Automotive Paint Additives Market size is forecast to reach $5.1 billion by 2025, after growing at a CAGR of 6.8% during 2020-2025. The growth of the market for automotive paint additives is driven by an increase in vehicle manufacturing and a rise in demand for innovative and environmentally friendly automotive paints. This has prompted players to develop products that are better and more effective, contributing to demand growth. Numerous paint additives have been introduced due to the increased automobile production and rise in demand for long-lasting paints for vehicles. The demand has complemented the growth of the market for automotive paint additives. Furthermore, the implementation of strict government regulations to opt for eco-friendly paints to reduce the adverse environmental impact is driving global market growth.
Automotive Paint Additives Market Segment Analysis – By Type
Rheology Modifier Paint Additives is widely used in the Automotive Paint Additives Market in 2019. Rheology modifiers are vital additives used for the specific application in almost every coating to achieve desired rheological characteristics. These additives also help to monitor the stability of the paint shelf, ease of use, open time / wet edge and sagging, in addition to having the desired viscosity. Rheology Modifiers allow formulators to change paint flow behavior. That way, painters benefit from enhanced features of viscosity and application. A paint’s sag resistance is enhanced by a rapid but controlled increase in viscosity after application. Rheology modifiers help prevent sedimentation of the pigments within a formulation during the transportation and storage of the paint.
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Automotive Paint Additives Market Segment Analysis – By Application
Interior held the largest share in the Automotive Paint Additives Market in 2019 by growing at CAGR of 6.8% during the forecast period. Automotive paint additives were commonly used for interior uses, owing to it having nearly 80 percent of water, and falls under the eco-friendly group. Therefore, this paint additives are projected to fulfil the demand for future automotive interior vehicles, owing to its energy-efficient aspects. Increasing investments in eco-friendly indoor vehicle coatings, coupled with increasing safety concerns about harmful rays such as ultra-violate rays, are promising to grow the market over the coming years at a significant annual growth rate.
Automotive Paint Additives Market Segment Analysis – By Geography
Asia Pacific held the largest share with 47.2% in Automotive Paint Additives Market in 2019. Development in key industries such as the automobile industry is due to expanded usage of automotive paint additives to prevent damage in car bodies. Automotive paint additives and automotive surface coating methods show the cutting edge of manufacturing that is capable of producing resilient surfaces, meeting consumer expectations and maximizing performance. China is the world’s biggest automotive market, according to the International Trade Administration, with the Chinese government forecasting car production to reach 30 million units by 2020 and 35 million by 2025. India also became the fourth largest automotive market in 2018, according to the India Brand Equity Base, with revenue rising 8.3 percent year-on-year to 3.99 million units. It was also the seventh biggest commercial vehicle producer in 2018.
Automotive Paint Additives Market Drivers
Expansion of Business
The primary factors projected to drive the growth of the demand for automotive paint additives are industry expansion through the incorporation of new production plants by leading automotive paint additives firms and steps taken by automotive companies to increase the efficiency of automotive paint additives in order to minimize the environmental effects. By incorporating new production plants, automotive paint additive suppliers are expanding their industry in North America. For example, in East Chattanooga, Nippon Paint, one of the global leaders in the automotive paint market, has incorporated a new 270,000-square-foot factory that will drive market growth, which in turn will boost demand for additives for automotive paints.
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Automotive Paint Additives Market Challenges
Effects of solvents in paint additives
Solvents extract or dissolve the binders and reduce the color additives viscosity and thickness. Solvents used in paint additive formulas are dangerous because they are either flammable or explosive and are human carcinogens. When painting cures, most solvents used as a paint additive evaporate, which produces volatile organic compound (VOC) emissions. Volatile organic compound (VOC) emissions are being increasingly controlled, considering the harmful effects on human health and the environment. Environmental challenges associated with conventional fabrics, application processes for paint additives, and coating waste are a motivating force for developing solutions to pollution regulation. For these reasons, the solvent will create a hurdle in the forecast period for the market for automotive paint additives.
Automotive Paint Additives Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Automotive Paint Additives Market. Major players in the Automotive Paint Additives Market are BASF SE, PPG, Akzo Nobel N.V, Eastman Chemical Company, LLC, The Sherwin-Williams, Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., DuPont, Clariant, Solvay, among others.
The growth of the market for automotive paint additives is anticipated to be influenced by factors such as increased automotive demand. Furthermore, an increase in demand for eco-friendly and innovative automotive paints is boosting market growth.
The global demand for automotive paint additives is mainly led by strong infrastructure developments in developing countries such as China, Brazil and India due to the rise in urbanization, industrialization, growing population and the rise in middle-class disposal income.
In automotive, construction, electronics, and white goods, the prevailing pandemic situation has led to weakened demand for paints and coatings. The path to the industry’s growth recovery depends heavily on the length of the constraints imposed and their effect on economic development around the world has been adversely affected, hampering the growth of the Automotive Paint Additives Market.
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