Compared to other types of generic paint, automotive paint is distinct. It is designed to last throughout the duration of the vehicle. Cars and other vehicles often employ automotive paint and coatings for both protection and decoration. Globally, demand for automotive paints is rising as a result of rising vehicle sales, rising population numbers, and rising desires for affluent lifestyles. Furthermore, the world's rising economic status has had an impact on customers' entire lifestyles. The needs of end consumers have evolved along with the rise in disposable income. OMR Research projects that these factors will cause the market to expand at a CAGR of 4.2% over the course of the projected period (2023–2029).
Segments of the Market
The global automotive paints market is divided on the basis of vehicle, technology, paint type, texture, and painting equipment. Based on vehicle, the market is subdivided into passenger cars, light commercial vehicles, and heavy commercial vehicles. Based on paint type, the market is subdivided into primer, basecoat, clearcoat, and electrocoat. Based on technology, the market is subdivided into three categories: waterborne, solventborne, and powder. Based on texture, the market is subdivided into solid, metallic, and matte. Furthermore, based on painting equipment, the market is subdivided into airless spray guns and electrostatic spray guns.
Based on paint type, the increasing desire for an exceptional gloss finish and an appealing external look on modern and expensive automobiles is driving up demand for automotive clearcoats. Similarly, temperature variations and long-term protection against micro scratches are expected to drive clearcoat demand in the automotive market. Furthermore, the electrocoats sub-segment has several advantages such as greater throw power, stronger corrosion resistance, and a lower curing temperature, which is why the electrocoats sub-segment is growing in popularity. The electrocoats market has a considerable revenue share and is predicted to grow significantly throughout the forecast period. Based on paint type, primer is an important component in automobile coating. When painting a vehicle body, it is critical to use automobile primer paint for a variety of reasons. Primers are good at filling and sealing against the weather, and they work best when used in combination with a second type of primer before the final paint job is completed. Furthermore, the base coat is the initial layer of paint applied to the surface after the primer; it gives the basic color and complexion and often determines the finish of the topcoat. Base coats do not often have a gloss finish.
Based on technology, waterborne coating leads the global automotive paints market due to its ability to protect vehicles from extreme weather conditions while also significantly lowering costs. The waterborne technique allows for reduced temperature processing, strong chemical resistance, and solvent-free coating preparation. When compared to solvent-borne paints, water-borne paints and primers emit much fewer volatile organic compounds (VOCs), presenting a potential prospect for market development. Water solvents make up more than 70% of water-borne paints. They are also more durable than solvent-borne paints. Powder coating, on the other hand, provides an accurate thickness of film, allowing them to correct inappropriately coated areas; this makes powder coating a preferred alternative for large end-use applications.
Recent Developments
Companies such as Cresta Paints India Pvt. Ltd., Berger Paints, Clariant AG, Covestro AG, Axalta Coatings Systems, BASF SE, DuPont de Numerous, Inc., Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., Kwality Paints and Coatings Pvt. Ltd., Fabula Coatings India Pvt. Ltd., Sheenlac Paints Ltd., and others are contributing to the market’s growth through various mergers, acquisitions, and new technological development activities. Some of the recent developments in the market include:
• In March 2022, MG Motor India and PPG Asian Paints introduced a technique that can reduce CO2 emissions by 1500 tonnes per year. MG Motor India takes another step toward long-term viability. The firm just became the first in the world to use PPG Asian Paints' ULTRAX Degreaser, a liquid alkaline degreasing cleaner. The introduction of a degreasing pre-treatment chemical is consistent with the brand's aim to make sustainable mobility more ecologically friendly, resulting in a 787-tonne CO2 reduction every year.
• In March 2022, RMA Automotive (RMAA) has announced the debut of RMA Paint, which will be housed within RMAA's Assembly and Distribution Center in Laem Chabang, Thailand. The cutting-edge paint factory provides RMAA's clients, OEMs, dealers, and fleet owners with tailored paint solutions both in Thailand and throughout the world. The RMA Paint factory uses cutting-edge application technologies to provide an OEM-quality finish. The sanding booth is equipped with vacuum orbital sanders and a booth air circulation system that filters the air. To limit the danger of contamination, unwanted dust is contained. A one-of-a-kind spray and bake booth technology allows automobiles to remain within the booth during the spraying and baking processes, reducing exposure to dust from the outside air.
• In August 2022, RODIM®, a BASF paint-related product brand, released its new transparent thermoplastic polyurethane (TPU) Paint Protection Film (PPF) in Asia-Pacific. It protects vehicle coatings in a variety of ways and for a long time. During a 3,000-hour accelerated UV test, the product was shown to have outstanding resilience to nature's elements, such as high temperatures and prolonged sun exposure.
Restraints and Solutions
The international communities are working to reduce the amount of air pollution emitted by automobile paints, and the standards are frequently adopted by many other parts of the world. Despite the fact that contemporary paints do not dry by evaporation, substances known as VOCs are produced as the paint is atomized at the tip of the spray nozzle and when the paint dries. These VOCs are purportedly responsible for ozone depletion and other ecological calamities. Most of the compounds in paint are dangerous, and some of the solvents include things such as isocyanates—chemicals linked to cyanide that were used to execute people in gas chambers—so it's worthwhile considering removing some of these byproducts.
The widely acknowledged answer to this issue is waterborne paint. Water is one of the components of the carrier elements in these paints that dissipates as part of the paint-curing process, even though they are still solvent-based. Waterborne coatings employ water as a solvent to spread a resin, making them environmentally friendly and simple to apply. Waterborne coatings are often composed of up to 80% water with trace amounts of additional solvents such as glycol ethers. Waterborne paints have been the industry standard in Europe for a number of years.
Conclusion
The desire of consumers for an appealing texture and a better visual appearance of automobiles drives the global automotive paints market's expansion. At the moment, major advantages provided by paints and coatings, such as UV protection and color preservation, are gaining popularity. The introduction of different exterior car colors and paint treatments has created tremendous market development possibilities. In addition, the ongoing involvement of industry participants in creating cutting-edge and cost-effective coating and paint solutions is expected to drive market expansion in the coming years. Furthermore, increased commercial and passenger car manufacturing is likely to drive up paint and coating demand throughout the projection period. According to the International Organization of Motor Vehicle Manufacturers (OICA), total vehicle production worldwide in 2019 was 91.78 million, of which 24.64 million were commercial vehicles and 67.15 million were passenger vehicles. Such factors will support the global automotive paints market’s growth further.