Pune India, Jan. 02, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Automotive Specialty Coatings market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Automotive Specialty Coatings market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the Product, Technology, Application, End-use and Regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Automotive Specialty Coatings market are PPG Industries, Inc, BASF SE, Axalta Coating Systems, Akzo Nobel N.V, The Sherwin-Williams Company, Solvay S.A, The Dow Chemical Company, Nippon Paint Holdings Co., Ltd, Clariant, Hexion Inc among others. To achieve a substantial market, share in the worldwide Automotive Specialty Coatings market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The rise in consumer demand for reliable, high-performing automobiles is one of the main drivers of the automotive specialty coatings market's expansion. As demand for these upgraded cars grows, so does automotive production. Rising tendencies in engine downsizing and increasing beverage sales are predicted to impede industry progress. Strict volatile organic compound (VOC) regulations are expected to provide problems for the market for automotive Specialty coatings between 2022 and 2030. In the projection period of 2022 to 2030, the growth of the automotive industry, a rise in investments, and rising disposable income provide lucrative potential for market participants. Due to its many benefits, such as strong adhesive properties, temporary protection, sealing, improved corrosion protection, substrate compatibility, and fire resistance, automotive specialty coatings are becoming more and more popular, which has an impact on the market as well. The price volatility of titanium dioxide, one of the most often used raw minerals, might pose a threat to growth. Furthermore, finding raw materials may be challenging for enterprises throughout the anticipated time. More than 85% of the materials used in passenger cars are metals. Nearly all metals are coated to stop rust and degradation.
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Scope of Automotive Specialty Coatings Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product, Technology, Application, End-use and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | PPG Industries, Inc, BASF SE, Axalta Coating Systems, Akzo Nobel N.V, The Sherwin-Williams Company, Solvay S.A, The Dow Chemical Company, Nippon Paint Holdings Co., Ltd, Clariant, Hexion Inc among others |
Segmentation Analysis
The Basecoat segment is expected to be the fastest-growing segment in 2022.
The Product segment includes Primer, Electrocoat, Basecoat, and Clearcoat. These coatings are expected to see a substantial growth in the coming years since they give automobiles the necessary colour and outside look.
Solventborne Coatings is expected to be the fastest-growing segment in 2022.
The Technology segment includes Waterborne Coatings, Solventborne Coatings, Powder Coatings, and UV-cured Coating. It is anticipated that severe regulations limiting emissions of dangerous air pollutants including toluene, xylene, ethylbenzene, and methyl ethyl ketone and volatile organic compounds will limit consumer demand. It is also predicted that the significant flammability and toxicity of these chemicals would make further development challenging.
Metal Parts is expected to be the fastest-growing segment in 2022.
The Application segment includes Metal Parts and Plastic Parts. The increasing use of metals in the production of automobiles is expected to have a positive impact on the market. However, it is projected that the price volatility of metal and a rise in the usage of lightweight materials would limit the use of glazes on metal surfaces.
Light Vehicle OEM is expected to be the fastest-growing segment in 2022.
The End-use segment includes Light Vehicle OEM, Commercial Vehicle OEM, and Automotive Refinish. It is anticipated to experience significant growth as a result of the increased demand for passenger cars in developing countries like India, Brazil, China, Singapore, and Thailand. The expansion of the market will also benefit from population growth, rapid urbanisation, and increased per capita income.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for Automotive Specialty Coatings include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. A significant portion was seen in the Asia Pacific area. The trend is expected to continue because of the high demand and the rising vehicle manufacturing in the region. A few of the countries in the Asia Pacific area where the car industry is expanding in terms of sales and manufacturing include China, Japan, India, South Korea, and Thailand. China is expected to experience significant expansion because of its substantial base of vehicle production.
Country Analysis
- Germany
Germany’s Automotive Specialty Coatings market size was valued at USD 0.43 billion in 2022 and is expected to reach USD 1.31 billion by 2030, at a CAGR of 15% from 2023 to 2030. The market is expected to rise because to the rising demand for enhanced comfort, safety, and convenience in automobiles, particularly in emerging and developed nations. The rising demand for luxury and high-end vehicles as well as the expanding usage of autonomous vehicle technologies are both likely to support market expansion.
- China
China’s Automotive Specialty Coatings’ market size was valued at USD 0.48 billion in 2022 and is expected to reach USD 1.68 billion by 2030, at a CAGR of 17% from 2023 to 2030.
China is expected to experience significant expansion because of its substantial base of vehicle production. China was the world's greatest manufacturer of automobiles due to its plentiful economic labour, and it is projected that it will remain at the top of the sector.
- India
India's Automotive Specialty Coatings market size was valued at USD 0.37 billion in 2022 and is expected to reach USD 0.98 billion by 2030, at a CAGR of 13% from 2023 to 2030. Rising urbanisation, disposable income, and nuclear families are expected to drive demand for automotive Specialty coatings throughout the course of the forecast period.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, The growth of this market is mainly driven by the worldwide increase in automobile production.
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