The report "Automotive Paints Market by Type (E-coat, Primer, Basecoat, Clearcoat), Resin (PU, Epoxy, Acrylic), Technology (Solvent, Water, Powder), Paint Equipment (Airless, Electrostatic), Texture, Content, ICE & EVs, Refinish, and Region - Global Forecast to 2025", is estimated to be USD 8.7 billion in 2018 and is projected to reach USD 10.6 billion by 2025, at a CAGR of 2.8% from 2018 to 2025. The growing vehicle production (especially, passenger cars), stringent VOC emission regulations for paint manufacturing, and changing customer preferences for paint textures are projected to drive the automotive paints industry and advancements in the paint technology.
Browse 124 market data Tables and 73 Figures spread through 194 Pages and in-depth TOC on "Automotive Paints Market by Type (E-coat, Primer, Basecoat, Clearcoat), Resin (PU, Epoxy, Acrylic), Technology (Solvent, Water, Powder), Paint Equipment (Airless, Electrostatic), Texture, Content, ICE & EVs, Refinish, and Region - Global Forecast to 2025"
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The stringent emission norms and regulations related to automotive paints have shifted the focus from solvent-borne paints to environment-friendly technologies like waterborne. OEMs based in developed economies of North America and Europe largely prefer waterborne coating over solvent-borne coating owing to the high content of hazardous air pollutants (HAPs) and volatile organic compound (VOC). Additionally, the penetration of waterborne technology in developing economies, including, but not limited to China, India, Russia, and Brazil is anticipated to escalate in the near future due to implementation of stringent emission norms.
Solar reflective and pearl scent paints have a higher penetration for the premium car segment in North America and Europe. Additionally, owing to improving economy of Asia Oceania, the premium passenger car segment is likely to grow in the near future, thereby fueling the demand for solar reflective and pearl scent texture paints. However, solid texture paints are widely used for automotive vehicles. With the decline in prices of metallic paints, their demand has increased in the global market. Currently, these paints are widely used for the passenger car segment.
Asia Oceania comprises emerging economies such as China and India, along with developed nations such as Japan and South Korea. The automotive industry in Asia Oceania has been dynamic over the past few years and seen an increase in the annual production and sales of vehicles. The increasing domestic demand in the region has propelled the growth of the automotive paints market, which is also driven by lenient paint emission norms as compared to other regions. Countries such as Japan and South Korea are an exception and have stringent paint emission norms and regulations. China is the largest vehicle manufacturer in Asia Oceania and has witnessed substantial growth in vehicle production. With an increase in disposable income, China has emerged as a key market for premium vehicles, which, in turn, would boost the demand for innovative and advanced automotive paints.
Major manufacturers in the automotive paints market include PPG (US), Axalta (US), AkzoNobel (Netherlands), BASF (Germany), Sherwin Williams (US), Valspar (US), Solvay (Belgium), DOW Chemical (US), 3M (US), and KCC (South Korea).
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