The automotive paints and coatings market is expected to perform flourishingly over the forthcoming years owing to the rapidly increasing demand for passenger vehicles across the globe. Subsequently, the rising production of passenger vehicles throughout a number of emerging economies is slated to foster the industry’s revenue generation prowess further.
The market has witnessed advancements due to strict fuel emission regulations with regards to the manufacturing processes, paint products, and the industry’s carbon footprint. For example, surface pre-treatment of metal, that requires the application of paints and coatings on the surface to increase the adhesion of paints and coatings coupled with corrosion resistance.
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Light commercial vehicles are primarily used for transferring goods and mass which is measured in tons to distinguish between heavy and light commercial vehicles. The light commercial vehicle is slated grow at a healthy 3.5% CAGR over the projected time.
These vehicles have a maximum mass of 3.5 to 7 tons. According to the OICA (International Organization of Motor Vehicle Manufacturers), light commercial vehicles are characterized as special vehicles, which are defined by gross vehicle weight. Introduction of strict regulations by several governments pertaining to rising global oil prices, increased penetration of downsized engines, and VOCs emission are expected to further propel the market size for automotive paints and coatings.
As per reports, the global automotive paints and coatings market size could cross USD 16 billion in terms of total valuation by 2026.
Expounded below are some of the factors expected to influence the Automotive Paints & Coatings Market size in the near future.
Growing demand for light commercial vehicles
The rapid adoption of light commercial vehicles worldwide primarily to transport goods and mass measured in tons from one place to another. As per the International Organization of Motor Vehicle Manufacturers, light commercial vehicles are categorized as special vehicles, that are defined as the gross vehicle weight. Reportedly, auto paints & coatings sector share from light commercial vehicle could showcase growth of more than 3.5% CAGR over the coming years.
These vehicles come with a maximum mass of nearly 3.5 to 7 tons. Strict regulations established by the governments with respect to high VOC emission levels. growing oil prices, as well as increasing penetration of downsized engines in light commercial vehicles, are some of the main factors supporting the use of lighter paints and coatings.
High adoption of water-borne technology
With respect to technology, the water-borne process has gained considerable recognition as they offer various benefits. The most important advantage includes that it does not cause any harm to the environment.
Moreover, water-borne paints and coatings have more coverage when compared to solvent-based paints due to their higher solid contents that help them cover a vehicle more efficiently and spend less time applying the paint. Water-borne paints are readily available as many automobile companies are needed to use water-borne paints by law that means it is easily available in auto body paint shops.
Evolving automobile sector in Europe
The basecoat segment reportedly surpassed USD 1.5 billion valuation back in 2019. Over the past couple of years, apart from durability, quality, as well as engine specification, color and texture of automobiles is also squaring up to be an important factor that influences the buying-decisions of customers.
The nation boasts of a wide presence of automobile companies like BMW, Audi. Fiat, Volkswagen, and Ferrari to name a few. Various automobile companies are investing in developing new and improved paints and coatings products to meet the increasing demands of the consumers.
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Wide availability of basecoats
Basecoats are increasingly being used as it offers superior quality, durability, texture, and color. This coating type is the only paint type that comprises of colors. Even though the thickness of the basecoat is minimum the value added by this coat is maximum, as it comes with actual visual properties of color. All in all, the growing demand for vehicles and the consequent need to improve or upgrade the aesthetics has supported the demand for different types of Automotive Paints & Coatings Market.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Market definition
1.2 Base estimation & working
1.2.1 North America
1.2.3 Asia Pacific
1.2.4 Latin America
1.2.5 Middle East & Africa
1.3 Forecast calculation
1.4 Data sources
18.104.22.168 Paid sources
22.214.171.124 Public sources
Chapter 2 Automotive Paints & Coatings Market Summary
2.1 Automotive paints & coatings industry 3600 synopsis, 2016 – 2026
2.1.1 Business trends
2.1.2 Vehicle trends
2.1.3 Coating type trends
2.1.4 Technology trends
2.1.5 Texture trends
2.1.6 Distribution channel trends
2.1.7 Raw material trends
Chapter 3 Automotive Paints & Coatings Market Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Raw material supplier
3.2.3 Profit margin analysis
3.2.4 Distribution channel analysis
3.2.6 Value chain disruptions due to COVID-19
3.2.7 Vendor matrix
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