The increasing production of vehicles owing to the growing need from consumers from the emerging economies such as China, India and Other Countries, is the key factor for driving the Automotive Coatings Market growth
JERSEY CITY, N.J., April 28, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Automotive Coatings Market" By Resin Type (Acrylic, Epoxy, Polyurethane), By Coat-Type (Basecoat, Clearcoat, E-coat), By Technology (Solvent-Borne, Water-Borne, Powder Coating), and By Geography. According to Verified Market Research, the Global Automotive Coatings Market size was valued at USD 15.1 Billion in 2020 and is projected to reach USD 24.7 Billion by 2028, growing at a CAGR of 6.3% from 2021 to 2028.
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Browse in-depth TOC on "Automotive Coatings Market"
202 - Pages
126 - Tables
37 - Figures
Global Automotive Coatings Market Overview
The Global Automotive Coatings Market is driven by the increasing vehicle use and population, which is raising the per capita income. The per capita passenger car ownership is increasing globally and they are becoming one of the common modes of personal conveyance. The increasing production of vehicles due to the growing need from consumers is the factor for driving the market growth. In addition, the growing industrialization is propelling the demand for commercial vehicles, and rising adaption of the automotive coatings by end-users are the factors imposing a positive outlook on the market growth.
One of the drivers for the market is the growing demand for powder coatings. Powder coatings are a solvent-free method used for layering surfaces and do not release volatile organic compounds. They may witness a rise on account of environmental and economic benefits. Moreover, increasing demand for electric and hybrid vehicles in light of carbon emissions may fuel the industry size over the upcoming years.
Raw materials used for manufacturing coatings consist of pigments, additives, binders, and solvents. Volatile prices of titanium dioxide, which is one of the most commonly used raw materials may hamper growth. Moreover, difficulty in sourcing raw materials will serve as a challenge for manufacturers over the forecast period. Over 85% of the materials used in passenger cars are metallic. Almost every metal are coated to protect them from rust and degradation. The emergence of ultraviolet curing coating presents growth opportunities to the global Automotive Coatings Market.
Key Developments
- February 2020: Akzo Nobel signed a supply agreement with BMW Group to supply them with vehicle refinish products and services at 44 locations across the globe. The agreement approves the usage of Akzo Nobel's Sikkens and Lesonal Brand for paint repairs of BMW and Mini Cooper cars at authorized dealers and BMW Group branches.
Key Players
The major players in the market are Kansai Paint Co., Ltd, Axalta Coatings Systems LLC, PPG Industries, Inc., AkzoNobel N.V., BASF SE, Nippon Paint Holdings Co., Ltd., The Valspar Corporation, KCC Corporation, Arkema SA, Bayer AG, Solvay S.A., Sherwin-Williams, and Jotun A/S.
Verified Market Research has segmented the Global Automotive Coatings Market On the basis of Resin Type, Coat-Type, Technology, and Geography.
- Automotive Coatings Market, By Resin Type
- Acrylic
- Epoxy
- Polyurethane
- Others
- Automotive Coatings Market, By Coat-Type
- Basecoat
- Clearcoat
- E-coat
- Primer
- Automotive Coatings Market, By Technology
- Solvent-Borne
- Water-Borne
- Powder Coating
- Others
- Automotive Coatings Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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