Additionally, there is a rising trend of vehicle customizations to make it unique in appearance from others, which is also supporting industry growth. The application of paints and coats not only improves the vehicle aesthetics but also protects the exterior from corrosion causing elements.
The rising cases of accidents and crashes will propel repair and restoration services which will further provide significant traction for the market outlook.
According to a research report by Global Market Insights, Inc., automotive paints and coatings market size will cross $27.5 billion by 2025.
The availability of broad spectrum of economical cars coupled with hassle-free financing has been driving the automotive industry growth.
A rise in per capita income along with shifting preferences for personal mobility is supporting the industry growth. Passenger cars are expected to witness high sales during the forecast timeframe, which will result in elevated demand for paints and coatings products.
Primer coatings highly influence the quality of paint applied over it, attributed to the corrosion resistance and scratch protection abilities of the product. Additionally, it significantly protects the outer surface from stone chipping and UV rays. Moreover, the development of advanced primers makes it possible to apply on a plethora of surfaces including stainless steel, aluminum, and fiberglass, further augmenting the primer coating share over the forecast period.
The utilization of solvent-based automotive paints and coatings in the automotive industry has led toward increasing VOCs emissions, which are extremely hazardous to health. This has followed in the implementation of stringent regulations for controlling the VOC emissions and thus stimulating the industry trends.
The introduction of waterborne automotive paints and coatings has been widely accepted, owing to the lower VOC emissions and the presence of minimum toxic materials in the products. Moreover, the currently developed products tend to offer more durability and high corrosion resistance along with super gloss, which will be a key driver for the expansion of the waterborne automotive paints and coatings market share during 2019-2025.
Europe will showcase significant growth in automotive paints and coatings market owing to stringent vehicle paint regulations. The limiting usage of VOC based paints and development of wide water-borne paints and coatings are boosting the product penetration across the region. Moreover, the presence of multiple automobile OEMs focusing on offering a wide range of vehicles with diversified paint schemes at varied costs further accelerates the regional share over the study timeframe.