Pune, India, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The global automotive coatings market size was valued at USD 20.02 billion in 2021 and is projected to reach a valuation of USD 21.75 billion in 2022. The market is expected to reach USD 41.87 billion by 2029 with a CAGR of 9.8% during the forecast period. Robust demand from the automotive industry and sustainable coatings development may elevate this market’s growth. Changing consumer preferneces for more aesthetic look and attractive automobiles is expected to boost market growth. Fortune Business Insights™ shares this information in its report titled “Automotive Coatings Market, 2022-2029.”
List of Key Players Profiled in the Report
- BASF SE (Germany)
- PPG Industries, Inc. (U.S.)
- Nippon Paint Holdings Co., Ltd. (Japan)
- AkzoNobel (Netherlands)
- The Sherwin-Williams Company (U.S.)
- Axalta Coating Systems, Ltd. (U.S.)
- ppg asianpaints (India)
- Kansai Paint Co., Ltd. (Japan)
- Kansai Nerolac Paints Limited (India)
- DSM (Netherlands)
Get a Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/automotive-coatings-market-102736
Automotive Coatings Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 9.8% |
| 2029 Value Projection | USD 41.87 Billion |
| Base Year | 2021 |
| Automotive Coatings Market Size in 2021 | USD 20.02 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 217 |
| Segments Covered | By Product Type, By Age- Group, By Distribution Channel, By Region |
| Automotive Coatings Market Growth Drivers | Increasing Demand from High-income Groups to Favor Growth |
| Rising Number of Wealthy Population to Boost Market Expansion |
Segmentation
Acrylic Resin Segment to Lead Due to Rising Popularity
By resin, the market is divided into polyurethane, epoxy, acrylic, and others. The acrylic segment is expected to dominate due to the rising popularity of new coatings models that have enhanced finishing and texture and manufacturers.
Waterborne Coatings Segment to Lead Owing to Environmental Friendliness And Easy To Use
As per technology, the industry is classified into waterborne coatings, solvent-borne coatings, powder coatings, and others. The waterborne coatings segment is expected to lead due to its environmental friendliness and ease to use as the water content is high.
Base Coat Segment to Dominate As It Offers Better Aesthetics
Based on coat type, the market is categorized into electro coat, primer, base coat, and clear coat. The base coat segment is expected to dominate due to more exterior aesthetics.
OEM Segment to Dominate Rising Urbanization
Based on application, the market is divided into OEM, refinish, and plastic parts. The OEM segment is expected to dominate due to rising urbanization, population growth, and rising per capita income.
Geographically, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/automotive-coatings-market-102736
Drivers and Restraints
Rising Automotive Refinishing Coatings Trends to Boost Industry Growth
Automotive coatings are utilized to decorate and shield automotive components from damage. It is used in numerous automobiles to improve performance and quality. Increasing automotive refinishing coatings trends may boost the adoption of automotive coatings. Further, the rising shift towards attractive, aesthetically beautiful vehicles may boost automotive coatings adoption. Moreover, the increasing adoption of the product with several colors and textures may boost the industry’s growth. Also, the emergence of autonomous and electric vehicles may elevate the demand for automotive coatings. These factors are likely to drive the automotive coatings market growth.
Regional Insights
Rising Adoption of Affordable Automobiles to Push Market Growth in the Asia Pacific
The market in Asia Pacific stood at USD 9.14 billion in 2021 and may gain a huge portion of the global automotive coatings market share in the upcoming years. The rising adoption of affordable automobiles is expected to enhance the industry’s growth.
Furthermore, the increasing adoption of passenger and commercial vehicles may boost the market’s progress.
In North America, strict norms for carbon emission reduction may enhance low-emission vehicle adoption.
Competitive Landscape
Prominent Companies Launch Novel Products to Enhance their Brand Image
The key players operating in the market launch novel products to enhance their brand image. For example, Axalta announced its next-generation basecoat technology in August 2022. The launch was targeted toward the automotive refinishing industry in Latin America. This strategy may also enable Axalta to enhance its brand image. Further, major players devise research and development, expansions, partnerships, acquisitions, industrial automation, and mergers to boost their market position worldwide.
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/automotive-coatings-market-102736
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Industry Developments - Policies, Partnerships, New Technology Launches, and Mergers & Acquisitions
- Porters Five Forces Analysis
- Insights on Regulatory Scenario
- Latest Technological Advancement
- Qualitative Insights – Impact of COVID-19 on Global Automotive Coatings Market
- Supply Chain Challenges
- Challenges & Opportunities in COVID-19 outbreak
- Steps Taken by Government/Companies to Overcome this Impact
TOC Continued…!
Get your Customized Research Report:
https://www.fortunebusinessinsights.com/enquiry/customization/automotive-coatings-market-102736
Key Industry Development
- May 2021- PPG acquired Worwag to offer added value to consumers and shareholders.
Read Related Insights:
Paints and Coatings Market Share, Industry Forecast 2029
Mirror Coatings Market Share, Industry Forecast 2028
Powder Coatings Market Share, Industry Forecast 2028
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
9th Floor, Icon Tower,
Baner - Mahalunge Road,
Baner, Pune-411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
