Automotive Coatings Market:
The GMI Research’s latest analysis reveals that the Automotive Coatings Market is slated to register a faster CAGR during the coming years. The rising production of vehicles and the increasing demand for electric and hybrid vehicles to reduce carbon emissions around the world are the two major factors that are contributing to the growth of the market.
Automotive Coatings Market’s leading companies:
- AXALTA
- BASF
- PPG Industries
- Kansai Paint Co., Ltd.
- NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD.
- Covestro AG
- KCC CORPORATION
- Valspar Automotive
- Akzo Nobel N.V.
- The Sherwin-Williams Company
Automotive Coatings Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The key driver that is responsible for the growth of the global automotive coatings market size is the increasing production of vehicles around the world. The automotive coatings improves the appearance and durability of the vehicle and provide protection against harsh environmental conditions including UV radiation and extreme temperature. Moreover, the growing production of automobiles in economies including India, Brazil, China, Mexico, and South Africa is surging the market growth. According to the IBEF, in 2019, the total number of automobiles sold in India was estimated to be 26.27 million, which has surged by 1.3 million comparatively to 2018. All these factors are boosting the growth of the market in the coming years.
As per the automotive coatings market report, the strong demand for electric and hybrid vehicles to decrease carbon emissions is further contributing to the market growth. As per a report released by EA, the total sales for electric cars topped 2.1 million in 2019; on the other hand, electric cars contributed 2.6% of the global car sales for the same year. Therefore, the shift in the preference towards electric vehicles will drive the market growth. According to the global automotive coatings market report, the difficulty in sourcing raw materials, including pigments, binders, additives, and solvents, is hindering the growth of the automotive coatings market share.
Coat Type Segment Drivers
Based on the coat type, the electrocoat type is expected to dominate the market over the forecast period. The rising consumer awareness regarding advantages provided by electrocoating which include uniform coating, high operation speed, and applicability in different sectors is surging the growth of the market. Electrocoating uses an electrical current for the deposition of an organic coating from a paint bath onto a part or assembled product.
Regional Drivers
On the basis of regional coverage, Asia-pacific is expected to dominate the market over the forecast period. This is mainly attributed to the rising manufacturing of vehicles, especially in China, Japan, India, and South Korea. China is witnessing an increase in the production of automobiles. According to the OICA, for 2019, the overall car production in China was estimated to be around 25 million in 2019. Furthermore, the strong presence of key players in the region, such as NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD, Kansai Paint Co., Ltd, and BASF, are further supporting the regional market growth.
Automotive Coatings Market Segmentation:
Segmentation by Coat Type:
- Electrocoat
- Primer
- Basecoat
- Clearcoat
Segmentation by Technology:
- Water Borne Coating
- Solvent Borne Coating
- Powder Coating
- UV-cured coating
Segmentation by Resin Type:
- Polyrethane
- Epoxy
- Acrylic
- Others
Segmentation by Application:
- OEM
- Refinish
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
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