Global Market Study on Automotive Paint- North America to Dominate the Market in Terms of Revenue During the Forecast Period (2017 - 2022)

The global automotive paint market is expected to sour at 5.7% CAGR during the assessment period (2017-2022). The arrival of enhanced paints and coating varieties is supporting the global sales of automotive paint. Apart for improving the external appearance of a vehicle, automotive paints also help in the increasing the durability of the materials they are applied on. Clearcoat, basecoat and primer paint are some of the common coating layers.

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Carmakers are utilizing automotive paint to increase the resistance of aluminium and metal component of the vehicle. Automotive paint offer resistance against UV radiation, heat, dust particles and acid rain. In addition, manufacturers are actively focusing of developing more advanced and efficient painting and coating technology. Factors as such are expected to drive the growth of the global market for automotive paint in the forthcoming years.

Greater expansion of the global auto industry in countries such as China, Brazil and India coupled with growing production of cars is an additional factor that remains important in shaping the market dynamics going forward. Also, car manufacturers are increasingly adopting leading coating technologies such as thermal spray and powder coating owing to their high functionality and efficiency. In recent years, the focus has shifted towards introduction of greener paint and coating products as many of the international environmental organisations have been critical of automotive coatings and paints that emit harmful gas.

Compact Passenger Cars Vehicle Type Segment to Remain Highly Lucrative Over 2022

By vehicle type, the compact passenger cars segment is anticipated surpass a valuation of US$ 2,600 Mn by 2017-end. In addition, the segment is expected to soar at a healthy rate during the forecast period. This is primarily owing to increasing sales of compact passenger cars in countries such as China and India.

Waterborne Paint Base Segment Will Continue to Outperform Solvent-Borne Paint Base Segment

By paint base, the waterborne automotive segment is expected to lead throughout the forecast period. The segment presently commands for over 50% revenue share of the market and is likely to reach valuation in excess of US$ 5,800 Mn by 2022.

Moreover, international bodies are promoting the use of product and setting guidelines on use of chemical coatings and paints in auto industry. Therefore, companies that manufacture automotive paints are trying to develop and formulate products that are non-toxic and environmentally viable.

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Competition Tracking

Some of the top companies operating in the global market for automotive paint include, The Valspar Corporation, Axalta Coating Systems Ltd., Clariant AG, Kansai Paint Co.,Ltd, The Sherwin Williams Company, Akzo Nobel NV, BASF SE, DuPont Coatings & Color Technologies Group, and Nippon Paint Holdings Co Ltd.

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