Global automotive touch up paint market continues to grow in 2018

The struggle of many international automobile manufacturers affects the global automobile coating market. In particular, OEM and plastic parts coatings are currently declining. The future of touch up coatings is better than that of online coatings coatingol.com. The market value of the global automotive paint market in 2018 is estimated to be about 22.6 billion euros, of which automotive OEM paint accounts for the largest share, followed by automotive touch up paint. The total market volume is 3.06 million tons. It is estimated that the global automotive OEM and plastic parts coating market will reach 2.25 million tons in 2018, slightly lower than that in 2017. Sales also fell to 13.59 billion euros from 13.74 euros. Analysts at IRL believe that the decline in sales is due to slower or lower car production in major markets.

With the early signs of 2019, this decline is expected to continue, and once the car sales demand in the main market tends to stabilize, it is estimated that it will recover from 2020. Since then, the market will continue to grow, reaching nearly 2.5 million tons by 2023. However, the automobile market is struggling at present. For example, Robert Bosch, the auto supplier, recently revised his forecast for global auto production, which is expected to decline by 5% this year, more than the previous estimate of 3%. The BBC also reported a drop in demand. After years of strong growth, global car sales remained flat in 2018, mainly due to the decline in demand in China, the world's largest market. China's economic downturn comes as demand in two other big car markets, Western Europe and the US, has slowed as consumer confidence has weakened. The number of Global Automotive Coatings Markets in 2017 and 2018. In Europe, the problem of emissions is also a headache for car manufacturers. Air quality issues and tax changes have led to a significant decline in diesel sales, resulting in fewer new car registrations in many European countries in 2018. Even more challenging may be the introduction of stringent new CO2 emission standards aimed at tackling global warming, which makes it more expensive to build cars. Starting from 2021, if the manufacturers' fleet violates the agreed emission limits, the manufacturers will face huge fines from the EU, and these targets will become increasingly stringent.

In order to reduce the emission level, automobile manufacturers will need to sell more electric vehicles, but there are great obstacles to do so. Many automakers are not ready to deliver the right amount of electric vehicles. They need to change their way of doing business and adapt their cars to the mass market, but that requires investment. One of the other concerns that plague automakers is the emergence of new technologies that could fundamentally change our relationship with car owners. If driverless cars become mainstream in the next 15 years, many people may choose to share or rent rather than own our own vehicles. This may reduce travel costs per mile, making ownership less attractive. The global automotive touch up paint market continued to grow in 2018, reaching nearly 810000 metric tons, worth 8.98 billion euros. In contrast to the automotive OEM and plastic parts coating market, the touch up paint market is expected to grow steadily. According to IRL, the sales volume will exceed 900000 tons in 2022 and reach 930000 tons by 2023. Asia Pacific has the largest share of sales, followed by the Americas.

In terms of application systems, water-based coatings have accounted for the majority of automobile OEM coatings sales, which is mainly due to the regulations formulated in Europe and North America for these markets. In 2018, the OEM field accounted for 930000 tons of waterborne coatings, followed by 840000 tons of solvent-based systems and 40000 tons of powder coatings. In the market of repair paint and plastic parts, solvent based paint still dominates. About 76% of application systems in the field of touch up paint are solvent based. In the field of plastic parts, the share of solvent based systems is 79%.