June 12, 2019
Worldwide Automotive Coatings Market is projected to accrue around US $35.82 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Ascending demand for coating materials in the automotive sector on account of its benefits of safeguarding car paints from immense heat, dust, UV radiations, acid rain, etc., as well as its in-built characteristics of augmenting vehicle appearance, are the leading factors impelling the growth of the automotive coatings market worldwide. The automotive coatings are essentially utilized for coating the surfaces of automobiles, and these are also able to produce long-lasting surfaces in automobiles, thereby sufficing the needs of customers, maximizing efficiencies, beautifying appearances, and meeting the environmental regulations.
The key factors impacting automotive coatings market trends are decreasing costs of manufacturing, enhanced aesthetic features, buyer satisfaction through corrosion protection, and mitigating environmental concerns. According to the report, the introduction of new smart coatings has eliminated the problems of corrosion, durability and appearance of car topcoats to a great extent, and has made them seamlessly acceptable for a lifetime of any vehicle.
The emergence of the two-layer topcoats across the world, and the color, gloss, chip resistance, etc. offered by these products are highly functional in their initial seven to ten years of use. Hence, the benefits offered by these products are the key propellers for the growth of the global automotive coatings market.
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The latest study claims that the automotive coatings are recognized for their capacity to resist the severest of environmental assaults. By targeting specific customer expectations, maximizing the efficiencies, and compiling environmental regulations with the latest processes, the demand for these products can be escalated, cites the report.
Expounding the technology spectrum, the global automotive coatings market is bifurcated into water-borne, powder coating, solvent-borne, and other technologies. Based on the product landscape, the global market is segmented into clearcoat, primer, basecoat, and others. Speaking of the different resin types, the market is divided into epoxy, acrylic, polyurethane, and others.
The geographical landscape of the global automotive coatings market can be bifurcated into North America, Asia Pacific, Middle East & Africa, Latin America, and Europe. As per the regional analysis, the Asia Pacific region is slated to emerge as the biggest regional market by the year 2026. The established automobile manufacturing base in several nations of the region, coupled with the rising automobile production in India as well as other Southeast Asian countries, are the key factors propelling regional growth. Research & development projects undertaken by various industry participants and universities is another significant market driver in the region. Apart from this, a well-established base of automobile manufacturing in the United States, along with the flourishing automobile production market in Canada and Mexico, is poised to fuel the market expansion in the North American region.
The leading industry participants profiled in the report include DSM, Cabot Corporation, Jotun A/S, Solvay, Lord Corporation, Eastman Chemical Company, Berger Paints, AkzoNobel, Sherwin-Williams Company, Clariant AG, KCC Paint, Beckers Group, Valspar Corporation, PPG Industries, Nippon Paint, Bayer AG, Arkema SA, Kansai Paint, Axalta Coating Systems, and BASF among others.
The report further scrutinizes these market players, in view of their strong points, business tactics, and market performances. The company profiles of these players are documented in the study, alongside their business overview, product benchmarking, financials, and recent developments.