Automotive Paints and Coatings Market is expected to grow at a CAGR of 5.5% during the forecast period (2018 – 2023)| Dominant Vendors - AXALTA COATINGS, SOLVAY SA, PPG INDUSTRIES, DUPONT, 3M, amongst others

Market Analysis:

Asia-Pacific to Dominate the Market
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.

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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. 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. The automotive industry and engine manufacturers are expected to become an excellent growth area for thermal spray, especially in the powder coating technology.

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Market Segments:
Automotive Paints and Coatings Market is segmented by:
1. Coat Usage Type: Primer, Clear Coat, Basecoat, Metallic Paint, Nonmetallic Paint, Others
2. Formulation: Solvent-Borne Coatings, Water-Borne Coatings, Powder Coatings
3. Vehicle Type: Passenger Vehicles, Commercial Vehicles, Two-Wheelers
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

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.

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