North America, including major countries such as the U.S., Mexico, and Canada, is the most prominent region for the hi-tech paints and coatings market for the autonomous vehicle industry. In North America, the U.S. acquired a major market share in 2020 due to stringent government regulations, technological advancements, and extensive investments for dedicated R&D facilities. In addition, the presence of various established and local players in the hi-tech paints and coatings market for autonomous vehicle makes it a highly fragmented market.
The global hi-tech paints and coatings market for autonomous vehicles is driven by several factors such as rapidly increasing number of automated vehicles, growing emphasis toward road safety, rising need to reduce road congestion, and growing demand for LiDAR sensors. However, high prices of autonomous driving components such as LiDAR and camera, coupled with issues with durability of hi-tech coatings, are some of the key factors that are restraining the growth of hi-tech paints and coatings market.
The COVID-19 pandemic has intensely affected the global economy, especially the automotive sector. This is largely due to the disruption of the automotive supply chain and manufacturing in China. Besides, companies have had to shut down factories and deal with plunging sales. As a result, revenues have fallen around the world. For instance, due to the worsening situation of COVID-19, Ford Motors Company has postponed the launch of its self-driving car to 2022 from 2021. Moreover, many companies, including Cruise, Uber, and Waymo, have suspended autonomous car testing that requires backup drivers. However, the situation in China is slowly getting better. In early April, automakers including General Motors, BMW, and Toyota re-started their plants in China. Pony.ai, a unit of Toyota, has also resumed the testing of autonomous car in the cities of Guangzhou and Beijing.
The global hi-tech paints and coatings market for autonomous vehicle is further segmented into type, application, and region. The anti-reflective coating segment dominated the global hi-tech paints and coatings market for autonomous vehicle in 2019 and is anticipated to maintain its dominance throughout the forecast period (2020-2025).
While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of the industry that is analyzed. The report also analyzes different applications that include pigments for exterior paint, window glasses, windshields, infotainment systems, optical components, LiDARs, and cameras. In the type segment, the market is segmented into pigments for basecoat, anti-reflective coatings, anti-fingerprint coatings, self-cleaning coatings, and others.
The hi-tech paints and coatings market for autonomous vehicle is segregated on the basis of region under six major regions, namely North America, Europe, APAC, China, the U.K., and Rest-of-the-World. Data for each of these regions (by country) has been provided.
The key players in the global hi-tech paints and coatings market for autonomous vehicle are Axalta Coating Systems, AccuCoat Inc., AkzoNobel N.V., Abrisa Technologies, Alchemy, BASF SE, Covestro AG, Daikin Industries, Ltd, ECKART, GXC Coatings GmbH, Kansai Nerolac Paints Limited, Newport Thin Film Laboratory, PPG Industries, Inc., Red Spot Paint & Varnish Company, and SCHOTT