IMARC Group, a leading market research company, has recently releases report titledAutomotive Paints Additives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, The study provides a detailed analysis of the industry, including theglobal automotive paints additives market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the automotive paints additives market?
The global automotive paints additives market size reached US$ 4.32 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.41 Billion by 2028, exhibiting a growth rate (CAGR) of 6.5% during 2023-2028.
What are the growth prospects and trends in the automotive paints additives industry?
The automotive paint additives market is primarily driven by the increasing demand for high-quality and visually appealing automotive finishes. Additionally, automotive paint additives help stand up to harsh environmental conditions, maintain their appearance over time, and enhance the visual appeal of vehicles with vibrant colors, excellent gloss levels, and a flawless finish contributing to the market growth. Also, the significant expansion in the automotive industry, rapid urbanization, growing population, and the escalating demand for automotive paints and coatings are influencing the market growth. Additives are essential in improving the performance and durability of these coatings, allowing vehicles to withstand harsh operating conditions, such as extreme temperatures, ultraviolet (UV), and chemical exposure. Moreover, several technological advancements and numerous innovations focus on improving scratch resistance and anti-corrosion properties, and compatibility with the latest paint systems represents another major growth-inducing factor. Furthermore, the growing environmental concern led to the adoption of paints, coatings, and additives with a reduced environmental impact that minimizes hazardous air pollutants and promotes eco-friendly paint formulations, thus creating a positive market outlook.
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What areAutomotive Paints Additives?
The automotive paints additives market refers to the industry involved in the production, distribution, and application of additives used in automotive paints and coatings. They are specialty chemicals that are incorporated into paint formulations to enhance their performance, durability, appearance, and application properties. These additives improve various characteristics of automotive paints, including color retention, gloss, scratch resistance, ultraviolet (UV) protection, and corrosion resistance. Additionally, they are essential in meeting the stringent requirements of the automotive industry, ensuring high-quality and long-lasting paint finishes on vehicles. At present, automotive paints are widely adopted in passenger cars and commercial vehicles across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Market Breakup by Type:
- Fisheye Eliminator
- Blending Solvents
- Flow Enhancers
- Others
Market Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Market Breakup by Application:
- Automotive Decorative Paint
- Automotive Antirust Paint
- Automotive Fire-retardant Paint
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- BASF SE
- Clariant AG
- Dupont De Nemours Inc.
- Eastman Chemical Company
- PPG Industries Inc.
- Sherwin-Williams Company
- Solvay S.A
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