SELBYVILLE, DE — In a new study, market research firm Global Market Insights Inc. reports that rapid proliferation of the global automotive industry has been driving the automotive paints and coatings market size. Additionally, there is a rising trend of vehicle customizations to give products a unique appearance, which is also supporting industry growth. The application of paints and coatings not only improves the vehicle aesthetics but also protects the exterior from corrosion-causing elements. The study predicts that a rise in accidents and crashes will propel repair and restoration services, which will further provide significant traction for the market. The report expects the automotive paints and coatings market to exceed $27.5 billion by 2025.
The availability of a broad spectrum of economical cars coupled with hassle-free financing has been driving growth in the automotive industry. A rise in per capita income and shifting preferences for personal mobility are supporting industry growth. Passenger cars are expected to witness high sales during the forecast timeframe, which will result in elevated demand for coatings products.
Primer coatings highly influence the quality of paint applied over them, helping to provide corrosion resistance and scratch protection. They also protect the outer surface from chipping and UV rays. The development of advanced primers makes it possible to apply them on a number of different surfaces, including stainless steel, aluminum and fiberglass, which further influences the market share of primer coatings over the forecast period.
The use of solvent-based coatings in the automotive industry results in an increase in VOC emissions, which can be hazardous. This has resulted in the implementation of stringent regulations for controlling VOC emissions and is influencing industry trends. The introduction of waterborne automotive coatings has been widely accepted, owing to lower VOC emissions and the presence of fewer toxic materials in products. Additionally, newly developed products tend to offer more durability and high corrosion resistance, along with super gloss. The report predicts that this will be a key driver for the expansion of the waterborne automotive coatings market share during 2019 to 2025.
According to the report, Europe will exhibit significant growth in the automotive coatings market owing to stringent vehicle paint regulations. The limited use of paints with high VOCs and the development of waterborne coatings are boosting product penetration across the region. Additionally, the presence of multiple automobile OEMs that are focusing on offering a wide range of vehicles with diversified paint schemes at varied costs is also accelerating the regional share over the study timeframe.
For additional information about the report, visit https://www.gminsights.com/industry-analysis/automotive-paints-and-coatings-market.