PORTLAND, Ore., Sept. 23, 2020
Surge in production of automobiles, increase in eco-friendly product demand, and emergence of new automotive paints additives propel the growth of the global automotive paint additives market
PORTLAND, Ore., Sept. 23, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Automotive Paint Additives Market by Type (Blending Solvents, Flow Enhancers, Fisheye Eliminator, and Other), Application (Automotive Decorative Paint, Automotive Antirust Paint, Automotive Fire-retardant Paint, and Other), and Vehicle Type (Passenger Cars and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global automotive paint additives industry was pegged at $3.29 billion in 2018, and is expected to reach $5.63 billion by 2026, growing at a CAGR of 7.0% from 2019 to 2026.
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Drivers, restraints, and opportunities-
Increase in automobile production, rise in demand for eco-friendly products, and innovative automotive paints additives have augmented the growth of the global automotive paint additives market. Whereas, increase in prices of raw materials restrains the market growth. On the other hand, production of eco-friendly and cost-effective automotive paints additives are expected to provide lucrative opportunities in the near future.
The fisheye eliminator segment to maintain the lion's share by 2026-
Based on type, the fisheye eliminator segment dominated the market in 2018, accounted for nearly two-fifths of the total market share. 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, which drives the growth of the market. On the other hand, the flow enhancers segment is anticipated to portray the fastest CAGR of 8.7% from 2019 to 2026. Flow enhancers is added to acrylic color to improve its flow, reduce viscosity, and are ideal for achieving smooth coverage, especially for covering large area of surface, which drives the growth of the market.
The automotive decorative paint segment to dominate the market in 2018-
Based on application, the automotive decorative paint segment dominated the global market in 2018, accounting for more than one-third of the market. As they are used for improving the aesthetics of the automobile, which drives the growth of the segment. On the other hand, the automotive fire-retardant paint segment is anticipated to register the highest CAGR of 7.5% during the forecast period. Fire-retardant paint are used for coating the surface of vehicle to avoid spread of fire in case of fire in the surrounding, and is one of the efficient measures to prevent fire spreading rapidly, which drives the growth of the segment.
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North-America contributed for largest market share in 2018-
Region-wise, the market across North America held the largest share in 2018, accounting for more than one-third of the market. 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, which drives the growth of the market in this region. On the other hand, the Asia-Pacific region is expected to manifest the fastest CAGR of 8.4% in between 2019 to 2026. Numerous paint additives have been introduced by players operating in the region due to the increased automobile production and rise in demand for long-lasting paints for vehicles, which augments the growth of the market.
Major market players
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Similar Reports We Have on Automotive Paints, Additives, Coatings:
Paints and Coatings Market: Some of the main market players operating in the global paints and coatings market are BASF SE, Akzonobel N.V., PPG Industries, RPM International Inc., The Sherwin-Williams Company, The Valspar Corporation, Axalta Coating Systems LLC, Nippon Paint Co. Ltd., Kansai Paint Co. Ltd., Tikkurila OYJ, and Berger Paints India Ltd.
Automotive OEM Coatings Market: The other players in the automotive OEM coatings market value chain (profiles not included in the report) include Beckers Group, Cabot Corporation, Berger Paints, Eastman Chemical Company, Valspar Corporation, Clariant AG, Deft, Inc., Jotun A/S, Royal DSM, Lord Corporation, and Solvay S.A. among others.
Waterborne Coatings Market: The waterborne coatings application market is segmented into appliances, automotive, architectural, marine, packaging, wood, general industrial, and others.
Powder Coatings Market: Market size is expected to garner $15.0 billion by 2026, registering a CAGR of 5.4% during the forecast period 2019-2026.
Automotive Refinish Coatings Market: The market for automotive refinish coatings witnessed a significant growth due to various strategies adopted by the key market players.
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