and upsurge in demand for eco-friendly automotive paints are the key factors driving the growth of the global automotive paints market. However, rise in prices of raw materials to manufacture automotive paints hinders the growth of the market. On the contrary, increase in focus to product cost-effective automotive paints is anticipated to offer remunerative growth opportunities for the player operating in the automotive paints market.
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The global automotive paints market is segmented into coating, texture type, technology, vehicle type, and region. Depending on coating, the market is classified as primer, base coat, clear coat, and electrocoat. By texture type, it is categorized into solid, metallic, pearlescent, and others. On the basis of technology, it is segregated into waterborne coatings, solvent borne coatings, and powder coatings. As per vehicle type, it is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players operating in the global automotive paints market are BASF SE, PPG, Akzo Nobel N.V, Axalta Coating Systems, LLC, The Sherwin-Williams, Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., DuPont, Clariant, Solvay, and others.
Increase in automobile production
Developing nations have witnessed rise in demand and production of automobile. For instance, in 2017, India became the fourth largest automobile industry in the world, with increase in sales of 9.5% year-on-year to 4.2 million units. This rise in automobile production in developing nations has led to increased production of automotive catalysts for emission control devices in automobile exhaust systems. Thus, upsurge in automobile production is anticipated to boost the growth of the global automotive paint market.
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Upsurge in demand for innovative & eco-friendly automotive paints
The automotive industry is witnessing increased demand for innovative and eco-friendly paints for vehicles. Thus, upsurge in preference for eco-friendly paints as compared to traditional paints is a key factor that contributes toward the growth of the market. This is attributed to the fact that eco-friendly paints are waterborne and traditional paints are solvent borne. Solvent-borne paints use products based on petrochemicals that contain volatile organic compounds (VOCs), which are harmful for the environment. VOCs contain a variety of chemicals, some of which may have short- and long-term adverse health effects. However, waterborne paints are thinned with water, which significantly cuts down the amount of VOCs they contain. Thus, rise in demand for eco-friendly paints is anticipated to propel the growth of the automotive paints market, as they reduce the negative environmental impact.
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Rise in prices of raw materials
For all the companies operating in the automotive paints industry, cost of raw materials required for production of paints is increasing significantly over the last few months. The cost of commodities and raw materials plays a crucial role for paint manufacturers, as more than 50% of the operating costs are allotted to raw materials. Thus, upsurge in prices of commodities has led to rise in the product’s final price. Thus, rise in prices of raw materials is anticipated to hinder the growth of the automotive paints market.
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Production of cost-effective & eco-friendly automotive paints
Increase in production of automotive paints can cause pollution, owing to emission of VOCs. Majority of VOCs are emitted from spraying operation through the use of solvent-based paints, as air in spray booth is mixed with gaseous solvent compounds. In addition, prices of materials needed for the manufacturing of automotive paints are rising considerably, which in turn is restraining the growth of the automotive paints market. Thus, production of cost-effective & eco-friendly automotive paints is anticipated to provide lucrative growth opportunity for the players operating in the market.
Key Market Segments
Key Market Players
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Automotive paints can be defined as mixture of three basic components, which include a pigment, a binder, and thinner. There are two ways of applying paints on automobiles, namely single stage paint and two stage or dual stage paint. Single stage paint is defined as the type of all-in-one paint, which includes clearcoat and basecoat in one formula. Conversely, the tow stage or dual stage paint is applied in two phases. In the first phase, the basecoat is applied after the primer, while the clearcoat is applied after drying basecoat.
Factors such as increase in automobile production and rise in demand for innovative & eco-friendly automotive paints are driving the growth of automotive paints market. However, upsurge in price of raw materials required to manufacture automotive paints limits the growth of the market. On the contrary, production of cost-effective & eco-friendly automotive paints is anticipated to provide lucrative growth opportunities for the market.
Among the analyzed regions, currently, Asia-Pacific is the highest revenue contributor, and is expected to maintain the lead during the forecast period.
A. The global automotive paints market generated revenue worth $8,780.3 million in 2018 and is projected to reach $12,343.1 million by 2026, to register a CAGR of 4.2% during the forecast period
A. The forecast period in the global automotive paints market would be 2026
A. The market value of Automotive Paints Market in 2019 is estimated to be $ 9,254.4 Million
A. The base year calculated in the Automotive Paints Market report is 2018
A. The companies are selected based on the product offerings, organic and inorganic strategies adopted and Georgraphic footprint. Additional, the company tie ups with key OEMs and revenue generated are the key pointers for selection.
A. The major companies holding the major share includes BASF SE, PPG, Akzo Nobel N.V, Axalta Coating Systems, LLC, The Sherwin-Williams, Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., DuPont, Clariant, and Solvay
A. In terms of coatings clear coat is estimated to be a matured market growing at a CAGR of 2.5% during the forecast period.
A. In terms oftexture type Pearlescent is estimated to be a most influencing segment growing at a CAGR of 6.1% during the forecast period.
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