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Automotive Coatings Global Market Analysis, Trends, Growth, Research And Forecast 2033
Automotive Coatings Global Market Analysis
According to The Business Research Company's, The automotive switch market size has grown strongly in recent years. It will grow from $21.65 billion in 2023 to $23.75 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increase in vehicle production, safety regulations, growth in the electric vehicle (ev) market, aging vehicle fleet, rapid urbanization.
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Market Drivers and Trends:
The increased sales of commercial vehicles is expected to drive the growth of automotive switch market. Commercial vehicle refers to any motorized vehicle utilized for the transportation of goods or the carriage of fare-paying passengers. Automotive switches are extensively used in commercial vehicles for a variety of functions that contribute to safety, convenience, and overall vehicle operation. For instance, in December 2021 according to International Organization of Motor Vehicle Manufacturers, a France-based trade association, in 2021, commercial vehicle sales in Argentina surged by a remarkable 69%, whereas Austria experienced a more modest 9% uptick in such sales. Therefore, the increased sales of commercial vehicles is expected to propel the growth of automotive switches market going forward.
Major companies operating in the automotive switch market are developing innovative products such as SPVQ8H Series to meet the growing demand for automotive consumers. The SPVQ8 Series switches are exceptionally small, designed to be waterproof, and come with an internal resistor. They are rated for a maximum of 0.1A at 12V DC and feature an operating force of Push: 1±0.5N and Actuator: 3N at most. For instance, in March 2021 Alps Alpine Co., Ltd., a Japan-based electronic company announced the launch of new SPVQ8H Series. These diminutive detector switches are recognized as some of the tiniest in the sector and are accessible in a wide array of options. Both the SPVQ3 and SPVQ8 series comprise waterproof detector switches suitable for deployment across diverse applications, encompassing automotive, industrial, and consumer electronics.
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Major Key Players of the Market:
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.
Automotive Coatings Market 2024 Key Insights:
• The automotive coatings market size is expected to grow to $30.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Increased Global Automobile Production Fuels The Automotive Coatings Market
• Nanotechnology-Based Innovations Meeting Market Demands
• Asia-Pacific was the largest region in the automotive coatings market in 2023.
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