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Growing demand for well-maintained vehicles to impel automotive coatings market outlook

Author : Ravi Chawat | Published Date : 2020-08-27 

In the modern era, younger generations such as millennials are showing a rising propensity toward auto ownership. This, in turn, has created a shift in customer preference for enhanced aesthetics and attractive exteriors, as well as vehicle protection. One of the best ways to fulfill all these requirements is through the adoption of automotive coatings.

Automotive coating technologies are advanced components that provide durable surfaces, thereby optimizing efficiency, enhancing appearance and meeting ecological prerequisites. In essence, a car coating is a second layer added over the vehicle’s regular paint. Although they are derived from man-made materials, these materials are different from car waxes and paint sealants, and exhibit a much thinner viscosity, similar to water.

The automotive coatings market can be segmented into various types based on different parameters. For instance, by technology the industry is segmented into waterborne, solvent borne and UV-cured, while based on product, it is categorized into primer, basecoat, clearcoat, and electrocoat.

The waterborne coatings generally use water as a solvent in order to dissolve a resin which makes the technology easy to apply and eco-friendly. Both U.S and Europe have initiated regulations that need the waterborne coatings to depict a VOC content of less than 3.5 pounds every gallon of water to make them into environment-friendly solutions.

Major automotive OEM coating suppliers along with automotive manufacturers are involved in the production and applications of such coatings to appease the rapidly changing customer expectations. Constantly developing technologies introduce enhanced coatings that offer anti-oxidant & anti-corrosion properties, are more durable and have a larger contribution towards mitigating environmental degradation and meeting newer regulatory standards.

The automotive coatings market share is anticipated to experience lucrative growth over the forecast timeline owing to consistent demand for passenger cars and commercial vehicles. Escalating demand for low emission vehicles due to shifting consumer focus towards environmental sustainability will accelerate product development. Changing consumer outlook towards minimal maintenance and durable vehicles will boost the industry scope.

Increasing automotive sales outlined by a surging demand for sporty aesthetics along with durability, chemical and corrosion resistance and protection from UV rays will complement automotive coatings market outlook. Surging middle class population coupled with increased spending capabilities of consumers and enhanced living standards will complement the auto manufacturing sector worldwide.

While a wide range of benefits from various automotive coatings has supported the market growth, there are some factors that shall prove to act as a hindrance to the product deployment. With the numerous environmental regulations implemented by various countries, the application process for coatings has become difficult as they need a controlled environment.

Coatings like ceramic coatings can be extremely expensive and require professionals for the work. With the majority of the operational costs dependent on the raw materials, fluctuating prices for the same can limit the production of coatings, rendering a negative impact over its market.

However, major firms involved in the introduction of improved technologies accompanied by the consistent demand for automobiles will boost automotive coatings industry forecast over the coming years.

IF You Want to know more about the growth of the automotive coatings market then click here for sample copy: https://www.gminsights.com/request-sample/detail/107

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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