Automotive Paints & Coatings Market Report, Growth Forecast, Industry statistics Till 2026
Automotive Paints & Coatings Market to value $16 Billion by 2026. The market has witnessed advancements due to strict fuel emission regulations with regards to the manufacturing processes, paint products, and the industry’s carbon footprint. For example, surface pre-treatment of metal, that requires the application of paints and coatings on the surface to increase the adhesion of paints and coatings coupled with corrosion resistance.
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The rapid adoption of light commercial vehicles worldwide primarily to transport goods and mass measured in tons from one place to another. As per the International Organization of Motor Vehicle Manufacturers, light commercial vehicles are categorized as special vehicles, that are defined as the gross vehicle weight. Reportedly, auto paints & coatings sector share from light commercial vehicle could showcase growth of more than 3.5% CAGR over the coming years.
The Automotive Paints & Coatings Market from aftermarket segment will witness around 6% CAGR through the analysis timeframe. The constant moving of consumer focus towards more cost-effective products with improved quality as well as durability will fuel the demand for aftermarket sector over the projected period. Rising number of service centers and auto body shops for repairing automotive and refinishing services will further intensify product penetration.
With respect to technology, the water-borne process has gained considerable recognition as they offer various benefits. The most important advantage includes that it does not cause any harm to the environment.
Moreover, water-borne paints and coatings have more coverage when compared to solvent-based paints due to their higher solid contents that help them cover a vehicle more efficiently and spend less time applying the paint. Water-borne paints are readily available as many automobile companies are needed to use water-borne paints by law that means it is easily available in auto body paint shops.
The positive growth trends in the automotive paints & coatings market is attributed to the increasing demand for vehicles in both developed as well as developing nations due to the improvement in disposable income among the people. Moreover, the changing consumer preference towards innovative paint textures as well as enhanced aesthetic appearance for vehicles has supported expansion in the industry.
Europe industry-scape is anticipated to hold approximately 15% of the overall market share by the end of the forecast time period. Automotive sales and vehicle registration are increasing at a steady pace in the region due to improving regional economy, effectively underlining customer confidence.
The industry players in the region are constantly focusing on investing in the development of new and improved paints as well as coatings products to address escalating customer demands. These activities are further expected to outline the growth graph of the regional market.
The key players operating in the automotive paints & coatings market are Akzo Nobel N.V., BASF SE., Covestro, The Valspar Corporation, Axalta Coating Systems, KCC Corporation, Clariant AG., Dupont, Eastman, Nippon Paint Holdings, PPG Industries, Inc., Donglai Coating, Wanda refinish. These industry players are well-known for constantly focusing on the development of new products and taking multiple strategic initiatives to maintain their position in the overall business scape.
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Data Tables
TABLE 1 Automotive paints & coatings market industry 360° synopsis, 2016 – 2026
TABLE 2 Automotive paints & coatings industry estimates and forecast, 2016 – 2026, (Million Liters) (USD Million)
TABLE 3 Automotive paints & coatings industry estimates and forecast by vehicle, 2016 – 2026 (Million Liters)
TABLE 4 Automotive paints & coatings market estimates and forecast by vehicle, 2016 – 2026 (USD Million)
TABLE 5 Automotive paints & coatings industry volume estimates and forecast by coating type, 2016 – 2026 (Million Liters)
TABLE 6 Automotive paints & coatings industry revenue estimates and forecast by coating type, 2016 – 2026 (USD Million)
TABLE 7 Automotive paints & coatings market volume estimates and forecast by technology, 2016 – 2026 (Million Liters)
TABLE 8 Automotive paints & coatings industry revenue estimates and forecast by technology, 2016 – 2026 (USD Million)
TABLE 9 Automotive paints & coatings industry volume estimates and forecast by texture, 2016 – 2026 (Million Liters)
TABLE 10 Automotive paints & coatings market revenue estimates and forecast by texture, 2016 – 2026 (USD Million)
TABLE 11 Automotive paints & coatings industry volume estimates and forecast by distribution channel, 2016 – 2026 (Million Liters)
TABLE 12 Automotive paints & coatings market revenue estimates and forecast by distribution channel, 2016 – 2026 (USD Million)
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