According to the Graphical Research new growth forecast report titled “Asia Pacific Automotive Paints and Coatings Market Size By Coating Type (Basecoat, Primer, Electrocoat, Clearcoat), By Technology (Solvent-borne, Waterborne, UV Cured, Powder), By Texture Type (Matte, Solid, Metallic), By Distribution Channel (Aftermarket, OEM), By Raw Material (Epoxy, Polyurethane, Acrylic), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) Industry Analysis Report, Price Trends, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026”, to Hit $8.3 Bn By 2026.
Growing vehicle sales and increasing demand for refurbished & used vehicles is anticipated to drive the Asia Pacific automotive paints and coatings market size.
Increasing production of passenger and commercial vehicles is providing strong opportunities for industry expansion over the forecast timeframe. Transition in the consumer preference for aesthetically appealing paint textures on vehicles is further stimulating the APAC automotive paints and coatings market growth. The beneficial properties offered by such coatings, which include UV protection and color retention properties are observing higher traction. Additionally, the augment of several exterior shades for vehicles and advanced coating solutions are creating lucrative opportunities for industry participants in the Asia Pacific region.
Growing sales of Refurbished and Used Vehicles to Fuel the Market Growth
Shifting consumer preference for buying pre-owned and refurbished vehicles is showcasing strong growth prospects in the Asia Pacific. Growing consumer inclination towards customization, repair, and maintenance of refurbished vehicles will probably significantly supplement the utilization of automotive paints and coatings over the study timeframe. The rising adoption of used cars can be attributed to the reduced prices along with the availability of easier financing alternatives. For instance, in 2015, vehicle sales of used cars in Japan increased to 3,733,321 units with an increase of over 1.7% compared to the previous year. Moreover, in 2018, China’s used vehicle sales grew by around 12.84% compared to 2017.
Prominent market players are engaged continuously in developing the latest processing technologies to provide cost-effective products. The recent developments in automobile paint technologies are aligned with environmental regulations as well as satisfying consumers with durable exterior paints. Along with enhanced surface durability, smart coatings offer several other benefits, such as vibration damping and super-hydrophobicity. Collectively these benefits are fueling the further growth of the automotive paints and coatings market in the Asia Pacific region. Moreover, manufacturers are taking strategic initiatives for offering customized refinishing paints and coating solutions. For instance, in July 2018, Berger Paints India entered into an agreement with Rock Paint Co., Japan for selling automotive refinish paints in India.
Some of the key manufacturers involved in the APAC automotive paints and coatings market include 3M, Akzo Nobel, Axalta Coating Systems, BSAF SE, Berger Paints India Limited, Cabot Corporation, Clariant, Covestro AG, Donglai Coating Technology (Shanghai) Co., Ltd., DuPont de Nemours, Inc, Kansai Paint Co., Ltd., Kansai Nerolac Paints Limited, KCC corporation, Eastman chemical company, Nippon Paint (M) SDN BHD, and PPG Industries Inc.
Asia Pacific Automotive Paints and Coatings Market, By Coating Type
Automotive Paints & Coatings Market, By Technology
- UV Cured
Asia Pacific Automotive Paints and Coatings Market, By Texture Type
APAC Automotive Paints and Coatings Market, By Distribution Channel
Asia Pacific Automotive Paints and Coatings Market, By Raw Material
APAC Automotive Paints and Coatings Market, By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
The above information is available for the following countries:
- Asia Pacific
- South Korea
- Rest of Asia-Pacific