Zion Market Research has published a new report 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”. According to the report, global automotive paints market was valued at USD 18.5 billion in 2016, is expected to reach USD 25.7 billion by 2022 and is anticipated to grow at a CAGR of 5.2% between 2016 and 2022.

Global automotive paints market has been witnessing robust growth over the past few years owing to increase vehicle production in countries including China, India, Japan, Indonesia, South Korea, U.S., and Germany along with the aging of vehicles. This trend is expected to continue over the forecast period. Furthermore, demand for automotive paints is expected to grow on account of increasing demand for innovative and specialty products in the automobile sector. Additionally, rising demand for eco-friendly coatings such as powder coatings, UV-cured coatings, and waterborne coatings in emerging economies is anticipated to boost the market in coming years. However, key raw materials like titanium oxide, pigments, additives, and resins face supply imbalance and price variations, which may affect costing and result in the upswing of automotive paints market prices.

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Automotive paints market has been segmented on the basis of vehicle type, coat type, technology, texture, and region. On the basis of technology, segment market is classified into solvent, waterborne, and powder coating. In 2016, Solvent borne coatings dominated the market and accounting for around 43% of the total volume. Solvent borne technology is expected to sluggishly grow owing to stringent regulations on VOC emissions, particularly in the developed regions. On the basis of coat types, the market is further divided into base coat, clear coat, a primer coat and electro coat. The texture type segment is classified into solid texture and metallic texture.

Asia Pacific dominated the automotive paints market and accounted for around 50% share of the global automotive paints market in 2016. The growth in this region is mainly attributed to increasing demand for automobiles, rising per capita income and purchasing power of consumers. India and China were the largest revenue contributors in this region. Major automotive OEMs in India such as Bajaj Auto, Mahindra & Mahindra, Ashok Leyland, Hero Moto Corporation, Maruti Suzuki, and General Motors among others are expected to expand their production capacities and set up new vehicle manufacturing facilities in India in the near future. This in turn expected to fuel the automotive paint market in the region. In Addition, a number of overseas automobile manufacturers have been concentrating in this region to cater the market demands.

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North America is expected to experience lucrative growth in the near future. The upswing of automotive production in North America enhances growth opportunities for automotive paints. U.S. and Mexico automotive paints market are expected to witness the fastest growth over the next few years. However, increasing R&D investments coupled with ongoing product development to improve the performance of automotive paints is expected to augment market growth in this region.

In 2016, Europe was one of the leading players in the global automotive paints market. Germany was the largest revenue contributors in this region owing to the presence of leading automotive manufacturers. Furthermore, automotive OEMs are establishing production facilities in these regions to leverage on the lower costs. In addition, automotive OEM vendors also concentrating on reducing the downtime taken for curing while investing more in new products like UV-cure coatings for tackling volatile organic compound (VOC) emissions in the Europe.

Browse the full “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 ” report at https://www.zionmarketresearch.com/report/automotive-paints-market

Favorable economic and political scenario in Latin America has encouraged automotive paints manufacturers to invest in this region, which is anticipated to propel the market growth in the forecast period. The Middle East & Africa is expected to spur market growth owing to increasing manufacturing facilities with growing powder coating market in the region.

Global automotive paints market is very competitive and consolidated by the presence of many small and big players. The top automotive paints producers mostly directly sell their paints to automotive manufacturers only. Thus, their largest market is the manufacturing and sale of new automobiles. Key players profiled in the report include BASF SE, Akzonobel N.V., PPG Industries Inc., Kansai Paint Co., Ltd., Paint Holdings Co., Ltd, Nippon, Valspar Corporation, and Arkema SA among others.

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