The global automotive coatings market is divided into OEM and refinish applications. OEM applications are applied by a paint shop or assembly plant. Refinish applications are applied on automobiles in a clean repair facility or at home. The end-use of each type of coating is dependent on its properties. For example, a car’s interior is coated with different colors than a vehicle’s exterior. In addition, the characteristics of automotive finishes differ from one application to the next.
The growth of the automotive coatings market is due to the increasing use of lightweight materials. Earlier, the car bodies were made of steel, but today’s cars contain around 30% aluminum and high-strength steel. Additionally, other lightweight materials such as magnesium, polymer composites of glass, carbon-fiber-reinforced thermosets, and plastics are finding their way into the industry. As a result, automotive coatings are becoming increasingly important to the industry and as a result, the market is likely to grow at a faster rate.
While many companies have limited experience with automotive coatings, there are some innovations that are bringing new products to the market. The automotive coatings market has a number of growth drivers. Increasing demand for customized automobiles and the rising rate of road accidents has led to an increased need for repair and maintenance activities.
Moreover, consumers are increasingly choosing to modify their cars. In addition to these, automotive refining coatings offer improved aesthetic appeal and resistance to corrosion. The environment-friendly refinish coatings are popular among customers because they produce minimal VOC emissions and are environmentally friendly.
The demand for car coatings is expected to reach USD 21 billion by 2026. The market will grow due to rising competition and rapid adoption of environmentally friendly products.
Currently, manufacturers are developing economic UV-cured solutions for vehicles. These products are environmentally friendly and offer low-toxicity levels. The high-end market will be a lucrative sector for companies. There are many factors contributing to the growth of automotive coatings. However, the market is likely to remain competitive and will continue to grow.
