Press release
Extensive Opportunities in Automotive Paints Market
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Major manufacturers in the global automotive paints market include PPG (US), Axalta (US), AkzoNobel (Netherlands), BASF (Germany), Sherwin Williams (US), Valspar (US), Solvay (Belgium), DOW Chemical (US), 3M (US), and KCC (South Korea).
Opportunity:
1 Innovative Paint Technologies to Create Opportunities for Paint Manufacturers
2 Powder Coating to Create New Opportunities Owing to Growth in Demand for Premium and Ultra-Premium Cars
Powder coating to create new opportunities owing to growth in demand for premium and ultra-premium cars
Improving economic status across the globe has changed the overall lifestyle of consumers. With an increase in disposable income, the demands of end-users have changed in line with the new lifestyles, leading to a change in consumer preferences. This has positively affected the sales of ultra-luxurious cars across the globe. The premium car market is dominated by Western Europe, North America and a few Asian countries like Japan and South Korea. Developing countries such as China and India offer huge growth opportunities for premium and luxury cars. In addition, electric and hybrid vehicles are gaining popularity across the globe. These vehicles are considered under premium and ultra-premium vehicles. China, Germany, and the US, which have a significant share of electric and hybrid vehicles, are estimated to be the largest markets for powder coating.
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Water-borne coating projected to hold the largest share throughout the forecast period
The stringent emission norms and regulations related to automotive paints have shifted the focus from solvent-borne paints to environment-friendly technologies like waterborne. OEMs based in developed economies of North America and Europe largely prefer waterborne coating over solvent-borne coating owing to the high content of hazardous air pollutants (HAPs) and volatile organic compounds (VOC). Additionally, the penetration of waterborne technology in developing economies, including, but not limited to China, India, Russia, and Brazil is anticipated to escalate in the near future due to the implementation of stringent emission norms.
Solar reflective and pearl scent texture likely to witness the fastest growth till 2025
Solar reflective and pearl scent paints have a higher penetration for the premium car segment in North America and Europe. Additionally, owing to improving the economy of Asia Oceania, the premium passenger car segment is likely to grow in the near future, thereby fueling the demand for solar reflective and pearl scent texture paints. However, solid texture paints are widely used for automotive vehicles. With the decline in prices of metallic paints, their demand has increased in the global market. Currently, these paints are widely used for the passenger car segment.
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Asia Oceania spearheaded by China and India to dominate the global automotive paints market
Asia Oceania is expected to be the largest market for automotive paints due to huge vehicle production and improving the economy. The automotive paints industry has evolved along with the automotive industry. Both industries are continuously progressing to provide advanced technologies and eco-friendly products to their customers. Passenger cars hold the largest share of total vehicle production globally and also in Asia Oceania. Passenger cars are expected to be the largest market for automotive paints. Asia Oceania is estimated to be the largest market for electric and hybrid vehicles also. The hybrid vehicle is estimated to be the largest market for automotive paints due to the rapid acceptance of hybrid vehicles across the world.
Target Audience:
o Manufacturers of various types of automotive paints
o Raw material suppliers to automotive paint manufacturers
o Manufacturers of automotive coating technologies
o Dealers and distributors of automotive paints
o Automotive Original Equipment Manufacturers (OEMs)
o Automobile industry as an end-user industry
o Regional manufacturer associations and automobile associations
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Mr. Shelly Singh
MarketsandMarkets(TM) INC.
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sales@marketsandmarkets.com
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