Wilmington, Delaware , April 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Automotive Coatings Market By Resin Type (Epoxy, Acrylic, Polyurethane, and Others), Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), and Technology (Solvent-Borne, Water-Borne, Powder Coating, and UV Cured Coatings): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global automotive coatings industry generated $18.8 billion in 2022 and is estimated to reach $37.4 billion by 2032, witnessing a CAGR of 7.2% from 2023 to 2032.
Prime determinants of growth
Emerging economies, particularly in Asia-Pacific, have witnessed significant growth in vehicle ownership and production. These regions contribute significantly to the growth of the automotive coating market due to increased vehicle usage. The growth of quick lube centers and vehicle maintenance services has made it convenient for vehicle owners to get regular oil changes and lubricant replacements, driving demand for coatings. In the coming years, it is expected that this will offer various opportunities for the market for automotive coatings.
Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/2031
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $18.8 Billion |
| Market Size In 2032 | $37.4 Billion |
| CAGR | 7.2% |
| No. Of Pages In Report | 400 |
| Segments Covered | Resin Type, Vehicle Type, Technology, And Region. |
| Drivers | Robust Use Of Automotive Coating In The Automotive Industry Advancements In Technology And High Production Of Vehicles |
| Opportunities | Development Of Automotive Coatings And Refinishing And Emerging Markets |
| Restraints | Rise In Health Concern And Environmental Impact |
The acrylic resin type segment to maintain its leadership status throughout the forecast period
By resin type, the acrylic resin type segment held the highest market share in 2022, accounting for more than two-fifths of the global automotive coatings market revenue and is estimated to maintain its leadership status throughout the forecast period. Acrylic-based coatings are used to provide an excellent topping to metal. This is expected to boost the demand for solvent-based acrylic coatings in the automotive industry. In addition, acrylic coatings are used for general protection from dirt and grime in both indoor and outdoor applications and they tend to form a thin protecting layer on concrete due to which it is widely used in commercial buildings, residential, and non-residential sectors. This is anticipated to increase the sales of solvent-based concrete sealers; thus, creating remunerative opportunities for the market. However, the epoxy segment is projected to manifest the highest CAGR of 7.3% from 2023 to 2032.
The passenger vehicle type segment to maintain its lead position during the forecast period
By vehicle type, the passenger vehicle segment accounted for the largest share in 2022, contributing to half of the global automotive coatings market revenue, and is estimated to maintain its leadership status throughout the forecast period. Development and improvement of road networks, highways, and transportation infrastructure contribute to the convenience and accessibility of passenger cars. Better infrastructure encourages car ownership and usage. Passenger cars offer convenience and flexibility, allowing individuals and families to travel comfortably and at their own pace. This is especially important as people seek to balance work, leisure, and family needs. Automotive coatings are used to protect frame components, interior, and exterior parts. These factors are anticipated to drive the market demand during the forecast period.
Procure Complete Report (376 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3xGiFu5
The water-borne technology segment to maintain its lead position during the forecast period
By technology, the water-borne segment accounted for the largest share in 2022, contributing to half of the global automotive coatings market revenue, and is estimated to maintain its leadership status throughout the forecast period. The utilization of water-based epoxy coatings for interior concrete sealing, do-it-yourself (DIY) projects, waterproofing, wall coating, and other applications is the major key market trend in the global market. The growing population has surged the building & construction activities in both developed and developing economies, wherein water-based epoxy coatings are widely used as a protective membrane to prevent rising damps in floors. For instance, according to a report published by the U.S. Census Bureau, the value of construction in 2021 was $1,589.0 billion, which is 8.2% above the $1,469.2 billion spent in 2020. These factors are anticipated to drive the market demand during the forecast period.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the automotive coatings market revenue and is estimated to maintain its leadership status throughout the forecast period. Government initiatives and policies to support the automotive industry and related sectors contribute to market growth. For example, incentives for electric vehicles (EVs) and the development of smart and connected vehicles drive the demand for specialized coatings. Japanese consumers place a high value on quality and aesthetics in their vehicles. The demand for coatings that offer premium finishes and customization options aligns with consumer preferences in the Japanese market. In the Indian market, there is often a preference for cost-effective solutions.
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/automotive-coatings-market/purchase-options
Leading Market Players: -
- Arkema
- AkzoNobel
- PPG Industries Inc
- Solvay
- Clariant AG
- Nippon Paint Holdings Co., Ltd
- Kansai Paints Co. Ltd
- Axalta Coating Systems LLC.
- BASF India Ltd
- Cabot Corporation
- Beckers Group AB.
The report provides a detailed analysis of these key players in the global automotive coatings market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Blog: https://www.newsguards.com/
Follow Us on | Facebook | LinkedIn | YouTube |
