Automotive Paints and Coatings Market to Hit US$27.5B by 2025
Rising vehicle production coupled with rising consumer preference towards dual color alternatives is driving the automotive paints and coatings market share. Industry players are investing in technologies and finishes to give customers alternatives for customizing their vehicles. Additionally, scratch resistance along with improved gloss finishing and corrosion resistance is gaining significant traction in the market.
Industry participants are collaborating and continuously investing in R&D for developing advanced paint technologies for increasing the market share. For instance, in 2018, BASF entered into a joint venture with Sirrus for developing high-performance automotive coatings based on the methylene malonate technology. These coatings contribute significantly towards lowering emissions and offer smooth finish in vehicles.
The paint industry is collaboratively working with automotive manufacturers to minimize energy consumption and CO2 emission from paint application activities. For instance, in 2017, Audi, BASF, and Covestro entered into a strategic partnership to develop bio-based hardener for Audi Q2. These paints offer superior glossy finishes to the vehicle along with minimizing CO2 emissions significantly.
Polyurethanes accounted for a considerable share in the automotive paints and coatings market. Polyurethanes materials are widely used in paints owing the benefits offered including higher resistance to solvents along with superior mechanical and weathering damage resistance. Industry players are focusing on introducing environmentally friendly polyurethane coatings for improving their market share. For instance, in 2018, PPG Industries Inc. launched its advanced coatings using isocyanate-free polyurethane technology.
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