Chemical manufacturing companies developing coatings for the automotive industry have made considerable advances in chemistries of these. The drive for automotive coatings stems from the need for paint formulations that improve the troika of durability, appearance, and protection. Around the world, growing demand for production of different types of vehicles has spurred the demand for automotive coatings for original equipment manufacturers (OEMs). Various key types of formulations used are polyurethane, epoxy, and acrylic. They have benefitted from the quick drying time of automotive coatings to optimize the production times.
The strides being made by automotive manufacturing in several emerging economies over the world have resulted in ramping the demand for high-performance automotive coatings. According to a projection by the Transparency Market Research, the automotive coatings market is anticipated to rise at CAGR of 6.28% during the assessment period of 2018–2026.
Changes in Regulatory Frameworks Increasingly Share Market Dynamics
The growth dynamics of the automotive coatings market have been shaped by the changes in regulatory frameworks that automotive manufacturers need to comply with. Most importantly, the advent of new volatile organic compound (VOC) regulations promote the use of environmentally friendly formulations. In this regard, water-borne paints have caught on momentum with OEMs and automotive manufacturers. Further, there has been focus by chemical companies on improving the functionality of automotive paints. As a result, powder and UV-cured segments are attracting the attention of players. OEMs are particularly interested in such paints in China, India, Thailand, Indonesia, and South Korea.
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Key Chemical Companies Focus on Unveiling Energy-efficient Coating Systems
Latin America and Asia Pacific are hotbed of opportunities to chemical manufacturers catering to the demand for automotive coatings. The regional markets have witnessed the presence of several small- and medium-sized manufacturers, thereby bolstering the prospects. Top players in key markets focus on trying out with new crosslinking chemistries to unveil novel formulations. Most automotive manufacturers are also quick on adopting energy-efficient application processes and coating systems. Moreover, chemical companies are launching automotive coatings that can be applied in fewer steps, thereby improving their competitive profile in the automotive coatings market.