The global automotive paints market is expected to witness a surge in demand over the forecast period owing to factors such as stringent government regulations and increasing environmental awareness. The market is emerging in terms of color options, durability, and reliability. Automotive paints act as a protective coat and provide an ambient appearance, which is expected to accelerate market growth over the next six years. Various regulations regarding non-VOC paints have triggered the automotive paints industry demand leading to the introduction of waterborne coats, which are expected to replace the solvent-borne coats.
Automotive paints have their applications in the interior and the exterior of vehicles along with materials used in automobiles such as aluminum, plastic, steel, fiber, metal alloys, and other new materials. The UV and powder coats are expected to be the future of the automotive paints market owing to their eco-friendly nature and coatings including low Volatile Organic Compounds (VOC), zero VOC powder coatings, futuristic UV coatings, and waterborne paints. Automotive paints offer protection against oxidation, UV rays, and acid rains corrosion combined with scratch resistance for the vehicles, which is expected to drive market growth. Growing demand for high-end vehicles is expected to drive the automotive paints market over the next six years.
The market players have been focusing on the replacement of traditional coating application methods including air dry varnish with advanced technologies such as HVLP and air guns. This replacement would impact market growth over the forecast period. Advanced technologies offer optimum transfer efficiency combined with minimal wastage leading to cost-effective automotive paints solutions. Further, replacement of coat layer with emerging bi-functional coats, with reduced coat thickness are some of the key strategies adopted by several manufacturers leading to the change in the traditional product lines of automotive paints. Improved lifestyle, economic growth, and changing buyer preferences combined with increasing vehicle fleet have augmented the need for more color options for the customers, which is expected to offer profitable opportunities in the automotive paints industry.
The automotive paints market can be segmented based on the type of coat into the primer, basecoat, clearcoat, and electrocoat. Innovative processes launched by prominent automotive paint manufacturers have introduced new basecoats, which act as both basecoats and primers excluding the requirement of primers. Advanced coating solutions are manufactured and delivered by the automotive paint companies to the vehicle manufacturers owing to the extreme government regulations. These innovations reduce the overall cost and time required per vehicle unit through controlled paint shop emissions, which is expected to spur basecoats demand in the market.
On the basis of technology, the automotive paints market can be classified into powder coating, waterborne, and solvent-borne. The environmental benefits offered by waterborne coatings owing to their low VOC percentage is expected to increase its demand over the next six years. Further, high transfer efficiency, maximum overspray recovery, and minimal paint shop wastage are some of the important features that have led to an increase in powder coatings’ demand in the market. On the basis of texture type, the automotive paints market is categorized as metallic and solid texture. Growing demand for metallic paints is anticipated to surpass the solid texture paints demand owing to the changing buyer preferences towards metallic colors and an increase in sales of premium passenger cars. Additionally, the passenger car being the largest segment is expected to focus the automotive paints market augmentation over the forecast period.
Asia Pacific is expected to be the dominant region for the market owing to the largest production and sales of automobiles in this region. North America and Europe are expected to be the emerging markets for the automotive paints owing to the accelerated pace of economic activities and technological advancements in these regions. Major players in the market include KCC, BASF, PPG, DuPont, Nippon Paints, Guangdong Yin Fan Chemistry Co. Ltd., Cabot Corp., Berger Paints, Bayer AG, Solvay SA, Deft Inc., and AkzoNobel.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
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