The automotive paints market is estimated to be USD 8.74 Billion in 2018 and is projected to reach USD 10.65 Billion by 2025, at a CAGR of 2.88%, from 2018 to 2025. The increasing production of passenger cars, stringent VOC emission regulations, and changing customer preferences for paint textures are the factors projected to drive the global automotive paints market.
The automotive paints market comprises several global market players, which make it highly competitive. These players have adopted various strategies to diversify their presence globally and increase their market shares. The key strategy adopted by industry players to gain traction in the automotive paints market was Expansions. The companies adopted this strategy to diversify their operations geographically and to fortify their business networks. In addition to Expansions, companies also adopted New Product Launch as a key strategy. For example, PPG introduced a new water-based shop primer called PPG AQUACRON 834. The AQUACRON line of water-based resins offer cost-effective, low VOC topcoat solutions for a diverse range of end uses.
Axalta (US) is one of the leading players in automotive paints market. The company adopted strategies such as R&D and Expansion. In 2017, Axalta inaugurated its technology center in China with a focus on R&D in paints. This new technology center includes a refinish training center and global color development center, a coating R&D laboratory, a coating system testing laboratory, and a transportation application laboratory. As Asia Pacific is an emerging global automotive hub, it offers the company an opportunity for growth in both OE and Refinish markets.
AkzoNobel (Netherlands) is one of the top players in automotive paints market. The company adopted business strategies like New Product Development and Expansion. For instance, in February 2017, AkzoNobel invested approximately USD 15 million in a new R&D facility in Felling, UK. The facility would develop protective coatings for applications in the automotive, energy, mining, infrastructure, and oil & gas industries. The company also invested in new product development in 2017, the company introduced a digital tool for vehicle refinishes, which enables simpler workflows and easier access to information. This platform can help the company serve the automotive refinish market better.
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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