Automotive paints are considered as one of the most vital components of a vehicle manufacturing. Advanced automotive paints are applied not only for its protection properties but also for decorative purposes.
Rising demand for advanced automotive paints that not only offer protection from various rays and radiations but also are long lasting and delay corrosion in auto parts is a major factor boosting growth of the global automotive paints market. Additionally, rapid industrialization, increasing adoption of automotive paints from major automotive manufacturers, and increasing global automotive vehicle production are other major factors expected to fuel growth of the target market over the forecast period. But, stringent environmental regulations restraining adoption of automotive paints that contain high amounts of volatile organic compounds (VOCs) and high costs associated with production of automotive paints are major factors hampering growth of the global market.
The global automotive paints market report has been segmented on the basis of vehicle type, coat type, texture type, form type, and region. On the basis of region, the global automotive paints market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific accounted for highest share in terms of revenue in the global market and is projected to maintain its dominant contribution over the forecast period. This can be attributed to increasing disposable income and rapid industrialization in countries in the region. Moreover, revenue from the market in Asia Pacific is expected to witness significant growth over the forecast period, owing to increasing presence of prominent automotive manufactures and increasing adoption of automotive paints in emerging economies such as China, Japan, and India. The markets in North America and Europe are also estimated to account for major revenue contributions in the global market, owing to significant presence of automotive manufacturers and increasing use of advanced automotive paints by major original equipment manufacturers (OEMs) in countries in the region. Furthermore, the markets in Latin America and Middle East & Africa are also projected to witness moderate revenue growth over the forecast period.
Prominent players in the global automotive paints market include Berger Paints, Kansai Paint Co. Ltd., Nippon Paint Co. Ltd., BASF SE, PPG Asian Paints Private Limited, Axalta Coating Systems LIC, KCC Corporation, Clariant AG, Arkema SA and Beckers Group.