Hi-Tech Paints and Coatings Market for Autonomous Vehicles to Witness Huge Growth By 2025

Hi-tech paints and coatings, including anti-reflective coatings, anti-fingerprint coatings, and functional pigments, among others, enhance the sensitivity of LiDAR systems and also improve their range and accuracy to see low-reflectivity objects, thereby playing an important role in navigation for an autonomous vehicle. Sensors, which allow vehicles to communicate with each other and detect obstacles to avoid accidents, also require hi-tech paints and coatings. Sensors such as LiDAR, camera, and other devices operate by pulsing light at objects and then using the speed of the reflection to determine position and distance, thus requiring high-quality paints and coatings. Moreover, it is difficult for sensors to detect cars with dark-colored paints such as black, grey, and blue. Therefore, hi-tech coatings play a crucial role, as they have a distinct layer that inhibits the absorption of signal into dark-colored paint, increasing the efficiency of sensors used on self-driving cars. Moreover, there is also an increased need for surfaces that are resistant of fingerprints, dirt, and contamination. In addition to this, constantly changing consumer preferences toward better driving experience and driver assist applications has boosted the demand for hi-tech paints and coatings in the automotive industry.

The hi-tech paints and coatings market is also proportionally relative to the development of the autonomous vehicles. The need for safety, rising demand for luxury cars as a result of the increasing disposable income of the developing countries, and stringent government regulations have influenced the autonomous vehicle market to substantially enhance its sales, which has subsequently propelled the growth of different sensors and components.

Impact of COVID-19 on the Hi-Tech Paints and Coatings Market for Autonomous Vehicles

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. The pandemic is showcasing a major impact on the automotive sector, with key manufacturers either completely shut down following the orders issued by local governments or are running with trifling staff at production units to keep their personnel safe. Interruptions in large-scale manufacturing across Europe and exports of Chinese parts as well as the closure of assembly plants in the U.S. have intensively disturbed the sector globally. The crisis has also enormously impacted liquidity, demand, supply, and production. Moreover, consumer demand has diminished, as showrooms have been closed. The overall R&D spending is likely to reduce, as automakers are likely to conserve capital for future prospect. Besides, companies have had to shut down factories and deal with plunging sales. As a result, revenues have fallen around the world.

Major automotive players such as Fiat Chrysler Automobiles, Ford Motor Company, Volkswagen Group factories in Europe, Tesla factory in California, BMW group European factories, and General Motors are amongst the global autonomous vehicle manufacturers that have suspended their production due to the COVID-19 pandemic. 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. Waymo has also temporarily suspended its robotaxi services in Phoenix, Arizona. Similarly, GM has shut its Maven car-sharing services.

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In the short-term, physical distancing and other restrictions have enforced the closure of vehicle and robotic manufacturing, adversely impacting autonomous vehicle development. In the long-term, the COVID-19 pandemic may push the industry forward since the industry may shift its focus on the use of automated and robotic forms of service delivery. Although numerous autonomous vehicle companies have had to pause development and testing due to COVID-19, they will hold a crucial position in the global community in the long run. For instance, JD Logistics has adopted self-driving delivery vehicles for distributing groceries and medical supplies in Wuhan, China. Thus, COVID-19 may provide the impetus for advancing autonomous vehicles, thereby boosting the demand for anti-bacterial and self-cleaning surface treatment for the frequently used touch-points in a vehicle.