The growing automotive industry is undergoing a transformation, with the advent of autonomous vehicles. These vehicles require a large number of sensors and cameras for surveying the road and traffic conditions around the car. This poses a new challenge in terms of requirements for specialized coatings.
The surge of several automated vehicles on the road has thus increased the market size of several industries in the value chain leading to a growing market for the global hi-tech paints and coatings market. Hi-tech paints and coatings for autonomous vehicles vary widely according to their applications like pigment for exterior paint, windshield, window glass, Infotainment system, LiDAR, optical component, and camera. A lot of options are available on the market when it comes to coatings such as anti-reflective coatings, anti-fingerprint coatings, and self-cleaning coatings. Hi-tech paints and coats provide the liberty of choosing the type of paint and coat according to our particular application and desired outcome. The Autonomous Vehicles Hi-Tech Paints and Coatings Market has a market size of about USD XX million in 2020 and is expected to reach a significant CAGR market growth of 20.0%, during the forecast period 2020 to 2026.
These Coatings are believed to be highly crucial for a variety of sensors used in autonomous vehicles which will allow them to communicate with each other and to identify and detect obstacles and move towards their destination.
1. Growing Market of Autonomous Vehicles
The major market boost for the Autonomous Vehicles Hi-Tech Paints and Coatings Market is provided by the increasing popularity of autonomous vehicles around the globe. The market growth in the global hi-tech paints and coatings market for autonomous vehicles is attributable to the ongoing demand for efficient and durable paints and coatings for autonomous vehicles. Innovation in technology towards road safety adds to the demand for global hi-tech paints and coats. Additionally, an ever-increasing number of cameras and sensors monitoring the road and traffic for the efficient functioning of autonomous vehicles require advanced coatings and paints to improve safety and improve communication.
2. Growing Emphasis on traffic reduction
Autonomous Vehicles also help in reducing traffic. Hence the growing demand for LiDAR sensors in traffic management has helped in the growth of the Autonomous Vehicles Hi-Tech Paints and Coatings Market.
3. Superiority of Hi-Tech Paints and Coatings over Conventional Coatings
Hi-Tech Paints and Coatings exhibit properties and characteristics which cannot be matched by conventional coatings. Hence, these are indispensable in the manufacture of autonomous vehicles.
1. High-priced components
Although there are a lot of market driving factors to this technology, the downside is that it comes with high-priced components like LiDAR and camera which inhibits the marketing growth of the Autonomous Vehicles Hi-Tech Paints and Coatings Market.
A lot of new technological advancements have taken place in this sector such as emergence of light absorption and sensor detection coatings. These coatings enable automated vehicles to detect objects on the road and communicate with fellow vehicles while driving ensuring a much safer drive. Easy to clean composite coatings increases the effectiveness of sensors by decreasing the problems associated with the sensor being covered by mud or ice. Hi-tech coatings also help overcome the difficulty faced when there is an interference of electromagnetic radiations that creates unnecessary cross talks. Diversified metallic pigments in automotive colors seem to have attracted a larger audience and boosted the market of automobiles. PPG is developing special coatings and coating-related products that would improve electronic vehicle (EV) performance by allowing cars to communicate with one another and also integrate with smart city technology.
The global pandemic has restricted the growth of the Autonomous Vehicles Hi-Tech Paints and Coatings Market due to fewer sales of automobiles during the period. This could be due to the disruption in the supply chain and raw materials. Lack of human labor during lockdown has stagnated the production of automobiles thereby affecting the hi-tech paints and coats market. This delay in production has disrupted several plans like the postponement of the launch of self-driving cars by Ford Motors from 2021 to 2022.
The anti-reflective coating segment accounted for the largest share of the Autonomous Vehicles Hi-Tech Paints and Coatings Market and it is expected to maintain its lead throughout the forecast period.
North America has recorded the highest market growth for Autonomous Vehicles Hi-Tech Paints and Coatings Market contributing with a share of about 60% in the year 2020.
Some of the major players in this field are AccuCoat Inc, Alchemy, Covestro AG, and Abrisa Technologies. Technological advancements and investments in research and development have led to the success of these companies. In addition, the presence of various established and local players in the hi-tech paints and coatings market for autonomous vehicles makes it a highly fragmented market.
Leading coating companies such as PPG have developed a broad range of advanced coatings that are instrumental in the development and deployment of autonomous and electric vehicles. These coatings include exterior coatings that improve vehicle visibility of light detection and ranging (LIDAR) systems; coatings that are easy to clean thus assisting in prevention and obstruction of autonomous vehicle sensors; and environmentally-sensitive cathode and anode coatings which can also be used for storing and transferring energy within modern lithium-ion batteries.
The research report analyses the ecosystem of Autonomous Vehicles Hi-Tech Paints and Coatings Market and categorizes the Autonomous Vehicles Hi-Tech Paints and Coatings market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.