Global automotive coatings market size driven by strong vehicle production indicators.
Global Market Insights, Inc. has released a new study based report on the Global Automotive Coatings Market size, projected to hit USD 28.3 billion by 2022. The report is a comprehensive analysis of market size and growth prospects. It offers strategic analysis of the factors influencing the market, including drivers, impediments, challenges and opportunities and emerging industry trends.
Growing consumer preference to enhance the aesthetic appeal and durability is expected to drive the demand. Moreover, growing demand to protect the vehicle from acid rain, UV radiation, foreign particles and extreme temperature conditions is likely to further the market size. Vehicle manufacturers are now focusing on producing aesthetically appealing vehicles. This further boosts the industry growth.
Solventborne automotive coatings market size predicted to experience sluggish growth due to strict norms over VOC emission in the atmosphere. The waterborne segment is tipped to exhibit high gains at above 5% in the next few years. The growth is attributed to factors like low flammability, air emission reduction, and less toxicity.
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The majority of the materials used in passenger cars is metallic. The coating is essential to protect them from degradation and rust. The report segments the automotive coatings market trends by application, product, technology, end-use, and region.
Light vehicle automotive OEM coatings market size is anticipated to experience significant growth shortly. The increase is attributed to the increasing demand for a vehicle with cutting-edge features including pre-collision technology, automatic light, and GPS tracking. Automotive refinish market segment is poised to witness high growth rates at over 4.5% during the predicted time frame.
Metal applications dominated the sector and are likely to continue the trend. Plastic based automotive coatings segment is expected to register noteworthy growth rate. Increasing demand for lightweight vehicle production to lower emissions and improve fuel efficiency is anticipated to impact the demand positively.
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APAC, majorly driven by China is set to register growth by 2022. Latin America, led by Brazil market segment, is projected to foresee substantial growth in the next few years. MEA market segment is anticipated to experience average gains over the predicted time frame.
The report features the competitive landscape of the automotive coatings market. Key trends, company profiles, business strategies, finance metrics are listed in the report with market evaluation and forecasts. Major participants in the consolidated market include PPG Industries, BASF, Nippon Paint, Axalta Coating Systems, AkzoNobel, and Kansai Paints.
Sherwin-Williams, Berger Paints, KCC Paint, Arkema SA, Valspar Corporation, Beckers Group, Cabot Corporation, Clariant AG, Eastman Chemical Company, Lord Corporation, Solvay SA and DSM are other prominent names in the industry. BASF is expanding automotive coating production in Thailand.