June 21, 2022 03:23 ET | Source: Graphical Research Graphical Research
Pune, India, June 21, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Europe automotive coatings market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 5 billion by 2026.
The growing trend of vehicle restoration and the usage of custom-made coatings is expected to drive the market forecast. The automobile industry is undoubtedly the crown jewel of European manufacturing. For decades, European automobiles have combined cutting-edge engineering with aesthetic flair to produce world-class machines.
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Bayer AG, BASF SE, Axalta Coatings Systems LLC, AkzoNobel N.V., PPG Industries Inc., Clariant, Arkema SA, Solvay S.A., The Sherwin-Williams Company, Lord Corporation, and Eastman Chemical Company are among the leading automotive coatings manufacturers and suppliers in Europe. Europe automotive coatings market size is anticipated to exceed USD 5 billion through 2026. Below are the four factors shaping the industry trends:
Enhanced capabilities of electrocoat product
In 2019, the electrocoat segment generated more than USD 870 million for automotive coatings industry in Europe. The use of electrocoat has increased in the automobile sector due to its potential to provide faster and more effective coating capabilities. Electrocoating, often known as e-coating, is a type of immersion painting that employs an electric current to adhere paint to the car body.
E-coating is used by major car manufacturers because of the ability to paint complex-shaped parts and provide film consistency. For instance, Maserati, Fiat Chrysler Automobiles' (FCA's) premium vehicle division, was constructing a paint studio at its headquarters in Modena, Italy, for a variety of electric models.
Commercial OEM end-use to augment across EVs
Europe automotive coating industry share from the commercial OEM segment was worth more than USD 1 billion in 2019. It could expand at a 4.5% CAGR through 2026. OEMs in Europe are beginning to restructure their coatings and other manufacturing processes in anticipation of a significant rise in demand for electric cars (EV) and hybrid cars sales. This has led to increased demand for automotive paint for commercial vehicle applications.
Regional manufacturers are investing in efficient coatings processes to gain from cost reduction, waste reduction, and reduced air-polluting volatile organic compounds emissions (VOCs). Another important aspect is the necessity to stay up with digitization and automation in order to retain the stature of European automotive industry. Volkswagen, Europe's largest automaker, transformed an entire factory in Germany, including a paint shop, to produce about 300,000 electric vehicles each year.
Traction across the basecoat segment
Europe automotive coatings market share from the basecoat segment was valued roughly USD 1.5 billion in 2019. The basecoat is a coloring layer that greatly influences the overall look of the paint finish. The basecoat is the most significant paint layer in terms of quantity, and it can be applied in three ways: solid, metallic, or pearlescent. Solid basecoats are color and do not have glossy effects; they are mostly employed on commercial vehicles. Metallic basecoats provide a glossy and lustrous appearance that plain basecoats do not.
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Rising demand for water-based coatings
The water-based automotive coatings market size is expected to grow at a CAGR of more than 5% between 2020 and 2026 in Europe. Water-based automotive coatings are becoming increasingly popular among vehicle makers, owing to a growing emphasis on reducing the usage of volatile organic compounds, which are hazardous to the environment. These coatings are also beneficial in terms of enhancing air quality and lowering health risks. Because of these benefits, the use of water-based automobile paints has increased dramatically, defining a transition in Europe automotive coatings industry outlook.
The COVID-19 epidemic has had a severe impact on the worldwide automobile sector. With challenges including a halt in Chinese part shipments, widespread industrial disruptions became unpreventable across Europe. According to the International Organization of Motor Vehicle Manufacturers, European automobile output decreased by 21% on average in 2020. Despite the slack, the resilience of the industry is pushing Europe automotive coatings industry forecast.
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