A recent report published by
Infinium Global Research on the automotive paints and coatings market provides an in-depth analysis of segments and sub-segments in the global as well as
regional automotive paints and coatings market. The study also highlights the impact
of drivers, restraints, and macro indicators on the global and regional
automotive paints and coatings market over the short term as well as long term.
The report is a comprehensive presentation of trends, forecasts, and dollar
values of the global automotive paints and coatings market. According to the
report, the global automotive paints and coatings market is projected to grow
at a CAGR of about 5.50% over the forecast period of 2022-2028.
The global automotive paints and
coatings market was valued at nearly USD 16 Billion in 2022 and is expected to
reach over USD 22 Billion in 2028, with a CAGR of about 5.50% during the
forecast period. Automotive paints & coatings help to guard the automotive
parts and vehicles against corrosion and wear and tear from the harsh
atmospheric conditions. The rising adoption of eco-friendly paints and coatings
because of stringent government regulations for gas emissions and environmental
concerns associated with the paint & coating manufacturing process is
anticipated to drive the automotive paints and coatings market within the
forecast period. Rising vehicle production including rising consumer preference
toward dual-color alternatives is driving the market share. Industry players
are investing in technologies and finishes to convey customers’ alternatives
for customizing their vehicles. Additionally, scratch resistance together with
improved gloss finishing and corrosion resistance is gaining significant
traction within the market.
Shifting the preference of
consumers towards attractive textures and improved aesthetic appearance of the
vehicles drives the worldwide automotive paints and coatings market growth. At
present, significant benefits offered by paints & coatings like UV
protection and color retention are gaining high popularity. The introduction of
diverse exterior reminder vehicles and coating solutions has provided the significant potential for market growth. Additionally, continuous engagement of
industry participants in developing the most recent and most cost-effective
coating & paints solutions is projected to fuel the market growth within
the coming years. Furthermore, the rising production of economic and passenger
vehicles is predicted to proliferate the paints & coatings demand during
the forecast period. As per statistics provided by the global organization of
motorized vehicle Manufacturers (OICA) in 2019, total vehicle production across
the planet was 91.78 million out of which 24.64 million were commercial and
67.15 million were passenger vehicles. However, a rise in vehicle safety
solutions has reduced the number of accidents, thus restricting the expansion
of the automotive paints and coatings market.
The outbreak of COVID-19 brought a
negative impact on the automotive paints and coatings market share because of
the imposition of lockdown. The spread of COVID-19 has severely affected the automotive
paints and coatings market across the globe. COVID-19 pandemic affected the
global automotive paints & coatings by hindering production and demand,
disrupting the supply chain, and by its impact on firms and the financial
markets. The demand for coating resin has decreased from the end-users. The
COVID19 pandemic has severely affected the revenue of end-user industries.
Several end-users have stopped their production or closed their production
unit. The shortage of raw materials is another major challenge faced by the
industry during the pandemic.
Based on the region, the worldwide
automotive paints and coatings market is segmented into the Asia Pacific, North
America, Europe, and the Middle East & Africa. Among the regions, North
America holds the largest share of the worldwide automotive paints and coatings
market. The US accounts for the high demand for automotive paints and coatings
as a result of the presence of top automobile manufacturers, including Ford and
Toyota. Further, the rising demand for vehicles is another factor supporting
the market's robust growth. The govt. incentives and open investment policy
have increased the adoption of automotive, widening the scope and development
of the automotive paints and coatings market within the Europe region. However,
The Asia Pacific region is anticipated to dominate the expansion of the market
during the forecast period. The expansion is attributed to the increasing
automotive production and developing economies within the region.
The report on the global automotive
paints and coatings market covers segments such as coat type, technology, and
vehicle type. On the basis of coat type, the sub-markets include solvent-borne,
water-borne, and others. On the basis of technology, the sub-markets include
base coat, electro coat, clear coat, and primer. On the basis of vehicle type,
the sub-markets include passenger cars, light commercial vehicles, and heavy
commercial vehicles.
The report provides profiles of
the companies in the market such as PPG Industries, Inc, AkzoNobel N.V., BASF
SE, Axalta Coating Systems, Bayer, Cabot Corp., Donglai Coating Technology Co.,
Ltd., Eastman, Feidal Coatings, and Nippon Paint Holdings Co., Ltd.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the automotive paints and coatings market. Moreover, the study
highlights current market trends and provides forecasts for 2022-2028. We also
have highlighted future trends in the market that will affect the demand during
the forecast period. Moreover, the competitive analysis given in each regional
market brings an insight into the market share of the leading players.
Please Choose One of them.