The positive growth trends in the automotive paints and coatings market is attributed to the increasing demand for vehicles in both developed as well as developing nations due to the improvement in disposable income among the people. Moreover, the changing consumer preference towards innovative paint textures as well as enhanced aesthetic appearance for vehicles has supported expansion in the industry.

The market has witnessed advancements due to strict fuel emission regulations with regards to the manufacturing processes, paint products, and the industry’s carbon footprint. For example, surface pre-treatment of metal, that requires the application of paints and coatings on the surface to increase the adhesion of paints and coatings coupled with corrosion resistance.

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Earlier chromate and phosphate-based conversion coatings were used to carry out pre-treatment activities. These coatings in general omit extremely high VOC emissions. However, with the establishment of non- VOC regulations, these chemical coatings are being replaced with non-VOC surface coatings.

From the above, it is evident that the Automotive Paints & Coatings Market companies are frequently working towards improving the quality of the product to meet the vast demands from the automobile industry. Some of the prominent names include Covestro, PPG Industries, The Valspar Corporation, Clariant AG, Nippon Paint Holdings Co. Ltd, and Akzo Nobel N.V., to name a few.

As per reports, the global automotive paints and coatings market size could cross USD 16 billion in terms of total valuation by 2026.

Expounded below are some of the factors expected to influence the Automotive Paints & Coatings Market size soon.

Growing demand for light commercial vehicles

The rapid adoption of light commercial vehicles worldwide primarily to transport goods and mass measured in tons from one place to another. As per the International Organization of Motor Vehicle Manufacturers, light commercial vehicles are categorized as special vehicles, that are defined as the gross vehicle weight. Reportedly, auto paints & coatings sector share from light commercial vehicle could showcase growth of more than 3.5% CAGR over the coming years.

These vehicles come with a maximum mass of nearly 3.5 to 7 tons. Strict regulations established by the governments with respect to high VOC emission levels. growing oil prices, as well as increasing penetration of downsized engines in light commercial vehicles, are some of the main factors supporting the use of lighter paints and coatings.  

High adoption of water-borne technology

With respect to technology, the water-borne process has gained considerable recognition as they offer various benefits. The most important advantage includes that it does not cause any harm to the environment.

Moreover, water-borne paints and coatings have more coverage when compared to solvent-based paints due to their higher solid contents that help them cover a vehicle more efficiently and spend less time applying the paint. Water-borne paints are readily available as many automobile companies are needed to use water-borne paints by law that means it is easily available in auto body paint shops.

Evolving automobile sector in Europe

Geographically speaking, Europe has emerged as a profitable revenue terrain in automotive paints and coatings industry due to the growing development in the regional automobile industry, owing to the improvement in economic conditions over time and the comparatively high disposable income among the people.

The nation boasts of a wide presence of automobile companies like BMW, Audi. Fiat, Volkswagen, and Ferrari to name a few. Various automobile companies are investing in developing new and improved paints and coatings products to meet the increasing demands of the consumers.

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Wide availability of basecoats

Basecoats are increasingly being used as it offers superior quality, durability, texture, and color. This coating type is the only paint type that comprises of colors. Even though the thickness of the basecoat is minimum the value added by this coat is maximum, as it comes with actual visual properties of color. All in all, the growing demand for vehicles and the consequent need to improve or upgrade the aesthetics has supported the demand for different types of Automotive Paints & Coatings Market.