Dublin, April 06, 2023 (GLOBE NEWSWIRE) — The “Automotive Body Coatings Market by Technology, by Substrate, by Application and by Region Forecast to 2030” report has been added to ResearchAndMarkets.com’s offers
The automotive liner coatings market is projected to witness a revenue CAGR of 4.3% during the forecast period, with a market size of USD 9.94 billion by 2021.
The growth of the market is mainly attributed to the growing demand for UV curable coating and nano coating, as well as the expansion of the automotive industry and the emergence of environmentally friendly coating technologies.
Automotive refinish coatings are applied to automobiles to improve their overall quality and longevity, as well as their appearance. These coatings offer protection against various environmental factors such as rain, UV radiation, foreign objects and extreme temperatures.
Market revenue growth is mainly due to increase in vehicle manufacturing in various countries including Mexico, China, India, Germany, South Korea, United States, Japan and Indonesia as well as high vehicle maintenance old ones
In addition, the market is experiencing growth due to the growing demand for eco-friendly coatings, such as UV-cured and water-based coatings, in countries such as Brazil and China. In addition, factors such as the need for passenger vehicles, changes in consumer habits and lifestyles, and increasing disposable income are also driving the growth of the market.
Automotive refinish coatings are used by end users to meet the growing need for modern vehicle maintenance and service to improve their appearance and longevity while protecting them from environmental damage. Another factor driving the growth of the market is the introduction of advancements and innovations in coating materials, such as high-tech eco-friendly coatings with lower solvent content.
Market dynamics
drivers
- Growing demand for UV curable coating and nanocoating
- Growth of the automotive industry
- Increase in environmentally friendly coating technologies
- Growing trend of vehicle customization
restrictions
- Strict regulations on various technologies containing VOCs
- Volatile costs of raw materials
Companies mentioned
- PPG Industries Inc.
- The Sherwin Williams Company
- Axalta Coating Systems Ltd.
- AzkoNobel NV BASF SE
- Convestro AG
- Kansai Paints Co. Ltd.
- Esdee Paint Ltd.
- KCC Corporation
- KAPCI Coating Co. Ltd.
- NOROO Paint & Coatings Co. Ltd.
COVID-19 Analysis:
Before the pandemic, there were signs of some decline in the sector, and the onset of the Covid-19 pandemic and ongoing lockdowns around the world only made things worse. Due to weak economic development and unfavorable consumer sentiment, the market faced difficult times in 2020 and 2021. However, there is optimism for a U-shaped economic recovery as life daily and manufacturing activities return to near-normal levels in all nations.
key points
Technological perspectives:
The global market is divided into three technology segments: solvent-based coatings, water-based coatings and UV-cured coatings. The normal solvent-based coatings segment is expected to grow steadily during the forecast period. Solvent-based coatings are a popular choice for automotive coatings because of their durability and resistance to moisture, which makes them less sensitive to the base than water-based paint.
They also spread thicker, making it easier to cover up blemishes. Solvent-based coatings are less affected by moisture compared to water-based coatings and are preferred for use in wet environments where the latter cannot be fully cured. In contrast, water-based coatings dry faster in humid conditions, which affects their final result.
The waterborne coatings segment is also expected to grow steadily during the forecast period. Water-based coatings are the most commonly used type of automotive coating. Most vehicles today use this acrylic polyurethane enamel base for their color coats and clear coats, making it an environmentally friendly choice.
Water-based paint still creates bright, pure colors, but with fewer smells. Water-based coatings require a less clear coat to smooth the car’s surface in various applications. Compared to solvent-based coatings, water-based coatings are considered more environmentally friendly due to the presence of fewer volatile organic compounds (VOCs).
Outlook Substrate:
The global market is divided into four substrate segments: glass, plastic, metal, and others. The metal segment is expected to grow steadily during the forecast period. Coatings applied to metal substrates serve as a protective layer that reduces corrosion and oxidation caused by environmental exposure.
Polymer coatings such as epoxy, polyurethane, and moisture-cured urethane are commonly used to create metallic coatings for both commercial and passenger cars. These vehicles are exposed to potentially harmful chemicals such as fuel, oil, lubricants and dirt, and metallic coatings provide an additional layer of protection against rust and oxidation.
App Outlook:
The global market is divided into three application segments: commercial vehicles, passenger vehicles and two-wheelers. The passenger vehicle segment is expected to grow steadily during the forecast period. This is due to the growing demand for recreational activities and automobile repair and maintenance, as well as an increase in fatal traffic accidents.
Increasing sales of luxury vehicles due to rapid urbanization and rising income levels are also spurring the demand for automotive touch-up coatings to maintain the aesthetic appearance of vehicles. Major companies are also producing eco-friendly recoatings made with organic chemicals and offering customizable color and print options to enhance the customer experience.
Regional perspectives:
Regional analysis indicates that the Asia Pacific market holds the largest revenue share in 2021 owing to the widespread use of lightweight plastics in the production of automotive components, rapid industrialization, and increasing disposable income among the middle class of emerging economies.
The need for regular maintenance and repair of motor vehicles to preserve them from environmental factors such as temperature and UV radiation has also contributed to the increase in demand for automotive touch-up coatings. The North America market is expected to show a steady growth rate during the forecast period, driven by the increasing use of coatings to protect cars from external causes and provide a pleasing appearance to the vehicle.
Increasing consumer emphasis on the use of chemical-free paints and coatings is expected to drive the demand for water-based automotive coatings that do not contain volatile organic compounds (VOCs), leading to further growth in general regional market. The European market is expected to register a moderate growth rate, with the need for automotive refinish coatings driven by an increasing emphasis on R&D and creative ways to shorten cycle time.
Germany dominates the European car market and produces a third of the continent’s total car production, with more than three million new cars sold in the country. Rising consumer confidence due to a growing economy is expected to contribute to steady market expansion.
For more information on this report, visit https://www.researchandmarkets.com/r/l887e4
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