May 27, 2022 08:30 ET | Source: Astute Analytica Astute Analytica

New Delhi, May 27, 2022 (GLOBE NEWSWIRE) -- According to the study published by Astute Analytica, the Global Automotive Paint Market is projected to witness a rise in its revenue from US$ 18,023.8 Mn in 2021 to US$ 23,244.2 Mn by 2027. The growth is attributed to factors such as increasing production of vehicles, which has a direct impact on the market, and a rise in consumer awareness and developments in paint technologies. In 2020, the top five car-producing countries were China, the United States, Japan, Germany, and India, with China, Europe, and North America contributing 25.6%, 17.1% and 11.4% respectively in 2020. Automotive industry has been seeing a dwindling production during the Covid pandemic. Further, the shortage of chips has affected automotive production, however, the industry is expected to see recovery towards the first half of 2022. This has a direct impact on demand for automotive paints which subsequently will lead to market growth. However, a challenge faced by the paint industry is the emission of VOCs that may have health and environmental concerns. For instance, China, which is the largest producer of vehicles over the past years, had announced mandatory national standards in August 2020 limiting the use of (VOCs) and other substances used in coatings, inks, and adhesives. The limit imposed on VOC is an initiative supporting China's 2020 Volatile Organic Compounds Management Plan which aims to reduce VOC emissions by 10% by limiting the use of VOCs products.

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Automotive Paint Market: based on Type

The market study provides analysis based on types of automotive paint, which are segmented into electrocoat, primers, basecoat, and clearcoat. Among these, the clearcoat segment has the highest market share in the automotive paint market in 2021 when compared to other types of automotive paint. The segment accounted for 37% share in 2021 due to its higher adoption as it offers the car a shinier and deeper appearance while also protecting the paint from the sun and UV rays. Further, it is projected that electrocoat is holding the highest CAGR of 4.8% during the forecast period due to their capacity to deliver entire surface coverage with unsurpassed film uniformity due to throw power.

Regional Analysis of the Global Automotive Paint Market

The Asia Pacific manufactures more vehicles than any other region in the world, thereby making it the automotive coatings industry's most important market. The Asia Pacific holds the highest share in the global automotive paints market in 2021 with a market share of 58% and it is further estimated to continue its dominance across the forecast period because of the rapid pace of economic activity and technological improvements in the region. Further, the huge expansion in automobile production in China, India, Indonesia, and other Asian countries in recent years is also fueling the market growth. This led to an increase in demand for automotive paints in the region. With rising demand has come the need to develop paintings and coatings that are more ecologically friendly and have better performance features.

Impact of COVID-19 on the Global Automotive Paints Market

The global automotive paint market was negatively impacted due to the covid-19 outbreak. The market saw a significant drop in investment and demand for automobiles during the pandemic period. Further, the pandemic disrupted the whole supply chain by forcing the entire world into lockdown and industrial shutdowns. This halted the distribution of automotive paints to OEMs. Hence, many ongoing projects and plans were suspended due to the pandemic. As per the researchers, in 2020, the global sale of automobiles dropped from 90.42 Mn Units to 77.9 Mn Units. However, the post-pandemic times are visualizing a rise in demand for automobiles which is expected to propel the demand for the global automotive paint market.

The rising demand in the automobile industry and increasing production of vehicles are leading to the growth of the automotive paint market. The production of motor vehicles in developed countries such as Japan, South Korea, and Australia stands at 18 million approximately in the first and second quarters of 2021. Further, higher usage of polyurethane paints is driving market growth. According to American Coating Association, in 2018, Urethane resins held approximately 21% of the global demand for resins in coatings. Usage of polyurethane resins has been growing over the past several years due to their performance properties and their ability to be used in lower VOC (Volatile Organic Compound) formulations.

The rising use of automotive paints in turn emit VOC that may have health and environmental effects. Volatile organic compounds (VOCs) are emitted as gases from certain solids or liquids that may have short- and long-term adverse health effects and environmental effects as well. For instance, when VOCs react with nitrogen oxides and other harmful compounds, it creates highly toxic particulates (PM 2.5) that can lead to emphysema and bronchitis, and other acute respiratory diseases.

Water-borne paints and primers produce significantly lesser amounts of VOC emissions when compared with solvent-borne paints, thus creating a lucrative opportunity for market expansion. Water-borne paints contain more than 70% of water solvents. They also provide more durability than solvent-borne paints.

Companies such as BASF are releasing their trending color collection to show their innovation and customization options. Several consumers opt for customizable paint for their automobiles to display their individuality. In 2020, at least 15 high-end manufacturing automobile companies launched new exterior colors.

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The key players in the global automotive paint market are PPG, AkzoNobel, Axlata, and Nippon, holding a cumulative ratio of 63.6% in 2021. Further, top market players hold around 90% of the market share across the globe, whereas the rest of the market is captured by other local players. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the stabilized market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/automotive-paint-market

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