Hi-Tech Paints and Coatings Market for Autonomous Vehicles to Expand at a Robust Pace by 2025


Posted October 19, 2020 by bisrsrch

Focus on Product Types and Applications, and Country-Level Analysis – Analysis and Forecast, 2019-2025

 
The hi-tech paints and coatings market for autonomous vehicles is driven by several factors such as rapidly increasing number of automated vehicles, growing emphasis toward road safety, reducing road congestion, and growing demand for LiDAR sensors. However, high prices of autonomous driving components such as LiDAR and camera, coupled with issues with durability of hi-tech coatings, are the key factors that are restraining the growth of hi-tech paints and coatings market.

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Anti-reflective coatings are dielectric coatings intended to reduce reflection and improve transmittance through a lens or any other optical surface. These coatings control both reflection and transmission properties with respect to visible light, UV rays, and near-IR spectral bands. Anti-reflective coatings have gained significant importance in the autonomous vehicle industry, owing to their advanced properties of high durability, enhanced visibility, and superior spectral performance.

With the rapidly advancing automotive technology, the advanced driver assistance system (ADAS), advancements in headlamps, and other aesthetic features are picking up pace. These systems help drivers to see better and further in darkness by swiveling and rotating the headlights to see the path ahead for the vehicle. Thus, demand for optical components is expected to increase during the forecast period. On the other hand, LiDAR is projected to grow at the highest CAGR between 2020 and 2025, in terms of volume. This is because it offers a greater range, a wide field of view, and improved accuracy to spot the obstacles when compared to other sensing components such as camera, radars, and ultrasonic sensors.

The demand for hi-tech paints and coatings for autonomous vehicle varies according to various geographical regions. The hi-tech paints and coatings for autonomous vehicle market holds a prominent share in various countries of North America, Asia-Pacific (APAC), and Europe.

North America hold a significant share in the global hi-tech paints and coatings market for autonomous vehicles. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major autonomous vehicle manufacturing companies are some of the major drivers that are propelling the growth of the market in the region. Additionally, concerted efforts by both the governments and the manufacturing sector in promoting the sales of autonomous vehicles have led to the usage of better hi-tech paints and coatings in an autonomous vehicle to provide a better driving experience to the vehicle owner.

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The competitive landscape of the hi-tech paints and coatings market for autonomous vehicles consists of different strategies undertaken by major players across the entire value chain to gain market presence. Some of the strategies adopted by autonomous vehicle hi-tech paints and coatings manufacturers are product launches, contracts and agreements, partnerships, and collaborations. Among all the strategies adopted, product launches have been a preferred strategy implemented in the competitive landscape in the past years. BASF SE, PPG Industries, Inc., Axalta Coating Systems, and Akzo Nobel N.V. are some of the leading players in the global hi-tech paints and coatings market for autonomous vehicles.

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Issued By BIS RSRCH
Country United States
Categories Business , News , Research
Tags advance materials , chemicals , for autonomous vehicles , hitech paints and coatings market for autonomous vehicles
Last Updated October 19, 2020