BROOKLYN, New York, March 15, 2021 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the Automotive Protective Coatings Market will grow with a high CAGR value during the forecast period [2021 to 2026].
Automotive protective coatings are high-performance finishes which are applied for technical and decorative purpose. With respect to technical advantages, the finishes provide anti-corrosion, anti-microbial, and erosion prevention to the vehicle. In case of decorative purpose, these finishes offer an aesthetic appearance to the car exterior by providing glaze to the paints.
Increasing passenger car production to meet rising demand along with consumer preference for low maintenance vehicles will proliferate the industry growth. Critical factors such as vehicle life, component quality, and recurring cost majorly influence the consumer buying behavior Therefore, the adoption of materials that are not only sustainable but should also be efficient is essential.
Epoxy, polyurethane, and alkyd are majorly used in the Automotive Protective Coatings Industry. High performance, elongated component lifespan, and economical costing are key attributing factors driving demand for these products in the coatings industry.
Browse TOC on “Global Automotive Protective Coatings Market - Forecast to 2026"
Solvent-borne will lead the formulation segment
Solvent-borne formulation is projected to witness the largest share in the coming years. Increasing requirement for corrosion-resistant finishes along with easy compatibility with metallic surfaces are major factors to influence demand in this segment. Other technical advantages such as solubility, reliability, and stability of the compound on the vehicle surface will proliferate the product demand.
Aftermarket will witness the highest growth
In the end-use segment, the aftermarket will witness the highest growth during the forecast period. Each year, the industry witnessed a surge of vehicle damage caused by accidents, environmental damage, rust, component erosion. Therefore, the aftermarket holds high potential in the industry. Also, increasing consumer preference for customized and reinforced vehicles will support the product demand. The refurbished car sellers are also inclined to use these high-performance coatings to improve the condition of old and used vehicles. Thereby, increasing the vehicle value.
APAC will be the major contributor
Asia Pacific lead by China, India, and South Korea will gain the maximum share in the coming years. Automotive industry expansion along with the large market potential for the refurbished industry will influence the regional industry growth. High investments from foreign companies to establish a manufacturing plant in South Asian countries may positively impact regional growth.
Backward integration in the value chain are key strategies
Arkema, PPG Industries, Akzo Nobel NV, Axalta Coating Systems, RPM International, Wacker Chemie AG, The Dow Chemicals Company, The Sherwin-Williams Company, BASF SE, Beckers Group, Kisco Limited, Cabot Corporation, Eastman Chemical Company, Bollig & Kemper, HMG Paints, Nippon Paint Holdings, Jotun, Kansai Nerolac Paints, Lord Corporation, H.B. Fuller Company, Shanghai Kinlita Chemical, Hempel A/S, Induron Protective Coatings, SIKA AG, and KCC Corporation are key identified players in the industry.
Browse the Report @ https://www.globalmarketestimates.com/market-report/global-automotive-protective-coatings-market-2848
Product Outlook (Revenue, USD Million, 2019-2026)
- Epoxy
- Polyurethane
- Acrylic
- Polyester
- Alkyd
- Others
Formulation Outlook (Revenue, USD Million, 2019-2026)
- Water-Borne
- Solvent-Borne
- Powder Based
- Others
Application Outlook (Revenue, USD Million, 2019-2026)
- Exterior
- Interior
End-Use Outlook (Revenue, USD Million, 2019-2026)
- OEM
- Aftermarket
Regional Outlook (Revenue, USD Million, 2019-2026)
North America
- The U.S.
- Canada
Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of the Middle East & Africa
Website: Global Market Estimates