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2023 BY; Automotive Coatings Market, New Research Objectives, Scope Of The Study, Business Structure, Industry Technology, Growth Drivers, Impact Analysis, Company Challenges Key Players and more Analysis by MRFR
Automotive Coatings Market Introduction:
Automotive Coatings market is expected to reach US$ 18.2 Billion at the end of the forecasted period and is expected to grow at CAGR of more than 8% from 2016 to 2023.
Automotive refinishing industry is growing significantly due to rising vehicle collisions along with proneness of consumer to repair vehicles are expected to augment the market growth. Primer, basecoat, and E-coat are trending in the market owing to its superior properties. Basecoat is expected to dominate in the market as they are capable to provide desired color and aesthetics to automobiles. E-coat or electric coat is expected to grow at considerable market share over the forecast period. This is due to equal deposition of coating on metal part with high operation speed.
Automotive coatings are dominated by Asia Pacific region owing to rising production of vehicle along with increasing consumer preference for domestic transport. Changing trend of lightweight components in vehicle parts in order to improve fuel efficiency in various regions is expected to complement demand growth. China witnessed strong growth owing to large production base and economic labor. Moreover, countries like Japan, India and South Korea are leading countries in automotive industries and manufacturer are relocating base owing to lenient government regulations and easy availability of resources.
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Automotive Coatings Market Trends:
Automotive coatings industry is witnessing significant growth on account of its properties such as excellent UV radiation, extreme temperature resistance and durability. Automotive coatings produced based on technology as water borne and solvent borne. The future of automotive coating industry is based on water borne automobile coatings. Water borne automotive coatings has replaced the solvent borne coatings owing to low volatile organic content (VOC) emission and possess resistance to heat and abrasion. Moreover, cost advantage and excellent chemical and physical properties over solvent based coatings is anticipated to drive the water based automobile coating market.
Automotive Coatings Market Highlights:
Over the past few years, the global market has witnessed a phenomenal growth due to increasing demand of automotive coatings. This has bring out a higher growth rate of the global automotive coatings market at the end of forecasted period. As per the market analysis, different factors have driven the market for automotive coatings continuous increase in the number of vehicles, growing automotive as well as transportation industry, technological advancement and others.
Automotive Coatings Market Key Players:
The prominent players in the global automotive coating market are BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Paint Co.,Ltd.. (Japan), Akzo Nobel N.V. (Netherlands), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Valspar Corporation (U.S.), Arkema SA (France), Berger Paints India Limited (India), Clariant (Switzerland), Koninklijke DSM N.V. (Netherlands), Cabot Corporation (U.S.), The Sherwin-Williams Company (U.S.), and Bayer AG (Germany).
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Automotive Coatings Market Regional Analysis:
Automotive coatings market has been studied with respect to five regions - North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is the largest market on account of the rapid industrialization in the region during recent years. India, China, South Korea, Japan, and Malaysia are the major contributors to the growth of this regional market. The factors driving market growth in the region are growing urbanization, changing lifestyles, increasing purchasing power of people, and rising consumer awareness in favor of the protection and maintenance of vehicles. North America is the second-largest global automotive coatings market. The U.S is the largest market in this region due to the growing demand for passenger cars in the country. Europe is another important region in the global automotive coatings market. The U.K., France, Germany, Italy, and Belgium are the major contributors to this regional market.
Automotive Coatings Market Competitive Analysis:
Automotive coatings market is fragmented market with tier 1 and tier 2 players dominating the overall market. The key strategies adopted by key players are expansion, collaborations or partnerships, acquisition and product launch. In order to meet regulations, set by various bodies of respective regions, manufacturer is entering into agreement with raw material supplier to reduce the cost. Auto manufacturers are focusing more on performance of vehicle by lowering of greenhouse gases with significant reduction in weight of vehicle. In highly competitive market, companies are investing more in innovations and brand building thereby, fostering the strong relationship with customer.
Automotive Coatings Market Intended Audience:
Automotive coating manufacturers
Traders and distributors of automotive coating
Research and development institutes
Potential investors
Raw material suppliers
Nationalized laboratories
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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