Paints market for metallic paints will see a steady growth in the coming years as the demand for metallic finish is on a steady rise given the attractive glossy finish offered by these paints. In developed regions such as Europe and North America, metallic paints are used widely even for heavy commercial vehicles along with passenger cars and light commercial vehicles; whereas, in the Asia-Oceania region, solid paints are preferred as heavy commercial paints.
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The global demand for automobiles is accelerating year-on-year. This demand is fueling manufacturers to strive for enhanced quality in all aspects of automotive manufacturing.
As with most consumer-driven industries, the quality and commercial attractiveness of the product are of absolute importance to any automotive manufacturer. The appearance of vehicle; its style, shape, and bodywork finish, can go a long way in terms of sales.
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The quality of the vehicle paintwork is, therefore, an essential part of the automotive production process and one which cannot be ignored. Paint application is one of the most demanding aspects of automobile manufacturing.
Paint coating not only protects the body surface but also enhances the visual appeal by adding color and gloss.
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Ever since the first automobile was manufactured, there have been many changes in paint technologies—from natural pigments to high-tech polymers. In the first part of the 20th century, automotive paint technology was based on the same air dry varnish system that was used for wooden products.
The present day vehicles are coated with high-tech polymer-based coatings using application methods, such as air gun and HVLP guns.
At present, the automotive paint industry is growing in line with vehicle production and is serving automotive OEMs to produce aesthetically advanced vehicles. The market for automotive paints is growing at a steady rate owing to increased vehicle demand and consumer preferences.
This market, in terms of value, is projected to grow at a promising CAGR of 5.15% from 2015 to 2020. Emerging economies such as China and India are projected to be the fastest-growing markets for automotive paints.
Automotive Paints Market, By Technology
- Solvent-Borne Coatings
- Waterborne Coatings
- Powder Coatings
Top Companies Analyzed for Paint Market are –
- PPG Industries Inc.
- BASF SE
- Axalta Coatings System LLC
- Akzonobel N.V.
- Bayer AG
- Kansai Paint Co., Ltd.
- Nippon Paint Holdings Co., Ltd
- Solvay SA
- Valspar Corporation
- Arkema SA
New technologies such as waterborne coatings and powder coatings are slowly gaining preference over conventional solvent-borne paints. The major reasons for this shift in preference is the low VOC content of paints using these technologies and the growing environmental concerns in terms of emissions from these paints.
OEMs are also adopting efficient technologies to comply with various regional emission norms in developed economies. Increasing vehicle production and growing demands for carbon footprint technologies have driven the growth of the global automotive paints market.
However, fluctuating raw material prices and low-adoption rates of eco-friendly coatings in high-volume markets have restrained the growth of the automotive paints market.
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