Automotive coatings enhance the appearance and durability of a vehicle and also protect it from extreme temperature, UV radiation, foreign particles, and acid rain. Increasing consumer preference is a key factor driving the global automotive coatings market, which is anticipated to witness healthy growth over the forecast period.
The research report studies the overall automotive coatings market by segmenting it on the basis of several parameters such as coat type, texture, technology, vehicle type, and geography. By texture, the automotive coatings market is bifurcated into solid and metallic. By coat type, the market is divided into primer, clearcoat, electrocoat, and basecoat. By technology, the automotive coatings market is segmented into waterborne, solvent-borne, and powder coating. By region, the automotive coatings automotive coatings market is fragmented into Europe, Asia Pacific, North America, and Rest of the World.
The report offers a comprehensive, well-researched, unbiased, and accurate overview of the global automotive coatings market, along with focus on key aspects such as structure, components, growth drivers and restraints, market attractiveness, strengths and weaknesses, value and industry chain, scope, and dynamics.
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Overview of the Automotive Coatings Market
The global automotive coatings market is projected to develop at a healthy growth rate during the forecast period owing to increased competition among players, growing demand for vehicles, supportive government policies, development of transportation infrastructure, and rapid economic growth. Ongoing product development and rising research and development investments are likely to boost the demand for automotive coatings in the coming years. However, volatile nature of raw material prices and harmful environmental impact of conventional solvent-borne coatings threaten to limit the growth of the automotive coatings market.
Solvent-borne is the leading technology segment within the automotive coatings market but is projected to lose market share in the next few years owing to environmental hazards. Basecoat makes up for the largest coat-type segment and is likely to witness significant development by the end of the forecast period.
Asia Pacific accounts for the largest share of the automotive coatings market owing to large demand and production of automobiles, rising number of joint ventures among key players, and favorable political and economic scenario. Even though Europe is presently the second-largest automotive coatings market in the world, North America is predicted to surpass it in the coming years owing to a significant boost in the production of vehicles. While the major challenge that Europe and North America face is economic slowdown, both the regions are anticipated to benefit from stringent environmental regulations that drive the demand for powder coatings and waterborne coatings.
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Companies Mentioned in the Report
There are several players competing in the global automotive coatings market: BASF SE, PPG Industries Inc., Kansai Paint Co., Ltd., Bayer AG, Solvay SA, Akzonobel N.V., Axalta Coatings System LLC, Arkema SA, Nippon Paint Holdings Co., Ltd., and Valspar Corporation. The research report identifies the leading players and profiles them based on aspects such as company and financial overview, product portfolio, recent developments, business strategies, and SWOT analysis.
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