Automotive Paints Market To Report Impressive Growth, Revenue To Surge To US$25.7 Billion By 2022

10-Oct-2018 | Zion Market Research

With the presence of a large pool of participants, the global automotive paints market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). BASF SE, AkzoNobel N.V., PPG Industries Inc., Kansai Paint Company Ltd, Paint Holdings Company Ltd, Nippon, Valspar Corporation, and Arkema SA are some of the key vendors of automotive paints across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the automotive paints market study.

This review is based on a report by Zion Market Research, titled Automotive Paints Market by Vehicle Type (Light Commercial Vehicles, Heavy Commercial Vehicles, and Passenger Cars), by Coat Type (Electro coat, Primer, Basecoat, Clear coat), by Technology (Solvent, Waterborne, and Powder Coating), by Texture (Solid and Metallic) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022.”- https://www.zionmarketresearch.com/report/automotive-paints-market

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Citing an instance, on September 25 2018, Tint World ®—a major auto accessory and window tinting franchise—set a new store in Chandler, a part of phoenix metropolitan area in Arizona region of the U.S. For the record, Tint World® of Chandler offers its customers will spectrum of automotive styling & safety solutions encompassing automotive tint, mobile electronics, paint protection film, car stereo upgrades, and advanced driver-assistant systems along with residential, marine window film, and commercial services.

Global-Automotive-Paints-Market

As estimated in this report, the global automotive paints market stood at US$ 18.5 billion in 2016. Witnessing a tremendous rise during the period from 2016 to 2022, the revenue in this automotive paints market is expected to reach US$ 25.7 billion by 2022 by the end of the forecast period. The key coat types available in this automotive paints market are electro coat, primer, basecoat, and clear coat. Among them, the demand for clear coat is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Thriving Automotive Sector To Contribute Enormously Towards Market Growth

“Massive demand for automobiles across the globe resulting in mammoth production of vehicles in countries such as China, India, Japan, Indonesia, South Korea, U.S., and Germany is anticipated to enlarge the automotive paints market size over the span of next few years,” says the author of this study. Apart from this, rapid aging of vehicles coupled with immense application of specialty chemicals in the automotive sector will contribute remarkably towards automotive paints market revenue within a couple of years. In addition, growing preference for eco-friendly coatings including powder coatings, UV-cured coatings, and waterborne coatings in developing regions is projected to create profitable avenues for automotive paints market in the coming decade.

Fluctuations in the costs of raw materials such as titanium oxide, pigments, additives, and resins, however, is projected to adversely impact automotive paints market price in the years ahead. Nevertheless, changing government environmental policies owing to growing ecological concerns are forecast to provide key growth opportunities for automotive paints market during the forecast period. This, in turn, will reduce the impact the hindrances on the automotive paints market, reports the study.

Widespread Popularity Of Luxurious Vehicles To Aid APAC Maintain Dominance

Regionally, Asia Pacific has been leading the worldwide automotive paints market and is anticipated to continue on the dominant position in the years to come, states the automotive paints market study. High standards of living, surging middle-income group population base, shifting consumer tastes, and rise in GDP are some of the key factor behind the dominance of the Asia Pacific automotive paints market. Massive demand for luxurious vehicles in the region along with beneficial macro aspects such as rise in vehicle production capacity, low labor charges, and government support for manufacturing activities is projected to succor the expansion of this regional automotive paints market.

The global automotive paints market is segmented as follows:

By Vehicle Type

  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Passenger Cars

By Coat Type

  • Electro coat
  • Primer
  • Basecoat
  • Clear coat

By Technology

  • Solvent
  • Waterborne
  • Powder Coating

By Texture

  • Solid
  • Metallic

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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