Press release
Global Automotive Paints and Coatings Market Estimated to Gain $12.55 Billion in Revenue by 2028
AUTOMOTIVE PAINTS AND COATINGS MARKET
A recent study by Triton Market Research titled 'Global Automotive Paints & Coatings Market' contains Global Analysis and Forecasts by Product Type (Solvent-Borne, Waterborne, Other Coatings), Coat Type (Base Coat, Electro Coat, Clear Coat, Primer), Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), End-Users (Original Equipment Manufacturers (OEM), Automotive Refinish), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
Automotive paints and coatings consist of polyurethane-based enamel designed to offer protection and decoration to automotive parts.
Request a Free Sample of the Global Automotive Paints and Coatings Market Report @ https://www.tritonmarketresearch.com/reports/automotive-paints-and-coatings-market#request-free-sample
According to Triton's market report, the global automotive paints and coatings market is estimated to witness growth at a CAGR of 4.97% during the forecasted years 2022-2028, earning revenue worth $12.55 billion by 2028.
Environmentally friendly coatings are increasingly becoming popular post the pandemic. Now major companies are focusing on incorporating different types of pigments to enhance the life of their products. Moreover, the importance of sanitary car interiors and general hygiene & safety within the vehicle has escalated. Thus, there is strong demand for clean automobile interiors, stimulating the growth of the automotive paints and coatings market.
The emission of carbon dioxide in the automotive industry has been a serious issue. Also, the COVID-19 pandemic halted the production and supply chain of paints and coatings, which led to unimaged losses. Numerous industries also faced setbacks due to disruption of raw materials, unsatisfied market demand in logistics, demand fluctuations, and increased bankruptcy of SMEs. Non-availability or increased raw materials prices have also hindered production in the industry. All such issues have resulted in a significant decrease in demand for automotive paints and coatings, negatively impacting the market's growth.
The automotive paints and coatings market is segmented into product type, coat type, vehicle type, and end-users. The product type is sectioned into solvent-borne, waterborne, and other coatings. The coat type section includes a base coat, electro coat, clear coat, and primer. Likewise, the vehicle type segment is divided into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Lastly, the end-users section is branched into original equipment manufacturers (OEM) and automotive refinish.
Globally, the Asia-Pacific is the market leader in the automotive paints and coatings market, capturing the largest market share. The region stands out as one of the strong competitors in the market with countries like Japan, China, and South Korea. Moreover, the overall demand for commercial and passenger vehicles has gained significantly in Asia-Pacific. Such factors have driven the growth of the automotive paints and coatings market. Additionally, governmental support for adopting electric vehicles and tax benefits has increased the demand for automotive paints and coatings.
BASF SE, Akzo Nobel NV, Kansai Paint Co Ltd, PPG Industries Inc, Berger Paints Ltd, Sherwin Williams, Concept Paints, Valspar Corporation, KCC Corporation, KAPCI Coatings, HMG Paints Ltd, National Paints Factories Co Ltd, Red Spot Paint, and RPM International Inc are some of the leading companies in the automotive paints and coatings market.
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Question & Answer: Automotive Paints and Coatings Market
Question 1: Which factors are stimulating the growth of the automotive paints and coatings market?
Answer: Environmentally friendly coatings are increasingly becoming popular post the pandemic. Now major companies are focusing on incorporating different types of pigments to enhance the life of their products. Moreover, the importance of sanitary car interiors and general hygiene & safety within the vehicle has escalated. Thus, there is strong demand for clean automobile interiors, stimulating the growth of the automotive paints and coatings market.
Question 2: What factors are hampering the global automotive paints and coatings market's growth?
Answer: The emission of carbon dioxide in the automotive industry has been a serious issue. Also, the COVID-19 pandemic halted the production and supply chain of paints and coatings, which led to unimaged losses. Numerous industries also faced setbacks due to disruption of raw materials, unsatisfied market demand in logistics, demand fluctuations, and increased bankruptcy of SMEs. Non-availability or increased raw materials prices have also hindered production in the industry. All such issues have resulted in a significant decrease in demand for automotive paints and coatings, hampering the market's growth.
Question 3: Which region is the market leader in the automotive paints and coatings market?
Answer: Globally, the Asia-Pacific is the market leader in the automotive paints and coatings market, capturing the largest market share. The region stands out as one of the strong competitors in the market with countries like Japan, China, and South Korea. Moreover, the overall demand for commercial and passenger vehicles has gained significantly in Asia-Pacific. Such factors have driven the growth of the automotive paints and coatings market. Additionally, governmental support for adopting electric vehicles and tax benefits has increased the demand for automotive paints and coatings.
Question 4: Which are the leading companies in the automotive paints and coatings market?
Answer: BASF SE, Akzo Nobel NV, Kansai Paint Co Ltd, PPG Industries Inc, Berger Paints Ltd, Sherwin Williams, Concept Paints, Valspar Corporation, KCC Corporation, KAPCI Coatings, HMG Paints Ltd, National Paints Factories Co Ltd, Red Spot Paint, and RPM International Inc are some of the leading companies in the automotive paints and coatings market.
Related Report :
Global Paints & Coatings Market - https://www.tritonmarketresearch.com/reports/paints-and-coatings-market
The global paints & coatings market is estimated to grow in value during 2019-2027 at a CAGR of 5.34% and earn $229.71 billion in revenue by 2027.
The paints and coatings market has greatly benefitted the automotive industry by protecting against damages. Paints and coatings help enhance the life span of the products using binders made of synthetic polymers.
The demand for environmentally-friendly paints and coatings has risen across the automotive, aerospace, and marine sectors. Moreover, the marine and aerospace industries have contributed enormously to this market because of the extensive use of paints and coatings in numerous applications.
Vendors are developing paints and coatings which provide protection against corrosion, harsh weather, fungi, dampness, and other negative destruction. All these functional benefits have reflected the high demand for paints and coating.
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