Market Analysis
The global Automotive Coating Market is predicted to touch USD 25 billion at a favorable CAGR between 2020-2028, reveals the latest Market Research Future (MRFR) report. Automotive coatings help in decorating and protecting the car’s exterior and interior. Besides, it also helps in identifying a brand or personalizing a vehicle into a unique statement. Weatherability, durability, excellent finish, better clarity, and enhanced gloss, and also resistance to chemicals, impact, and abrasion are some of its fundamental characteristics.
Various factors are propelling the automotive coating market growth. These factors, according to the latest Market Research Future (MRFR) report, include favorable government initiatives, rising inclination to reduce maintenance costs, changing outlook of consumers on the protection of vehicles against environmental susceptibilities, and rising advancements in automotive coatings. Additional factors pushing market growth include increasing disposable income, rising purchasing power parity, demand for different texture and color, supportive policies and sales, increasing vehicle population, demand for passenger cars, and changing climatic conditions.
On the flip side, stringent regulations about VOC emissions and the high complexity of coatings application technique that needs a controlled environment and is time-consuming are factors that may deter the automotive coating market growth during the forecast period.
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Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the automotive coating market on the basis of resin type, technology, substrate, and product.
Based on the product, the automotive coating market is segmented into clearcoat, electrocoat, basecoat, primer, and others. Of these, the clearcoat segment will have the largest share in the market over the forecast period. Clearcoat does not convey any color to the car’s body yet provides just a transparent coat. This helps in protecting the basecoat against the sun, UV rays, and extreme environmental conditions.
Based on the substrate, the automotive coating market is segmented into composites, plastics, metal, and others.
Based on technology, the automotive coating market is segmented into radiation-curable, powder, solvent-borne, and water-borne. Of these, the water-borne segment will dominate the market over the forecast period owing to the plethora of benefits that it offers, such as greater heat resistance, excellent adhesion, low HAP emissions and VOC, and low flammability and toxicity.
Based on resin type, the automotive coating market is segmented into automotive, epoxy, polyurethane, and others.
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Regional Analysis
By region, the automotive coatings market report covers the latest trends and growth opportunities across North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa. Of these, the APAC region will remain the driving force in the market over the forecast period. Factors aiding the growth of the automotive coatings market in the region include rapid industrialization, rising consumer awareness regarding maintenance and protection of cars, increasing purchasing power of people, urbanization, and changing lifestyles. Malaysia, Japan, South Korea, China, and India are the chief contributors in the region.
The automotive coatings market in North America is predicted to have the second-largest share in the market over the forecast period. The US is the leading contributor in the region chiefly on account of the burgeoning demand for passenger cars.
The automotive coatings market in Europe is predicted to have a significant growth over the forecast period chiefly on account of key players having production facilities in this region. Belgium, Italy, Germany, France, and the UK are the chief contributors in this region. Moreover, Europe is home to a few largest automotive manufacturers in the world.
The automotive coatings market in Latin America and the MEA is predicted to have a substantial growth over the forecast period owing to increasing industrialization and stabilizing economic and political conditions.
Key Players
Major players profiled in the automotive coatings market report include Bayer AG (Germany), The Sherwin-Williams Company (US), Cabot Corporation (US), Koninklijke DSM NV (Netherlands), Clariant (Switzerland), Berger Paints India Limited (India), Arkema SA (France), The Valspar Corporation (US), PPG Industries, Inc. (US), Nippon Paint Holdings Co., Ltd. (Japan), Jotun (Norway), Akzo Nobel N.V. (Netherlands), Kansai Paint Co., Ltd (Japan), Axalta Coating Systems (US), and BASF SE (Germany).
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Industry News
October 2019: BASF has launched Hydropalat WE 3225, its latest silicone wetting agent that has been specially designed for use in automotive coatings, high-end water-based industrial coatings, and wood coatings that need good wood grain accentuation. The application can be extended to printing ink applications, as well.
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