Portland, OR, Sept. 28, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive paints market generated $8.78 billion in 2018, and is estimated to reach $12.34 billion by 2026, registering a CAGR of 4.2% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in production of automobile and growing demand for eco-friendly automotive paints across the globe drive the growth of the global automotive paints market. However, high cost associated with the raw materials restrains the market growth. Furthermore, increase in adoption of powder coatings is expected to provide new growth opportunities to the market in the near future.
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Covid-19 Scenario of Automotive Paints:
- The manufactrurers across the globe have halted their production activities due to disrupted supply of raw materials amid lockdown.
- According to European Automobile Manufacturers Association, the outbreak has impacted the production, as the factories have been curtailed down. This has decreased the demand for automotive paints as well.
The report offers a detailed segmentation of the global automotive paints market based on coating, texture type, technology, vehicle type, and region.
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Based on coating, the clear coat segment contributed to the largest share in 2018, accounting for nearly two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the base coat segment is estimated to portray the highest CAGR of 5.9% during the forecast period.
Based on technology, the solvent borne coatings segment accounted for the largest share in 2018, holding nearly three-fourths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the powder coatings segment is expected to register the highest CAGR of 7.4% from 2019 to 2026.
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Based on region, Asia-Pacific contributed the highest share, accounting for more than half of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 8.2% from 2019 to 2026.
Leading market players analyzed in the research include PPG, BASF SE, Axalta Coating Systems, LLC, Akzo Nobel N.V., Kansai Paint Co., Ltd., The Sherwin-Williams, DuPont, Nippon Paint Holdings Co., Ltd., Solvay, and Clariant.
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Similar Reports We Have on Automotive Paints:
Automotive Paint Additives Market: Key players including BASF SE, PPG, Akzo Nobel N.V, Eastman Chemical Company, LLC, The Sherwin-Williams, Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., DuPont, Clariant, Solvay, and others holds major share of automotive paint additives market.
Paints and Coatings Market: Some of the main market players operating in the global paints and coatings market are BASF SE, Akzonobel N.V., PPG Industries, RPM International Inc., The Sherwin-Williams Company, The Valspar Corporation, Axalta Coating Systems LLC, Nippon Paint Co. Ltd., Kansai Paint Co. Ltd., Tikkurila OYJ, and Berger Paints India Ltd.
Automotive OEM Coatings Market: The other players in the automotive OEM coatings market value chain (profiles not included in the report) include Beckers Group, Cabot Corporation, Berger Paints, Eastman Chemical Company, Valspar Corporation, Clariant AG, Deft, Inc., Jotun A/S, Royal DSM, Lord Corporation, and Solvay S.A. among others.
Waterborne Coatings Market: The waterborne coatings application market is segmented into appliances, automotive, architectural, marine, packaging, wood, general industrial, and others.
Powder Coatings Market: Market size is expected to garner $15.0 billion by 2026, registering a CAGR of 5.4% during the forecast period 2019-2026.
Automotive Refinish Coatings Market: The market for automotive refinish coatings witnessed a significant growth due to various strategies adopted by the key market players.
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