Pune India, Jan. 28, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the automotive paints and coatings market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the automotive paints and coatings market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, type, material, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global automotive paints and coatings market are Akzo Nobel NV, Cabot Corp, Axalta Coating Systems, Donglai Coating Technology, Kansai Paint Co. Ltd, BASF SE, Nippon Paint Holdings Co. Ltd, Clariant AG, Covestro, Dupont, Eastman, KCC Corporation, The Valspar Corporation., PPG Industries, Inc., and Wanda refinish. among other. To achieve a substantial market share in the worldwide automotive paints and coatings market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The global market for automotive paints and coatings is expanding as consumers’ preferences move to favour vehicles with enticing textures and improved aesthetic appeal. UV protection and colour retention are two significant benefits offered by paints and coatings currently receiving a lot of attention. The market’s potential for growth has considerably expanded with the advent of a variety of exterior car colour and coating options. Additionally, it is projected that increasing industry collaboration to develop innovative, cost-effective coating & paint solutions will fuel market expansion in the coming years. Due to the increased production of commercial and passenger vehicles, it is also projected that during the projection period, demand for paints and coatings will rise. The International Organization of Motor Vehicle Manufacturers (OICA) reported that 91.78 million vehicles—of which 67.15 million were passenger cars and 24.64 million were commercial vehicles—were produced globally in 2019. The market for paints, coatings, and refinishing is growing, but as a result of improved vehicle safety measures, the number of occurrences has reduced, which is limiting the market’s expansion. The market for automotive paints and coatings, however, is predicted to grow in the next years as a result of stringent government regulations for gas emissions and environmental issues related to the paint and coating manufacturing process.
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Scope of Automotive Paints and Coatings Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Product, Type, Material, and Regions|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Akzo Nobel NV, Cabot Corp, Axalta Coating Systems, Donglai Coating Technology, Kansai Paint Co. Ltd, BASF SE, Nippon Paint Holdings Co. Ltd, Clariant AG, Covestro, Dupont, Eastman, KCC Corporation, The Valspar Corporation., PPG Industries, Inc., and Wanda refinish. among other.|
The water-based products segment is expected to be the fastest-growing segment in 2022.
The product segment is water-based products, solvent-based products, and others. The water-based products segment is expected to witness the highest growth rate during the forecast period. The category expansion is predicted to be supported throughout the forecast period by increasing construction expenditure and consumer desire for eco-friendly products. Water-based paints and varnishes are widely used in confined, poorly ventilated spaces. These coatings dry quicker than those with a solvent base due to the fast evaporation of water from the coating layer.
The primer coat segment is expected to be the fastest-growing segment in 2022.
The type segment is primer coat, electro-coat, clear coat, and base coat. The primer coat segment is expected to witness the highest growth rate during the forecast period. Compared to when it is applied alone, primer, a paint additive, improves the adhesion of the finishing paint. It is designed to adhere to surfaces and offer a binding layer that is better suited for holding down paint. Instead of being used as the outside durable finish like paint, a primer can be made to have a greater filling and binding qualities with the material beneath. This is sometimes achieved by chemistry, as in the case of priming aluminum, but more often than not, it is done by controlling the physical properties of the primer, such as its porosity, tackiness, and hygroscopy.
The epoxy segment is expected to be the fastest-growing segment in 2022.
The material segment is epoxy, acrylic, polyurethane, alkyd, polyester, and others. The epoxy segment is expected to witness the highest growth rate during the forecast period. This expansion is attributable to the acrylic compounds’ greater stability and weathering properties. Acrylic resins are often used in water-reducible and emulsion resins when creating paints and varnishes. It possesses excellent optical clarity, a thermoplastic nature, weather/UV resistance, and dimensional stability.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the automotive paints and coatings include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Europe region witnessed a major share. Since the UK has been one of the major markets for paint and coatings, the paints and coatings industry is likely to be impacted given how dynamic the European market has been since Brexit. Demand for the product is anticipated to be driven by rising auto production in Hungary, Germany, Austria, Romania, and the UK, as well as by the robust manufacturing operations of businesses like Volkswagen AG, Daimler-Chrysler, Chevrolet, Dodge, and Mercedes-Benz.
Germany’s automotive paints and coatings market size was valued at USD 0.75 billion in 2022 and is expected to reach USD 1.19 billion by 2030, at a CAGR of 6% from 2023 to 2030. Germany dominates the European automotive market with 42 engine production and assembly plants, which together produce one-third of the region’s total automobile output. In the following year, it is projected that the paints and coatings business will prosper due to the economy’s steady expansion and increased new-car sales, which demonstrate customer confidence.
China’s automotive paints and coatings market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 1.26 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. The region’s growth is primarily being driven by increased disposable income and rising automobile affordability, which is expected to accelerate the adoption of vehicles. Additionally, the expansion of manufacturing facilities by international companies in Asian countries encourages regional development.
India’s automotive paints and coatings market size was valued at USD 0.60 billion in 2022 and is expected to reach USD 0.96 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. The Indian government will support various projects in the upcoming years. As part of the government’s Housing for All project, more than 20 million affordable homes for the urban poor are anticipated to be constructed by 2022.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the automotive paints and coatings market is mainly driven by the rise in technological advancements.
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