Deerfield Beach, FL -- (SBWire) -- 12/01/2017 --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.
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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.
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.
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The worldwide automotive paints market in 2016 was dominated by Asia Pacific. It accounted for around 50% of the global market share. Rising middle-class population, improve living standards, shifting consumers preferences, rising economy and growing demand for the luxurious vehicle are some of the major drivers for automotive paint in Asia Pacific region. Whereas, the governmental norms against volatile organic compound (VOC) automotive paint in North America and Europe is expected to boost the automotive paint market in these regions.
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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By 2022, Automotive Paints Market to Reach Approximately US $25.7 Bn
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