Top Key Players of Automotive Paints Market | Axalta Coatings, Solvay Sa, Ppg Industries, Dupont, 3m will lead its Market worth to grow at a CAGR of 5.5% by the end of 2023

The global automotive paints and coatings market has been estimated at USD 19 billion in 2017 and is expected to grow at a CAGR of 5.5% during the forecast period, 2018 - 2023.DuPont, PPG industry, Nippon Paint, and 3M have been estimated to be the market leaders in the automotive paints market in 2017. The market is driven by the paint manufacturers endeavoring to offer cost-efficient and varied effective solutions without compromising on the performance of the paints through their wide portfolio of product offerings. The growth of the market is characterized by increasing vehicle production, growing demand for carbon footprint technologies in the automotive paints market, and changing weather conditions.

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Asia-Pacific is expected to be the largest market for automotive coatings by 2023, owing to the large production capacity of automotive industries in that region. It is also projected to be the fastest growing market during the forecast period because of the growing technological advancements. The region also recorded the maximum number of vehicles produced, owing to its demand-driven dynamics. The African automobile industry is said to be in its growing phase and its growth will be directly proportional to the increased automotive paint demand.

There is an increased emphasis on the reduction of carbon dioxide, particulate matter, and nitrogen oxide emission, along with the growing focus on increasing fuel economy, as per Corporate Average Fuel Economy standards. Therefore, paint manufacturers should develop solutions to reduce the emissions.

Key Developments

• Nippon Paint, one of the leaders in the automotive paints market, has devised and developed a polarized paint, Maziora that changes color depending on the angle from which it is viewed or from where the light highlights it. The paint is suitably used to re-paint automobiles or as a high-design paint for new vehicles and designer racing cars.

• Nippon Paint created an advanced, brighter, stronger shade of soul red, its latest color developed in cooperation with Mazda, balancing quality and design with workability performance.

• Cathodic Electro-Deposition (CED) paint is one of the latest developments in providing the vehicle utmost protection against diverse climatic conditions. This electro deposition system acts as an anti-rust primer and also works effectively as an anti-corrosion agent. The market is expected to remain competitive in the presence of many players.

Major Players:

AXALTA COATINGS, SOLVAY SA, PPG INDUSTRIES, DUPONT, 3M, amongst others

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Undertaking New Technology

The automotive industry and engine manufacturers are expected to become an excellent growth area for thermal spray, especially in the powder coating technology. Engine manufacturers are looking at thermal spray protective surface coatings for cylinders. Also, powder coatings are a non-toxic, dry-finishing process used to provide a protective finish, primarily used in metals and aluminum products in automobile and motorcycle parts. The process creates a hard finish tougher than that of conventional paints and is used to protect from rust and provide a great amount of chemical resistance. Powder coatings are an increasingly popular finish for many automotive components, primarily as a result of being solvent-free. The automotive industry coats springs, bumpers, wheel, louvers, and frames, and some manufacturers are increasingly using powder coatings for primer and final body finish.

In the technology segment, the waterborne and powder coatings segments are expected to show the maximum growth rate, with waterborne solvents leading the market comprehensively by 2022. This is largely because solvent-based coatings are banned in most countries since they have proven to be ecologically harmful.

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