Automotive Paint Market to Witness Heightened Revenue Growth in the Next Decade
The global automotive paint market is expected to sour at 5.7% CAGR during the assessment period (2017-2022). The arrival of enhanced paints and coating varieties is supporting the global sales of automotive paint. Apart for improving the external appearance of a vehicle, automotive paints also help in the increasing the durability of the materials they are applied on. Clearcoat, basecoat and primer paint are some of the common coating layers. Carmakers are utilizing automotive paint to increase the resistance of aluminium and metal component of the vehicle. Automotive paint offer resistance against UV radiation, heat, dust particles and acid rain. In addition, manufacturers are actively focusing of developing more advanced and efficient painting and coating technology. Factors as such are expected to drive the growth of the global market for automotive paint in the forthcoming years.
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Greater expansion of the global auto industry in countries such as China, Brazil and India coupled with growing production of cars is an additional factor that remains important in shaping the market dynamics going forward. Also, car manufacturers are increasingly adopting leading coating technologies such as thermal spray and powder coating owing to their high functionality and efficiency. In recent years, the focus has shifted towards introduction of greener paint and coating products as many of the international environmental organisations have been critical of automotive coatings and paints that emit harmful gas. Moreover, international bodies are promoting the use of product and setting guidelines on use of chemical coatings and paints in auto industry. Therefore, companies that manufacture automotive paints are trying to develop and formulate products that are non-toxic and environmentally viable.
Key Forecast Highlights on Global Market for Automotive Paint Include:
- North America is expected to remain the largest market for automotive paint during the forecast period. This is primarily owing to presence of leading market players and automotive manufacturers. The region’s market is anticipated to surge at a healthy pace over the next couple of years.
- On the basis of coating type, demand for electrocoat will remain significantly high throughout the projection period.
- More than US$ 3,860 Mn worth electrocoat is estimated to be used by the end of 2022.
- Currently, global sales of electrocoat account for around 30% revenue share of the global market.
- Based on vehicle type, used of automotive paint will be relatively higher in compact passenger cars during the forecast period. This is mainly due to increase global demand for such cars.
- Nearly US$ 2,600 Mn worth automotive paint is expected to be used in compact passenger cars by 2017-end.
- On the basis of finishing, preference for metallic paint finishing will be significantly high over 2022.
- In terms of revenue, global sales of metallic automotive paint currently represent close to one-third share of the global market.
- By paint base, waterborne paint base will continue to outsell solvent-borne variant during the assessment period.
- Global sales of waterborne paint base currently account for more than 50% market share in terms of revenue. By 2022-end, over US$ 5,800 Mn worth waterborne paint base is estimated to sold globally.
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Some of the top companies operating in the global market for automotive paint include, The Valspar Corporation, Axalta Coating Systems Ltd., Clariant AG, Kansai Paint Co.,Ltd, The Sherwin Williams Company, Akzo Nobel NV, BASF SE, DuPont Coatings & Color Technologies Group, and Nippon Paint Holdings Co Ltd.