Automotive paints and coatings encompass chemicals used for vehicle beautification and protect from internal and external damage. The primary consumers of the market are original equipment manufacturers (OEMs), automotive refinishers, automotive protection, and decoration segments. The expanding applications attributed to enhanced durability, high tensile strength, improved fuel efficiency, resistance to environmental damages like corrosion, UV radiations, temperature changes, chemicals, and others.
Due to the rising production and sales of automobiles, especially in the Asia-Pacific region, and increasing demand for environment-friendly, the global automotive paints & coatings market is booming at a noteworthy pace, which is estimated to flourish with a CAGR of 4.83% from 2021 to 2028.
Trends in the Global Automotive Paints & Coatings Market:
- All Attention on Water-Borne Technology – Presently, solvent-borne automotive paints & coatings dominate the market owing to its benefits of quick drying time and less susceptibility to environmental damages like temperature and humidity. However, due to rising environmental concerns and increasing volatile organic compounds (VOCs) emissions from solvent-based products, there is a massive inclination towards water-based automotive paints & coatings.
- Multiplication of Clear Coat Type Applications – The clear coat is the last protective layer added to the vehicle to protect it from environmental damages such as temperature, UV radiations, and corrosion. The augmented demand for clear coat attributes to the increasing use of clear coat-base coat combinations instead of pre-manufactured coatings by the automotive OEMs. Besides the growing automobile production and refurbishing, there is an upward trend for the transparent coat type market.
- Asia-Pacific to Lead the Race – The regional market is experiencing significant growth as a result of vital factors such as flourishing automobile industries and the presence of developing economies like India, China, South Korea, and others. Urbanization & modernization, increased the disposable income of the people, thereby propelling the demand for production and sales of modern cars, SUVs, and others. Also, the region’s stress on lightweight and fuel-efficient vehicles is swelling the need for low-density paints & coats from auto manufacturers.
- Preference for Nano Paints – The usage of Nano paints is witnessing an increasing trend in the automotive industry owing to its technologically advanced features like self-healing, water repellent, UV-resistance, low VOC releases, and high-quality finish. The users can also restrict the radio frequency signals from smartphones, radios, and other devices at their own will. Also, Nano paints aid in manufacturing highly durable, fuel-efficient, UV resistant, and lightweight vehicles, thereby augmenting its adaptability rate and fueling the market growth.
- Growth of Custom-Made and Innovative Paints & Coats – With the technological developments in automobile sectors and rising demand for customized paints & varnishes, new products and innovations are launched in the market. The dynamics of consumer patterns reflected through the consumption of electric vehicles raised the demand for specially designed photovoltaic paints and coatings. Other examples of product innovation are Enviro-Prime paints & coatings by PPG Industries Inc. and Polyurethane-based paints. Also, the usage of plastics in paints is observing an upsurge trend to make vehicles eco-friendly, lightweight, and fuel-efficient.
The drifts mentioned above cast massive opportunities and an optimistic outlook in the global automotive paints & coatings market.