TAGS: Automotive Coatings
According to a recent report published by Allied Market Research, automotive paint additives market is projected to reach $5.63 billion by 2026, registering a CAGR of 7.0 percent from 2019 to 2026.
Growing Demand for Eco-friendly Paints for Automobiles
The growth of the automotive paint additives market is driven by increase in vehicle production and surge in demand for innovative and eco-friendly automotive paints for automobiles. This has enforced players to manufacture better and efficient products, which lead to the growth of the market. Numerous paint additives have been introduced due to the increased automobile production and rise in demand for long-lasting paints for vehicles. This demand has supplemented the growth of automotive paint additives market. In addition, implementation of stringent government regulations to opt for eco-friendly paints to reduce the adverse effect on environment is driving the market growth worldwide.
Factor such as increase in automobile production is anticipated to propel the growth of automotive paints additives market. In addition, surge in demand for eco-friendly and innovative automotive paints is boosting the growth of market. However, rise in prices of raw materials hinders the growth of market. On the contrary, production of eco-friendly and cost-effective automotive paints is anticipated to offer remunerative growth opportunity for the players operating in the global automotive paint additives market.
Key Findings of the Study:
- On the basis of type, the flow enhancers segment is anticipated to exhibit a remarkable growth during the forecast period.
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On the basis of application, the automotive decorative paint segment is a highest contributor in 2018, in terms of revenue.
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Region wise, Asia-Pacific is the fastest growing region, followed by Europe, North America, and LAMEA.
Boosting the Adoption of Flow Enhancers
Development of the automotive industry and rise in need for eco-friendly paint additives are anticipated to boost the growth of automotive paint additives market. Flow enhancer is a colorless liquid, which can be added to acrylic color to improve its flow and reduce viscosity. In addition, flow enhancers are ideal for achieving smooth coverage, especially for covering large area of surface and help paints to keep a steady pigmentation to achieve opaque coating. In addition, increase in adoption of flow enhancers has been witnessed across the globe, which acts as a key factor driving of the global market.
This is attributed to the fact that flow enhancers improve the processability and reduce energy consumption, which, in turn, is boosting the adoption of flow enhancers.
Fisheye eliminator is used to prevent fisheye, which is a small crater/hole, on the surface that is surrounded by ring of paint and increase the gloss. In addition, it reduces the surface tension of wet paints, improves the paint flow out, inhibits solvent trapping, reduces the telegraph of sand scratches, and helps to prevent beading of the liquid on the contaminated substrate.
Expansion of business by incorporating new manufacturing plants by leading automotive paint additives companies and initiatives taken by automobile companies to improve the quality of automotive paints additives so as to reduce the environmental impact are the key factors anticipated to propel the growth of automotive paints additives market. Automotive paints additive companies are expanding their business in North America by incorporating new manufacturing plants.
Source: Allied Market Research