SELBYVILLE, Del., Sept. 18, 2019 /PRNewswire/ -- The global automotive paints & coatings market will rise exponentially from 2019 to 2025, augmented by a rising number of refurbishment and repair activities due to continuously increasing accident cases and crashes, along with the customer's desire to restore the vehicle to the original working condition and aesthetics.
Increasing disposable income has propelled demand for automobiles worldwide, offering lucrative growth opportunities to automotive paints & coatings market size. Paints facilitate protection to the vehicle base from corrosion along with enhanced finishing, supplementing global product demand.
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Consistent R&D and technological advancements in the automobile sector have complemented innovations in automotive coating products. Additionally, stringent regulation regarding adoption of sustainable ingredients aimed at minimizing the VOC content in the products will amplify the automotive paints & coatings market share.
The passenger vehicles segment is showcasing widespread traction in the global automotive paints & coatings market share owing to the availability of several vehicle model options at different price ranges. The presence of simplified vehicle financing options coupled with discounts provided by the manufactures during festive season will boost the sale of cars over time. Innovations in passenger vehicles such as the introduction of environment-friendly green cars and the launch of driverless vehicles will positively influence market demand.
Several key players are venturing into the market such as BNB coatings, a subsidiary of Berger Paints, which entered the car painting industry in the year 2016. Automotive paints & coatings are available in various forms such as basecoat, primer, clear coat and electrocoat. The automotive paints & coatings market size is likely to garner substantial revenues from clearcoats in the coming years owing to benefits offered by the product in protecting primer and base coats from severe environmental conditions.
Clearcoat products are non-pigmented and provide glossy and high-quality mirror finish to vehicles. Moreover, clear coatings consist of UV blockers that protect the base coat from harmful sun rays that may fade the paint of the cars. Market players are constantly enhancing their portfolio with an aim to improve their industry scale. For example, BASF, Audi and Covestro in March 2017, announced the introduction of an advanced combining technology that provides eco-friendly and superior quality clear coat finishing.
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In terms of technology, water-borne paints represent increasing significance for global automotive paints & coatings market outlook. Reduced toxic material content and strict rules regarding reducing VOC emissions from paintings are the pivotal factors influencing the demand for the products. Additionally, the need to comply with stringent emission laws and indoor air quality standards along with high corrosion resistance and enhanced durability will support the product demand between 2019-2025.
Regionally, Europe is expected to evolve as one of the most significant regional grounds for automotive paints & coatings market in the coming years mainly due to stringent regulations regarding vehicle paints. The minimal usage of VOC based paints and innovations in waterborne paints & coatings will considerably impact the development and adoption of auto paint & coating products.
The widespread prevalence of automobile OEMs offering a plethora of car options with diversified paint schemes at different costs will bolster the demand for passenger cars and light commercial vehicles, fueling the market forecast. Prominent key players underscoring the industry's competitive dynamics include PPG Industries Inc., BAFS SE, Nippon Paints Holdings Co. Ltd., Covestro, Eastman and Dupont, among others.
Browse key industry insights spread across 300 pages with 955 market data tables & 13 figures & charts from the report, "Automotive Paints & Coatings Market By Vehicle (Light Commercial Vehicles, Heavy Commercial Vehicles, Passenger Cars), Coating (Primer, Basecoat, Clearcoat, Electrocoat), Technology (Waterborne, Solvent borne, Powder, UV Cured), Texture (Solid, Metallic, Matte), Distribution Channel (OEM, Aftermarket), Raw Material (Polyurethane, Epoxy, Acrylic), Regional Outlook, Price Trend, Competitive Market Share & Forecast 2025" in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 3. Automotive Paints & Coatings Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2025
3.3. Industry ecosystem analysis
3.3.1. Raw material suppliers
3.3.3. Profit margin trends
3.3.4. Distribution channel analysis
3.3.5. Vendor matrix
3.4. Pricing analysis
3.4.1. Regional pricing
22.214.171.124. North America
126.96.36.199. Asia Pacific
188.8.131.52. Latin America
184.108.40.206. Middle East & Africa
3.4.2. Cost structure analysis
3.5. Technology landscape
3.6. Regulatory landscape
3.6.1. North America
3.6.3. Asia Pacific
3.6.4. Latin America
3.6.5. Middle East & Africa
3.7. Industry impact forces
3.7.1. Growth drivers
220.127.116.11. North America
18.104.22.168. Asia Pacific
22.214.171.124. Latin America
126.96.36.199. Middle East & Africa
3.7.2. Industry pitfalls & challenges
3.8. Innovation and sustainability
3.9. Growth potential analysis, 2018
3.10. Porter's analysis
3.11. Competitive landscape, 2018
3.11.1. Top players analysis
3.11.2. Strategy dashboard
3.12. PESTEL analysis
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Automotive Paints and Coatings Market Size to hit $27.5bn by 2025
Global Market Insights, Inc., announces a report on 'Automotive Paints & Coatings Market 2019-2025 Trends & Forecast'. The report provides a comprehensive analysis on the vehicle, coating type, technology, texture, distribution channel, raw material, and regional trends of this industry.
SOURCE Global Market Insights, Inc.