NEW YORK, Jan. 12, 2016 /PRNewswire/ -- The global demand for automobiles is accelerating year-on-year. This demand is fueling manufacturers to strive for enhanced quality in all aspects of automotive manufacturing. As with most consumer-driven industries, the quality and commercial attractiveness of the product are of absolute importance to any automotive manufacturer. The appearance of vehicle; its style, shape, and bodywork finish, can go a long way in terms of sales. The quality of the vehicle paintwork is, therefore, an essential part of the automotive production process and one which cannot be ignored. Paint application is one of the most demanding aspects of automobile manufacturing. Paint coating not only protects the body surface but also enhances the visual appeal by adding color and gloss.
Ever since the first automobile was manufactured, there have been many changes in paint technologies—from natural pigments to high-tech polymers. In the first part of the 20th century, automotive paint technology was based on the same air dry varnish system that was used for wooden products. The present day vehicles are coated with high-tech polymer-based coatings using application methods, such as air gun and HVLP guns.
At present, the automotive paint industry is growing in line with vehicle production and is serving automotive OEMs to produce aesthetically advanced vehicles. The market for automotive paints is growing at a steady rate owing to increased vehicle demand and consumer preferences. This market, in terms of value, is projected to grow at a promising CAGR of 5.15% from 2015 to 2020. Emerging economies such as China and India are projected to be the fastest-growing markets for automotive paints.
This report covers the major global players in this industry, such as PPG Industries (U.S.), BASF (Germany), Axalta Coating Systems Ltd. (U.S.), Kansai Paint Co Ltd (Japan), and Nippon Paint (Japan). These companies jointly hold the major market share of automotive paints. The report also discusses the qualitative aspects of market, such as market dynamics, Porter's five forces analysis, and PEST analysis, which provide an overview of forces shaping the industry. The report covers the automotive paints market globally over the period of 2015 to 2020 in terms of value and volume.
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