According to a new study published by Polaris Market Research the global automotive coatings market is anticipated to reach USD 35.82 billion by 2026. Escalating demand for coating materials in automobiles owing to its growing popularity of protecting car paints from extreme heat, acid rain, dust, UV radiations etc. along with its inherent characteristics of enhancing vehicle appearance are expected to be the major factors driving the demand for automotive coatings. These products are used for coating surfaces of automobiles and are capable of producing long-lasting surfaces in automobile satisfying customers’ needs along with maximizing efficiencies, enhancing appearance and meeting environmental regulations.
Current trends for automotive coating and its application process are aggravated by its shrinking cost of manufacturing, delivering buyer satisfaction by means of corrosion protection and enhancing aesthetic features, along with mitigating environmental concerns. Tremendous quantity of consideration has already been put into the current used automobile coating systems, and they carry a level of sophistication that has been satisfying most customers globally. The advent of the new smart coatings has almost alleviated the problem of corrosion, appearance and durability of car topcoats making them perfectly acceptable for lifetime of any vehicle. The emergence of two-layer topcoats worldwide and the gloss, color, and chip resistance offered by these products remains functional in its first seven to ten years of use. These advantages associated with the products are the primary reasons anticipated to drive the market.
These products confront to almost every limitless environmental assault. Targeting specific customers’ expectations, along with maximizing the efficiencies and compiling environmental regulations with the new processes, are expected to augment demands for these products.
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Asia Pacific is expected to emerge as the largest regional market by 2026. Presence of an established automobile manufacturing base in many nations of the region along with India’s increasing automobile production along with the other Southeast Asian countries are the major factors driving the industry. Several research and development projects undertaken by many industry participants along with universities have been the major factors for the developing high performance automotive coating materials market of the region. Presence of a well-established automobile manufacturing base in the U.S. and significantly growing automobile production market especially in Mexico and Canada apart from the U.S. are the major factors driving the North American industry.
Some of the leading industry participants in this category of coating production globally includes Solvay, DSM, Lord Corporation, Jotun A/S, Eastman Chemical Company, Clariant AG, Cabot Corporation, Berger Paints, Beckers Group, Arkema SA, Sherwin-Williams Company, AkzoNobel, Valspar Corporation, KCC Paint, Bayer AG, Nippon Paint, Kansai Paint, PPG Industries, BASF and Axalta Coating Systems.