World Automotive Paints Market-Drivers, Product and Regional Analysis
The automotive paint market has witnessed an augmented growth as it the most essential non machinery part of any automobile. Automotive paints not only protect the vehicle against UV rays, acid rain, scratches, corrosion and other wear & tear but also give an aesthetic appeal to the vehicle. The look and gloss plays an important factor in the buying decision of the end user. The rising population has been pushing the automotive industry uphill. Urbanisation, economic growth, higher disposable income, and changing user preferences are together bringing the surge in the automobile sector. Additionally the demand for technologically better and environment friendly paints has led to many new products in the recent time.
The report "Global Automotive Paints Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2021" by DecisionDatabases.com explains a detailed information about the automotive paints industry and its future trends. The automotive paint market can be segmented based on coating such as primer, electrocoat, basecoat and clearcoat. Basecoat is expected to be the largest market owing to its properties such as alluring colors, fancy and artistic effects for the vehicles. The demand for clearcoat coating is rising due to its features of protection from UV rays and sun. The market is also categorised based on textures as metallic paints, solid paints, pearlescent paints, matte finishes and special paints. Metallic and solid paint textures occupy the major share in the global market.
Environmental awareness and government strict laws and rules will impact the growth of this market. Waterborne automotive paints have become the popular choice replacing the solvent based paints. Waterborne coatings are estimated to be a largest market due to its exemplary adhesiveness, heat resistance, scratch – free features and low VOC. Similarly work has been done to minimize wastage in paints application techniques from air spray gun, high volume low pressure guns (HVLP), airless spray guns, electrostatic spraying to power coating and UV-cured coatings.
Geographically the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. Asia Pacific region leads the automotive market and thus is the leading region for the automotive paint industry. The economies of China, India and Japan are major market drivers. Following Asia pacific is the European region which is the second largest automotive paint market. Countries majorly contributing to this are Germany, France, and Italy. In North America U.S. is the biggest market.
The automotive paint market is highly disintegrated market with six players dominating the major market share. The major key players are BASF SE, Axalta Coating Systems LLC, AkzoNobel NV, Nippon Paint Co., Ltd., PPG Industries Inc., Kansai Paint Co. Ltd, and Jotun A/S. Other territorial companies include KCC Corporation, Bayer AG, Berger Paints, Clariant International Ltd., and Valspar Corporation among others. These companies are bringing in new and innovative technologies which are multifunctional as well as high on aesthetic aspects.
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