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3 trends enhancing the demand for automotive coatings market

Automotive Coatings Market

Automotive Coatings Market

The demand for low maintenance vehicles and the rising interest of consumers in vehicle customization will influence the development of automotive coatings. Increasing deployment of electric vehicles and self-driving cars along with shared mobility have led to significant sales and expansion of the automotive sector.

Vehicle coatings render protection against paint degradation and yellowing owing to exposure to ultraviolet (UV) rays/sunlight apart from offering superior resistance to oil, water, and chemicals, including salt present on roads. As per reports, the global automotive coatings market size is anticipated to reach an exponential growth rate through 2026.

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Scope for aesthetics and customization

Coating companies are implementing various automotive coatings technologies to counter wear and tear in vehicles resulting from excessive contact with outside elements. Furthermore, the coatings exhibit significant hardness and offer resistance from scratches and stone chips by catering to the rising needs of automobile manufacturers.

The increasing interest of vehicle owners to invest in maintaining the aesthetic appearance of their vehicles will add impetus to the overall market forecast. The Middle East and Africa automotive coatings industry is likely to record a 4.5% CAGR through 2026 considering the incessant need for low maintenance vehicles and the rising demand for automobile customization.

Continuous demand for primers

Electrocoats, primers, clearcoats, and basecoats are some of the major products identified in the overall automotive coatings industry. Annual revenue from primer products is likely to strike a significant growth rate through 2026 owing to the consistent consumption of durable, economical, and water-resistant coating materials.

Automotive coating suppliers are consistently focused on novel product developments and are adopting various business strategies to expand their sales and global presence. The ongoing coronavirus pandemic has paved way for multiple innovations to sustain market competition. For instance, PPG Industries extended its offering of automotive coatings in the Chinese market by unveiling a novel waterborne coating system comprising of primers and electrocoats, among other components.

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Latin America as a promising market

Latin America observes an intense automotive coatings production and is pegged to record significant revenue share in the next few years due to the surge in adoption of high-performance vehicles and the increasing appeal to adapt to sustainability. Mexico ranks among the leading manufacturers and exporters of automobiles in the
North America market.

More than 11% of the exports in the region accounted for vehicles in 2017. As per estimates, the country emerged as the 4th largest exporter of vehicles in the world as this region manufactures over 3.9 million automobiles and exhibited a surge of 6% in vehicle exports. These factors along with the prominent presence of some of the well-known locomotive manufacturing firms will outline the regional trends.

The World Economic Forum revealed that the global automotive industry will witness rapid transformation over the next few years with the rising appeal by ride-hailing firms, suppliers, tech giants, cities, and large mobility ecosystems to build a sustainable mobility infrastructure. Automotive protective coatings are widely adopted to offer excellent color and gloss retention specifically in a longer duration of the display.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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