The automotive coatings market size is expected to reach USD 25.98 billion by 2028 according to a new study by Polaris Market Research. The report “Automotive Coatings Market Share, Size, Trends, Industry Analysis Report, By Technology (Water-Borne, Solvent-Borne, Powder Coating); By Product Type (Primer, Clearcoat, Basecoat); By Resin; By Region; Segment Forecast, 2021 - 2028” provides an extensive analysis of present market dynamics and predicted future trends.
The industry is driven by growing application as blockades to car paints from thrilling acid rains, heat, UV radiations, and dust accompanied by feature of improving automobile appearance. Customer’s expectations for efficiency maximization, appealing appearance and compliance with environmental regulations are demonstration of the modernistic machineries that are used in production of products and upgraded processes, thereby creating long lasting surfaces of vehicles.
Currently, this industry is intensified by its reduction in manufacturing cost, bringing consumer satisfaction by offering corrosion protection and improving visual features, as well as justifying environmental anxieties. The initiation of the novel smart coatings has eased the concern of car topcoats appearance, corrosion, and durability, thereby making them long lasting.
The global advent of two-layer topcoats and the color, gloss, and chip confrontation presented by innovative products remains practical in initial seven to ten years of usage. These factors are anticipated to boost the automotive coatings market growth.
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The adoption of novel products challenges the boundless ecological concern. Aiming at precise expectations of buyers, as well as efficiency maximization and environmental regulations compliance within the advanced processes, are predicted to supplement the industry demand of these products.
By 2028, Asia Pacific region is projected to appear as the largest industry worldwide. The presence of a recognized automobile production base in numerous APAC nations along with rising automobile manufacture in India and other Southeast Asian realms are driving the industry. Several R&D Investments by large industry players along with institutes have also augmented the development of high-performance automotive coating materials industry in this region.
Furthermore, the North American industry is driven and dominated by U.S. owing to well settled manufacturing of automobiles. However, with growing production of vehicles in Canada and Mexico, the market is likely to have increasing demand of these products.
Some of the leading industry participants in this category of coating production globally includes Jotun A/S, Solvay, DSM, Eastman Chemical Company, Lord Corporation, Clariant AG, Cabot Corporation, Berger Paints, BASF, Arkema SA, Sherwin-Williams Company, AkzoNobel, Valspar Corporation, KCC Paint, Bayer AG, Beckers Group, Nippon Paint, PPG Industries, Kansai Paint, and Axalta Coating Systems.
Polaris Market Research has segmented the global automotive coatings market on the basis of technology, product, resin, and region:
Automotive Coatings Technology Outlook (Revenue in USD Billion, 2016 - 2028)
Automotive Coatings Product Outlook (Revenue in USD Billion, 2016 - 2028)
Automotive Coatings Resin Outlook (Revenue in USD Billion, 2016 - 2028)
Automotive Coatings Regional Outlook (Revenue in USD Billion, 2016 - 2028)