NEW DELHI, Nov. 15, 2021 /PRNewswire/ -- The global
automotive paint market is expected to record a revenue of
US$ 23,244.2 Mn by the end of year
2027.
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The global automotive paint market is expected to expand in
terms of value and volume during the forecast period, with growth
attributed to various factors such as increasing production of
vehicles which has a direct impact, supported by shift in consumer
awareness and developments in paint technologies. In 2019, the top
five car producing countries were China, United
States, Japan, Germany, and India, with China, Europe, and North
America contributing 25.6%, 17.1% and 11.4% respectively in
2020.
Automotive industry production has been seeing a dwindling
production, affected by different causes over the past few years.
Currently, shortage of chips has affected the production and
industry is expected to see recovery to a steady trend towards
first half of 2022. This has a direct impact on demand for
automotive paints and subsequently market growth rate. Another
challenge faced by paint industry is the emission of VOCs that may
have health and environmental effect. For instance, China, which is the largest producer of
vehicles over the past years, had announced mandatory national
standards in August 2020 limiting the
use of (VOCs) and other substances used in coatings, inks, and
adhesives. The limit imposed on VOC is proposed towards supporting
China's 2020 Volatile Organic
Compounds Management Plan to attain the goal of reducing VOC
emissions by 10% by confining the use of VOCs products. This may
pose a challenge the market demand for automotive paint and
restrain the market growth.
Automotive Paint Market by Type
The study provides market analysis based on of types of
automotive paint, segmented into four types: Electrocoat, Primer,
Basecoat, and Clearcoat. Clearcoat has the largest market share in
the automotive paint market when compared to other types of
automotive paint. The segment accounted for 37% share in 2020 due
to higher adoption as it offers the car a shinier and deeper
appearance while also protecting the paint from the sun and UV
rays. It is projected that electrocoat is expected to develop at
the fastest segment with CAGR of 4.8% during the forecast period
due to its capacity to deliver entire surface coverage with
unsurpassed film uniformity due to throw power. Electrocoat paint
producers seek acrylics, epoxies, and hybrid formulations that meet
their quality, performance, cost, and environmental goals.
Automotive Paint Market by Regional Analysis
Geographically, Asia Pacific
manufactures more vehicles than any other region, making it the
automotive coatings industry's most important market. Asia Pacific holds the highest share in
revenue of the global market by 58% across the globe and it is
projected to maintain the dominance in the market because of the
rapid pace of economic activity and technological improvements in
the region. The reason behind the dominance is the huge expansion
in automobile production in China,
India, Indonesia, and other Asian countries in recent
years, there have been an increase in demand for automotive
coatings in the region. With rising demand has come the need to
develop coatings that are more ecologically friendly and have
better performance features
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Covid – 19 Impact on Automotive Paint Market
The global automotive paint market was critically affected when
the covid-19 outbreak increased. The market saw a significant drop
in investment and demand. The pandemic disrupted the whole supply
chain by forcing the whole world into lockdown. The distribution of
automotive paints to OEMs completely halted. Many ongoing projects
and plans were suspended due to the pandemic. The market decreased
the production of vehicles and use of automotive paints. As per the
researchers, in 2020, the global sale of automobiles dropped from
90.42 Mn Units to 77.9 Mn Units.
Market Dynamics
Drivers: The rising demand in automobile industry
and increasing product of vehicles leads growth opportunity in
automotive paint market and higher usage of polyurethane paints
urethane resins held approximately 21% of the global demand for
resins in coatings. Usage of polyurethane resins has been growing
over the past several years due to their performance properties and
their ability to be used in lower VOC (Volatile Organic Compound)
formulations.
Restraints: Rising production of vehicles in turn
creating the demand for automotive paints for the furnishing and
coating purposes on vehicles. Rising use of automotive paints in
turn emit VOC that may have health and environmental effect. VOC
are emitted as gases from certain solids or liquids that may have
short- and long-term adverse health effects and environmental
effects as well.
Opportunities: Water-borne paints and primers
produce significantly lesser amounts VOC emissions when compared
with Solvent-borne paints. Water-borne paints contain more than 70%
of water solvents.
Trends: Companies like BASF are releasing their
trending color collection to show their innovation and modernism.
Several consumers opt for customizable paint for their automobiles
to display their individuality. In 2020, at least 15 high-end
manufacturing automobile companies launched new exterior
colors.
Competitors in the Market
Old players existing in market has a good brand value with loyal
customer base. With their huge distribution network and presence
everywhere from small cities to globally make it difficult for new
players to enter or exist in market for long time. Complying with
rules and maintaining standards for environment protection creates
a barrier for new players.
The study in the global automotive paint market shows companies
like PPG, AkzoNobel, Axlata, and Nippon hold a cumulative ratio of
63.60%, top market players hold around 90% of market share across
the globe, whereas rest of the market is captured by other local
players.
Segmental Overview
- By Type
-
- Electrocoat
- Primer
- Basecoat
- Clearcoat
- By Technology
-
- Solvent borne
- Waterborne
- Powder Coating
- By Resin
-
- Polyurethane
- Epoxy
- Acrylic
- Other Resins
- By Texture
-
- Solid
- Metallic
- Matte
- Pearlescent
- Solar reflective
- By Vehicle
-
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- By Channel
-
By Region
- North America
-
- South America
-
- Argentina
- Brazil
- Rest of South America
- Europe
-
- UK
- Germany
- Italy
- France
- Spain
- Russia
- Poland
- Rest of Europe
- Asia Pacific
-
- China
- Japan
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East &
Africa
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