Global Automotive Paints and Coatings Market 2017-2021
About Automotive Paints & Coatings
Automotive paints and coatings are used to enhance the exterior appearance and durability of an automobile by shielding it from harsh external conditions such as ultraviolet (UV) radiation, heat and cold, and debris. Paint and coating play a vital role in automotive decoration. It is one of the key features which can attract a consumer toward any automotive product. The selection of automotive paints and coatings by the end-users depends on the quality and aesthetic value of the coatings. The automotive manufacturers use automotive paints and coatings in the production of new vehicles (including passenger cars, light commercial vehicles, and heavy commercial vehicles), as well as for aftermarket purposes such as vehicle repair and refinishing.
Technavio’s analysts forecast the global automotive paints and coatings market to grow at a CAGR of 4.95% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive paints and coatings market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of paints and coatings used in the original equipment manufacturer (OEM) and automotive refinish sectors of the automotive industry.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Paints & Coatings Market 2017-2020
Technavio recognizes the following companies as the key players in the global automotive paints and coatings market: Axalta Coating Systems, BASF, Kansai Paint, Nippon Paint Holdings, and PPG Industries
Other Prominent Vendors in the market are: 3M, AkzoNobel, Arkema, Berger Paints, Covestro, Clariant, DuPont, KCC, Sherwin-Williams, and Valspar
Commenting on the report, an analyst from Technavio’s team said: “The global automotive paints and coatings market is expected to experience an increasing focus on UV-curable coatings. Vendors in the market have introduced innovative UV-curable products such as clearcoats. PPG Industries is involved in the R&D of a UV-curable clearcoat that offers scratch and mar resistance. While UV-curable automotive OEM coatings currently account for only 6% of the market, an increase in revenue share is projected over next 10 years, with an increasing number of automotive players adopting this technology. With tightening VOC regulations, automotive OEM UV-curable coatings are expected to witness a stronger growth compared with powder coatings. Moreover, these coatings also exhibit high performance and offer faster assembly line benefits.”
According to the report, the number of laws and regulation regarding the reduction of emission of carbon dioxide from the automobiles is on the rise. The Kyoto protocol restricts the emission of carbon dioxide and other greenhouse gasses into the atmosphere. With the emission norms becoming stricter every passing day, there is a rise in demand for the lightweight materials like plastics in paints. The application of plastic-based paints in automobile components can help to achieve the necessary emission requirements and increase the vehicular efficiency. The reduction in vehicular weight is highly necessary, and there is a range of new low-density paints and coatings that can be considered for the automotive industry.
Further, the report states that solvent-borne coatings contain volatile chemicals that are potentially hazardous to the environment. Regulatory authorities in many countries in Western Europe and North America have set up regulations that seek to limit the negative impact of such products. For instance, in the EU, the Restriction of Hazardous Substances directive, which pertains to the safety of the environment, requires vendors to produce safe chemical products that are free from hazardous substances such as lead, cadmium, mercury, polybrominated diphenylethers, polybrominated bisphenyls, and hexavalent chromium.
Axalta Coating Systems, BASF, Kansai Paint, Nippon Paint Holdings, PPG Industries, 3M, AkzoNobel, Arkema, Berger Paints, Covestro, Clariant, DuPont, KCC, Sherwin-Williams, Valspar.
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