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.
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.
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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.
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.
Based on the base material of paint, the automotive paint market can be classified into lacquer-based, enamel-based, urethane-based, and acrylic based. Lacquer-based paints are not preferred by automotive manufacturers owing to their drawbacks such as need for frequent maintenance, tendency to become brittle with ageing, tendency to crack and chalk after prolonged usage, and presence of highly toxic solvents such as toluene, which have adverse effects on the environment. Enamel-based paints are softer, provide a glossier finish, and are less expensive than urethanes. Urethane-based paints have high durability, are comparatively more expensive, and are slightly difficult to spray. Presently, urethane-based paints are preferred by several vehicle manufacturers for their recent models due to their superior performance, despite their marginally higher cost.
Based on paint type, the automotive paint market can be segregated into solvent-based paint, water-based paints, powder painting, and nanotechnology-based paints. Solvent-based paints contain solvents such as toluene, which release VOCs (volatile organic compounds) into the environment during drying. These VOCs pose a threat to the environment. Powder painting does not involve the usage of wet paints. Thus, powder painting does not release any harmful compounds in the environment. However, powder painting does not prove to be a practically feasible solution for painting few components of the vehicle which have irregular shapes or tough geometries. These limitations in certain automotive painting processes has shifted the interest of manufacturers toward water-based paints in recent years.
The water-based paints segment is anticipated to dominate the automotive paint market during the forecast period owing to its environment friendly nature and the good aesthetic finish of the painted product. Nanotechnology-based paints are being used in a few sports cars. However, it is not expected to be a practically viable option from the point of view of manufacturers for mass painting of vehicles owing to its significantly high cost and is likely to be used only in top-end models.
Based on application, the automotive paint market can be divided into interior and exterior. The exterior segment is anticipated to expand at a significant growth rate during the forecast period since most exterior components of the vehicle demand the application of paint for imparting a good aesthetical look and finish to the vehicle. Furthermore, most manufacturers are currently shifting their focus from painting interior components of the car to manufacturing the interior components from a pre painted master batch, which is greatly seen to reduce the application of automotive paint in the vehicle’s interior.
Based on sales channel, the automotive paint market can be classified into OEM (original equipment manufacturer) and aftermarket. The OEM segment is anticipated to expand at a significant growth rate during the forecast period since the components of the vehicle come as pre-painted parts from OEMs and the components do not require frequent painting throughout the life of the vehicle.
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Based on geographical region, the automotive paint market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to expand at a rapid pace during the forecast period owing to the increasing vehicle production and the strong presence of well-established vehicle manufacturers in some countries of Asia Pacific such as China, Japan, and South Korea.
Key players operating in the automotive paint market include DuPont, PPG, Nippon Paints, Kansai Nerolac Paints, BASF, AkzoNobel, and KCC
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