Hygienic Automotive Interiors' Increased Demand Strengthens the Global Automotive Paints & Coatings Market Growth

Inkwood Research predicts that the Global Automotive Paints & Coatings Market is evaluated to record a CAGR of 4.83% in terms of revenue during the forecasted period of 2021-2028.
"Browse 94 Market Data Tables and 51 Figures spread over 248 Pages, along with an in-depth TOC on the Global Automotive Paints & Coatings Market Forecast 2021-2028."

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Automotive paint is utilized in vehicles for decoration as well as protection. It constitutes polyurethane-based enamel that protects the substrate from different elements. Conversely, automotive coatings are used for coating automotive surfaces, thus providing long-lasting surfaces that exceed or meet customer expectations in terms of environmental compliance, efficiency, and aesthetics.

Rising Demand for Hygienic Automotive Interiors to Facilitate Market Growth
Previously, car interiors had to be appealing, comfortable, and pleasant to touch. However, the COVID-19 pandemic has augmented the need for general hygiene as well as safety in vehicles, predominantly against harmful germs and bacteria. The novel coronavirus outbreak has also changed mobility, in addition to the sense of comfort and safety in automobiles. Moreover, the willingness of car users to invest in solutions that battle pathogens on the interior surfaces and in-cabin air is surging. The robust demand for clean automobile interiors, in private vehicles and across all future mobility ideas, has further accentuated the need for automakers to cater to users' concerns
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Original Equipment Manufacturers (OEM) is the Leading End-User
Original Equipment Manufacturers (OEMs) are characterized as the original manufacturer of a vehicle's components. As a result, OEM car parts are identical to the components utilized during vehicle production. Ford, Volkswagen, Toyota, The Suzuki Motor Corporation, General Motors (GM), and Renault are some of the top OEMs globally. In addition, companies like PPG Industries, The Sherwin-Williams Co, AkzoNobel, RPM International Inc, Axalta Coating Systems, and Nippon Paint Holdings Co, among others, provide vehicle OEMs with automotive paints & coatings.

North America to be the Fastest-Growing Region
The market growth in North America is ascribed to key factors such as the augmenting demand for vehicles, the prevalence of government incentives as well as open investment policies, and the well-established presence of leading automobile manufacturers. However, the regional market's growth may be restrained by high raw material prices and stringent regulations.
Firms with undifferentiated products, in addition to more comprehensive product portfolios, lead to intense competition across the global market. Several companies also form joint ventures for capturing new markets. For example, Berger Paints Ltd entered into an agreement with Rock Paint Co Ltd (Rock Paint), Japan, in 2018 to form a joint venture to sell automotive paints in Nepal as well as India. Therefore, the industrial rivalry is expected to be high in the global automotive paints & coatings market during the forecasted years.
Key companies in the market include Berger Paints Ltd, BASF SE, HMG Paints Ltd, etc.

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