The research report titled “Automotive Coatings Market: Global Demand Analysis & Opportunity Outlook 2027” delivers the detailed overview of the global automotive coatings market on the basis of segmentation technology, segmentation substrate, segmentation resin, segmentation application and region.
Automotive coatings are the coatings are used for coating automotive vehicles concerning protection, durability and prevention from dust and corrosion. It offers excellent vehicle finish, gloss and surface hardness which makes them resistant to abrasion and impact of chemicals. It is used in automotive OEM and refinish.
The global automotive coatings market is anticipated to record a CAGR of approximately 7% over the forecast period i.e. 2019-2027.
On the basis of technology, the market is segmented into water-borne, solvent-borne, powered and UV-cured coatings; by substrate into metal, plastic, glass and composite; by resin into polyurethane, epoxy and acrylic and by application into automotive OEM and automotive refinish.
Based on regional analysis, the global automotive coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in Asia Pacific is projected to show a significant growth during the forecast period owing to urbanization, rapid industrialization and growth in economy in this region. Increased car sales in China in tandem with the growth of its developing economies, Asia Pacific is anticipated to be the most significant regional market for the automotive coatings.
The global automotive coatings market is showing a significant growth on account of increasing vehicle production. Rising population and income level are also expected to drive the growth of the market. Additionally, enhanced vehicle appearance and improved durability along with the resistance, these coatings provide against harsh environmental conditions such as, high temperature, UV light, corrosion and acid rain are among its superior chemical properties. Moreover, the use environment friendly water-borne and powder automotive coatings which do not lead to emission of any volatile organic compounds is also estimated to foster the growth of the market.
However, unpredictable prices of titanium dioxide, a major raw material used in production of automotive coatings is projected to impede the growth of the market. Automotive coatings market is also subjected to stringent regulatory framework to prevent severe environmental impact. One major policy in this regard includes “national volatile organic compound (VOC) emission standards for automobile refinish coatings pursuant to section 183(e) of the Clean Air Act (Act)”.
The market is highly competitive with major manufacturers involved in product development. Some major players in the market are PPG Industries, Axalta Coating Systems, The Sherwin Williams Company, Kansai Paint, BASF SE, Nippon Paint Automotive Coatings Co., Ltd. and others.
Furthermore, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risks, market attractiveness, BPS analysis, and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global automotive coatings market which includes company profiling of the major companies. The outlining enfolds key information of the companies which covers business overview, product and service offerings, key financials, and recent news and developments. As a whole, the report depicts detailed overview of the global automotive coatings market that is expected to help the industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.