Automotive Paint Market: Industry Insights, Trends and Forecast upto 2017 - 2025

 Paint imparts a good texture and rich appearance to the interior as well as exterior components of the vehicle. Apart from improving the aesthetical appearance of the vehicle, paint also protects the vehicle from acid rains, UV rays, oxidization, and corrosion. The quality and consistency of the automotive paint and the rich feel that the paint imparts to the vehicle is an eye-catching feature which plays a vital role in attracting customers toward the vehicle. Automotive paint consists of a pigment, a binder, and thinner. Most vehicle paint composition, currently, comprise a primer coat, followed by a coat of paint and then a final clear coat for achieving a good and consistent finish across the surface of the vehicle.

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Automotive paint consists of color pigment, additive pigments, binder and thinner. Titanium oxide is the most commonly used color pigment for automotive paint. Additive pigments comprise several compounds such as calcium, talc, and mica. Additive pigments are primarily responsible for imparting the necessary viscosity, levelling, sheen, appearance and flexibility to the automotive paint. The binder is utilized with both the color and the clear coat layers. The binder imparts durability to the paint and keeps the paint bonded to the layer of clear coat.

Increasing production volumes of both passenger as well as commercial vehicles is expected to drive the automotive paint market during the forecast period. Increased disposable income of people, improved consumer lifestyle, and rising consumer preference toward vehicles with good aesthetical finish, rich texture, and glossy appearance are anticipated to further boost the automotive paint market in the next few years. Increasing investments by OEMs in developing automotive paints which are expected to reduce the adverse environmental impact caused by volatile emissions from certain types of automotive paints is projected to provide promising opportunities for the automotive paint market during the forecast period. For instance, BASF Group and Sirrus Inc., two major players focusing on the development of coatings and adhesives, have entered into an agreement to develop a new class of high performance automotive coatings based on methylene malonate technology.

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However, few types of automotive paints contain solvents such as toluene which release VOC (volatile organic compounds) which have an adverse effect on the environment. The governments of few countries have imposed rules and regulations imposing restrictions on the level of VOC emissions from such types of paints. This is expected to hamper the growth of the automotive paint market during the forecast period. Moreover, solvent based paints pose a threat of internal substitution by water based paints which are environment friendly. This is anticipated to decline the growth of the automotive paint market to some extent during the forecast period.

Based on vehicle type, the automotive paint market can be classified into passenger vehicles and commercial vehicles. The passenger vehicles segment is estimated to dominate the automotive paint market during the forecast period owing to the increased demand for passenger vehicles across the world in recent years.

Based on finish provided, the automotive paint market can be divided into solid finish, metallic finish, pearlescent finish, matte finish, and special finish. The metallic finish segment is anticipated to expand at a significant growth rate during the forecast period owing to the rising public preference toward vehicles with a shiny, glossy, and metallic appearance.