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Automotive Coatings Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments | The Valspar Corporation, Solvay SA, Sherwin-Williams Company, Pittsburgh Plate Glass Company, Nippon Paint Automotive Coatings Co. Ltd
Automotive Coatings Global Market Report 2024
As per the report, the automotive coatings market size has grown strongly in recent years. It will grow from $20.22 billion in 2023 to $21.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The automotive coatings market size is expected to see strong growth in the next few years. It will grow to $30.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
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Lightweight Vehicles Fueling Growth In The Automotive Coatings Market
The increase in demand for lightweight vehicles is significantly contributing to the growth of the automotive coatings market. Stringent emission norms and the growing need for a reduction in fuel consumption have supported the demand for lightweight vehicles. The lightweight vehicle surfaces are coated with different types of coatings for protective as well as decorative purposes. Automotive coatings protect the automobile surface from corrosion as well as decrease the overall weight of vehicles. For instance, according to the National Automobile Dealers Association (NADA), a US-based automobile trade organization, in 2021, sales of new lightweight vehicles will have increased to 14.93 million units, up 3.1% from previous year. Therefore, the increase in demand for lightweight is expected to support the growth of the automotive coatings market going forward.
Strategic Collaborations Drive Progress In The Automotive Coatings Market
Strategic collaborations between companies have emerged as a key trend gaining popularity in the automotive coatings market. Companies in the automotive coating industry are undergoing various collaborations to develop new technologies and products. For instance, in March 2023, AkzoNobel N.V., a Netherlands-based paints and coatings company, announced a strategic partnership with a major automotive manufacturer to develop innovative coatings for electric vehicles.
The automotive coatings market covered in this report is segmented -
1) By Coat Type: Clearcoat, Basecoat, E-Coat, Primer
2) By Resin Type: Polyurethane, Epoxy, Acrylic
3) By Technology: Waterborne Coatings, Solventborne Coatings, Powder coatings, UV-Cured Coatings
4) By Substrate: Metal, Plastics
5) By End-Use: Light Vehicle OEM, Commercial OEM, Automotive Refinish
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Major companies operating in the automotive coatings market include The Valspar Corporation, Solvay SA, Sherwin-Williams Company, Pittsburgh Plate Glass Company, Nippon Paint Automotive Coatings Co. Ltd., Lord Corporation, Korea Chemical Co. Ltd., Kansai Paint Co. Ltd., Arkema SA, Eastman Chemical Co., Clariant AG, Cabot Corporation, Berger Paints India Limited, Becker Industrial Coatings LLC, Bayer AG, BASF SE, Axalta Coating Systems Ltd., Akzo Nobel N.V, The Sherwin-Williams Company, Bollig & Kemper GmbH & Co.KG, HMG Paints Limited, Jotun India Pvt. Ltd., Shanghai Kinlita Chemical Co. Ltd., Carpoly Chemical Group Co. Ltd., Kangnam Jevesco Co. Ltd., Mankiewicz India Private Limited, Shawcor Ltd., Samhwa Paints Industries Co. Ltd., Nihon Toksuhu Toryo Co. Ltd., National Paint Factories Pvt. Ltd., AvIan Ltd., Teknos Coatings And Paints Private Limited, Corporate Identification Number, Kelly-Moore Paints, Hempel AS, Deutsche Amphibolin-Werke von Robert Murjahn Stiftung & Co KG, Tiger Coatings GmbH & Co.
Contents of the report:
1. Executive Summary
2. Automotive Coatings Market Report Structure
3. Automotive Coatings Market Trends And Strategies
4. Automotive Coatings Market - Macro Economic Scenario
5. Automotive Coatings Market Size And Growth
…..
27. Automotive Coatings Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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