Automotive paints and coatings encompass chemicals used for vehicle beautification and protect it from damages. The automotive paints and coatings are used in vehicles both internally and externally. The primary consumers of the chemicals are automotive Original Equipment Manufacturers (OEMs), automotive Refinishers and automotive protection and decoration segments. The advantages of using automotive paints and coatings for vehicles include enhanced durability, high tensile strength, and improved fuel efficiency, resistance to environmental damages like corrosion, UV radiations, temperature changes, chemicals and others.
Due to the global rising in production and sales of automobiles, especially in the Asia-Pacific region, and increasing demand for environment-friendly automotive paints & coatings, the market is booming at a noteworthy pace. According to the report of Inkwood Research, the automotive paints & coatings market is estimated to flourish with CAGR of 3.58% from 2019 to 2027.
Top Trends in the Automotive Paints & Coatings Market are:
- All Attention on Water-Borne Technology
Presently, the 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 vehicles 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 combination instead of Pre-manufactured coatings by the automotive OEMs. Besides, the growing automobile production and refurbishing, there is an upward trend for transparent coat type market.
- Asia-Pacific to Lead the Race
Asia- Pacific is experiencing the most significant and rapid growth as a result of the 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 industries owing to its technologically advanced features like self-healing, water repellent, UV-resistance, Low VOCs 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, the use of 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 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 upsurge trend to make vehicles eco-friendly, lightweight and fuel-efficient.
Hence, the drifts mentioned above cast massive opportunities and an optimistic outlook for the development of automotive paints & coatings market.