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Automotive Coatings Market is Projected to Reach USD 26.7 billion in 2029, from USD 15.8 billion in 2021, registering a CAGR of 6.8% | Size & Forecast Report
Automotive Coatings Market
The Automotive Coatings Market was valued USD 15.8 billion in 2021, and projected to reach USD 26.7 billion in 2029, expanding at a CAGR of 6.8% during 2022-2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/automotive-coatings-market-size-analysis-industry-research/
The factors driving the growth of Automotive Coatings Market includes increase in the production of automobile around the world, growing consumers preference for aesthetic and attractive vehicles, rise in the sales of electric vehicles, improvements in the living standards and growing emphasis on reducing carbon emissions. According to the report published by Statista, the Global Electric Vehicles Market was calculated around USD 163.01 billion in 2020 and is estimated to reach USD 823.75 billion by 2030, growing at a CAGR of 18.3% over the forecast period (2021-2030), which will accelerate the Global Automotive Coatings Market in approaching years. Moreover, increasing adoption of advanced technologies in the automotive industry such as Artificial Intelligence (AI) and Data Analytics, rising popularity of driverless cars and growing focus on developing cost-effective coating solutions, are some of the additional factors supplementing the Automotive Coatings Market size. In addition, the increasing investments by major corporations on research and development, rising disposable incomes, improvements in the living standards and rapid urbanization, are further contributing towards the market growth.
However, growth of the Automotive Coatings Market is hindered due to variations in the prices of raw materials.
The leading players operating in the market are Covestro AG, KCC CORPORATION, Valspar Automotive, AXALTA, BASF, PPG Industries, Kansai Paint Co., Ltd., Akzo Nobel N.V., NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD., and The Sherwin-Williams Company, among others.
Based on Coal Type, the Electrocoat segment is predicted to grow at a significant CAGR during the forecast period
Electrocoating enhances speed operation, provides uniform coating, and is increasingly used in variety of materials, are some of the factors responsible for the segment's growth.
Based on Technology, the Powder Coating segment is projected to capture the largest market share over the forecast period
Powder coating technology protects harmful chemicals, resistance to corrosion along with its environment friendly properties, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
Presence of the eliding players such as Kansai Paint Co., Ltd, NIPPON PAINT AUTOMOTIVE COATINGS CO., LTD and BASF, Government policies promoting manufacturing of automobiles, increasing per capita income and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
In 2020, BASF and Jaguar Land Rover entered signed an agreement with Glasurit and R-M, to support the development and implementation of JLR's Global Body & Paint Programme which include16 countries and markets in the APAC region.
Market Segmentation
Segmentation by Coat Type
Electrocoat
Primer
Basecoat
Clearcoat
Segmentation by Technology
Water borne Coating
Solvent borne Coating
Powder Coating
UV-cured coating
Segmentation by Resin Type
Polyrethane
Epoxy
Acrylic
Others
Segmentation by Application
OEM
Refinish
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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