Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) --
The global automotive coatings market size is projected to show tremendous growth during the forecast period, as automotive coatings will be highly used to protect the vehicles from a wide range of external factors. An increasing number of people are demanding an extensive color palette to enhance the aesthetic appearance of their automobiles. Moreover, the growing use of chemical-free paints will foster the production of automotive coatings across the world.
The region-wise trends that will positively influence automotive coatings industry outlook are explained below:
- North America (regional valuation anticipated to reach $6 billion)
High use of electrocoat process:
Electrocoat is anticipated to hold a major share of the North America automotive coatings market by 2027. It is an immersion painting process and is commonly used by vehicle makers as it is capable of painting a variety of complex parts with great uniformity. Electrocoat is known to spread the paint evenly on a component, thereby offering a clean look.
The demand for fast coating methods across factories will play a key role in amplifying the deployment of electrocoating technologies. Immersion painting techniques are being increasingly adopted in passenger and commercial vehicles, which will further boost the use of the electrocoat process.
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Metal parts will extensively use automotive coatings:
The regional automotive coatings market size from metal component applications will register a strong CAGR in the coming years. There is a high use of automotive coatings on metal surfaces as they offer the components protection against snow, moisture, UV rays, corrosion, humidity, and rain. Manufacturers are focusing on offering extra protection to vehicle surfaces, which will increase the use of automotive coatings on metallic parts.
Presence of commercial OEMs boosts automotive coating production:
The presence of commercial OEMs is steadily rising, and lightweight trucks and other light commercial vehicles are being widely used in the U.S. and Canada, which has helped the commercial vehicle sector progress. These factors have amplified the production of automotive coatings to not only improve the vehicle’s appearance but also offer high protection against external factors, such as dirt and dust.
- Europe (regional valuation projected to go past $5 billion)
Water-based automotive coating technologies gain momentum:
Water-based automotive coating technology is projected to capture a major share of the regional industry. The technology is gaining traction among end-users as it does not utilize volatile organic compounds due to their harmful environmental effects. Water-based automotive paints improve the air quality, thereby driving their demand among vehicle manufacturers.
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Use of solvent-based automotive coatings increases:
Solvent-based automotive coatings will hold a large share of the regional market. Solvent-based coatings are being extensively used by vehicle producers as they have a base like lacquer or enamel. Any automotive coating that contains a solvent increases its durability and creates a uniform film. It also reduces the paint’s drying time, which will fuel its adoption.
Car modification activities witness significant rise:
A large number of people are opting for car modification activities as the region is witnessing a hike in the number of car enthusiasts. The rising per-capita income of customers has allowed them to splurge on expensive modifications which include changing the car’s color to elevate its appearance. Moreover, the demand for easy and cost-effective personalization will boost the use of automotive coatings in the region.
- Asia Pacific (regional valuation to go past $17.2 billion)
Robust use of basecoat process:
Basecoat process will capture a significant share of the regional automotive coating market by 2027. Basecoat is the first coat of color painted on a vehicle surface. It is important to get the basecoat right as it plays a key role in enhancing the final look of the automobile.
Basecoats are undergoing technological innovations, with more importance being given to waterborne than solvent-borne technologies. Waterborne basecoats do not emit too much odor, which will propel their demand among end-users.
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UV-cured automotive coatings used to promote sustainability:
UV-cured automotive coatings will be used on a large scale by vehicle manufacturers as the region is experiencing rapid urbanization. In addition, the per-capita income of the population is growing at a notable rate.
UV-cured technology will be widely used in automotive coatings to reduce the carbon footprint of the paints & coatings sector and promote sustainability. Organizations are intensifying their research and development activities to enhance the efficacy of UV-cured automotive paints, driving their adoption.
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