The automotive paints and coatings industry is expanding due to rising vehicle production and aesthetic customisation preferences. Because of environmental concerns, water-based and eco-friendly coatings are gaining popularity. Technological advances are propelling the creation of new coatings for increased durability, corrosion resistance, and aesthetic appeal. These paints and coatings are essential not only for new cars, but also for older vehicles that require a new appearance or repairs. It's not just about making automobiles seem good; it's also about making them safe and fashionable for everyone on the road.
Global Automotive Paints and Coatings Market Driving Factors and Challenges
Growing environmental concerns and severe emission laws for the manufacturing process of paints and coatings are boosting the market growth of new revolutionary eco-friendly paints. The increasing demand for vehicles drives the market for automotive paints, but government regulations impact technology and R&D investments. Similarly, strict emission rules and norms governing paint products, manufacturing methods, and the industry's CO2 footprint will drive future growth and advances in the automotive paints market. For these pre-treatment activities, chromate and phosphate conversion coatings (CC) were traditionally preferred.
One of the primary worries for automotive manufacturers and governments is the rise in the number of road accidents. However, safety measures are rapidly evolving in the vehicle business. The need for safety features is projected to skyrocket in the coming years. Vehicles are increasingly outfitted with advanced and smart features in response to growing concerns about vehicle and passenger safety. Growing technological developments in order to decrease accidents have stifled industry expansion.
These coatings have a high VOC emission. However, as a result of new non-VOC laws, these coating compounds are being phased out in favour of low- or non-VOC surface pre-treatments. The federal standards controlling the usage of VOCs in the United States are governed by the Environmental Protection Agency's National Emission Standards for Hazardous Air Pollutants (NESHAP). As a result of such laws, automobile paint technologies are shifting to waterborne and powder coating technologies, which emit less VOCs than solvent-borne technologies. The increasing technical developments in vehicle safety features to prevent accidents are also limiting market growth in various ways.
Impact of COVID-19 on Global Automotive Paints and Coatings Market
The COVID-19 outbreak has revealed a number of issues for the automotive industry. Governments around the world are ready for the virus to spread further. As a result, according to 80 percent of automotive and allied companies, Coronavirus would have a direct influence on their 2020 revenues. Many businesses do not have enough employees to run a full production line. COVID-19 has had the most global influence on the automobile crisis, stifling market expansion. Furthermore, an outbreak of COVID-19 is projected to occur during 2020 and for a few months in 2021.
Global Automotive Paints and Coatings Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Akzo Nobel NV, Axalta Coating Systems, BASF SE, Cabot Corp, Clariant AG, Covestro, Donglai Coating Technology, Dupont, Eastman, Kansai Paint Co. Ltd, KCC Corporation, Nippon Paint Holdings Co. Ltd.
Global Automotive Paints and Coatings Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Global Automotive Paints and Coatings Market is segmented as; Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars.
By Coating Type: Based on the Coating Type, Global Automotive Paints and Coatings Market is segmented as; Basecoat, Clearcoat, Electrocoat, Primer.
By Technology: Based on the Technology, Global Automotive Paints and Coatings Market is segmented as; Powder, Solvent borne, UV Curved, Waterborne.
By Texture: Based on the Texture, Global Automotive Paints and Coatings Market is segmented as; Matte, Metallic, Solid.
By Distribution Channel: Based on the Distribution Channel, Global Automotive Paints and Coatings Market is segmented as; Aftermarket, Authorized Service Centres (OEMs), Others.
By Raw Material: Based on the Raw Material, Global Automotive Paints and Coatings Market is segmented as; Acrylic, Epoxy, Other Resins, Polyurethane.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.