Automotive Paints & Coatings Market Growth Analysis, Outlook by 2019 – Trends, Opportunities and Forecast to 2025
Selbyville, Delaware, United States, November 20 2020 (Wiredrelease) Global Market Insights, Inc :Rising per capita income across the world coupled with growing spending on vehicle aesthetics is estimated to drive automotive paints coatings market growth over 2019-2025. Increase in automobile sales will also foster product demand. Moreover, rising cases of accidents and crashes are leading to increase in refurbishment and repair services, which in turn will boost automotive paints coatings market share.
Automotive paints offer benefits including protection to the vehicle base material from corrosion and improved vehicle body finishes. Rapid proliferation of automotive customization options based on graphic patterns and colors is also anticipated to transform automotive paints coatings market trends over the coming years.
Furthermore, growing demand for luxury vehicles featuring aesthetically appealing surfaces will also support automotive paints and coatings market outlook. In terms of revenue, automotive paints coatings market size is forecast to surpass USD 27.5 billion by 2025.
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Light commercial vehicles segment is estimated to have a significant effect on automotive paints and coatings market share, owing not only to the growth of transportation sector in emerging economies but also the increasing use of light commercial vehicles in e-commerce as they are ideal for felicitating easy doorstep deliveries in small cities and towns.
Rapid expansion of e-commerce industry in various emerging economies such as China and India are estimated to positively impact automotive paints coatings market growth. In addition, new ideas for business diversification by industry players will further boost product demand.
Clear coat automotive paints and coatings segment is estimated to witness considerable growth over the analysis period owing to deteriorating environmental conditions that demands for less harmful coatings. Clear coat is non-pigmented and offers glossy appearance and superior mirror finish to the vehicles. Moreover, it is also mixed with UV blockers in order to protect the vehicles base coat from harmful ultra-violet rays that fades away the paint.
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Industry participants across the automotive paints coatings industry are continuously focusing on upgrading their portfolio to capture significant portion of the market share. For instance, Audi, BASF and Covestro, announced in 2017 that they will develop an advanced combining technology, which efficiently produces eco-friendly and high quality clearcoat finishes.
North America automotive paints coatings market is forecast to showcase robust growth rate over the forecast timeline owing to stringent regulatory norms pertaining to environment protection across the region. For instance, the U.S. EPA (Environmental Protection Agency) mandated NESHAP (National Emission Standards for Hazardous Air Pollutants) for paints coatings used in automobiles.
The law is pertinent to area involved in paint stripping, surface coating and several other surface coating operations in vehicles. The automotive surface coating operations includes application that contains compounds of nickel, lead, manganese and chromium. The regulatory norms ensure the control of hazardous emissions from paints and coatings operations implicated in automotive industry. Strict regulations pertaining to air pollution across the U.S. will fuel adoption of environmentally safe paints and is hence anticipated to expand automotive paints coatings market size.
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