Global Automotive Paints & Coatings Market is anticipated to depict a CAGR of 5.3% through 2026, having recorded a valuation of USD 14.33 billion in 2019. By 2026, the market is expected to hit a remuneration of USD 16 billion.
The positive growth trends in the automotive paints & coatings market is attributed to the increasing demand for vehicles in both developed as well as developing nations due to the improvement in disposable income among the people. Moreover, the changing consumer preference towards innovative paint textures as well as enhanced aesthetic appearance for vehicles has supported expansion in the industry. The global automotive paints and coatings market size could cross USD 16 billion in terms of total valuation by 2026.
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The automotive paints & coatings industry has witnessed advancements due to strict fuel emission regulations with regards to the manufacturing processes, paint products, and the industry’s carbon footprint. For example, surface pre-treatment of metal, that requires the application of paints and coatings on the surface to increase the adhesion of paints and coatings coupled with corrosion resistance.
Considering the vehicle type, it would be noteworthy to mention that light commercial vehicles have been currently observing a massive adoption owing to their rising use for transporting goods and mass. LCVs generally boast of maximum mass of around 3.5 and 7 tons. What has been adding to the adoption of these vehicles worldwide is the introduction to stringent norms and regulations pertaining to the rising levels of VOC emission, increased penetration of downsized engines, and escalating global oil prices. In fact, it would be crucial to state that the LCVs segment would account for a growth rate of 3.5% through 2026, enabling the owners to look out for better paints and coatings solutions.
These vehicles come with a maximum mass of nearly 3.5 to 7 tons. Strict regulations established by the governments with respect to high VOC emission levels. growing oil prices, as well as increasing penetration of downsized engines in light commercial vehicles, are some of the main factors supporting the use of lighter paints and coatings.
The rapid adoption of light commercial vehicles worldwide primarily to transport goods and mass measured in tons from one place to another. As per the International Organization of Motor Vehicle Manufacturers, light commercial vehicles are categorized as special vehicles, that are defined as the gross vehicle weight. Reportedly, auto paints & coatings sector share from light commercial vehicle could showcase growth of more than 3.5% CAGR over the coming years.
With respect to technology, the water-borne process has gained considerable recognition as they offer various benefits. The most important advantage includes that it does not cause any harm to the environment.
Moreover, water-borne paints and coatings have more coverage when compared to solvent-based paints due to their higher solid contents that help them cover a vehicle more efficiently and spend less time applying the paint. Water-borne paints are readily available as many automobile companies are needed to use water-borne paints by law that means it is easily available in auto body paint shops.
Europe automotive paints & coatings market is anticipated to hold approximately 15% of the overall market share by the end of the forecast time period. Automotive sales and vehicle registration are increasing at a steady pace in the region due to improving regional economy, effectively underlining customer confidence. The industry players in the region are constantly focusing on investing in the development of new and improved paints as well as coatings products to address escalating customer demands. These activities are further expected to outline the growth graph of the regional market.
Based on the rising demand for waterborne paints and coatings for automobiles, various companies have been going nine yards for production and introduction of a new line of products that have the ability to enhance the operability of the vehicles. To illustrate, BASF, through its Coatings division, had in 2020 announced the launch of a new waterborne basecoat line of paints and coatings, mainly aimed to cater to the highest expectations of modern body shops. The new advanced line is said to be highly environment friendly as it supports reduction in carbon emission levels. In addition to this, it has been claimed that the product’s low VOC value has enabled it to emerge as the eco-friendliest automotive refinish coatings available in the overall automotive paints & coatings market.
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Some Point from Table of Contents:
TABLE 1 Automotive paints & coatings market industry 360° synopsis, 2016 – 2026
TABLE 2 Automotive paints & coatings industry estimates and forecast, 2016 – 2026, (Million Liters) (USD Million)
TABLE 3 Automotive paints & coatings industry estimates and forecast by vehicle, 2016 – 2026 (Million Liters)
TABLE 4 Automotive Paints & Coatings Market estimates and forecast by vehicle, 2016 – 2026 (USD Million)
TABLE 5 Automotive paints & coatings industry volume estimates and forecast by coating type, 2016 – 2026 (Million Liters)
TABLE 6 Automotive paints & coatings market revenue estimates and forecast by coating type, 2016 – 2026 (USD Million)
TABLE 7 Automotive paints & coatings industry volume estimates and forecast by technology, 2016 – 2026 (Million Liters)
TABLE 8 Automotive paints & coatings industry revenue estimates and forecast by technology, 2016 – 2026 (USD Million)
TABLE 9 Automotive paints & coatings Market volume estimates and forecast by texture, 2016 – 2026 (Million Liters)
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