Global Automotive Coatings Market Value Estimated at .3 Billion by 2018

Posted by niharika on July 22nd, 2019

Global Automotive Coatings Market Outlook

Globally, the demands of automobiles are increasing at a rapid pace owing to the incrementing disposable income and changing approach of people towards automotive as a need rather than a luxury. The regularly increasing density of automobiles is changing the competitive landscape for the industries associated with the automotive industry. The automotive coatings sector is multiplying huge profits owing to the flourishing automotive industry. As per the research report published by IndustryARC, the global automotive coatings market size was valued at ,345 million as of 2018. Following the current trends, the global automotive coatings market growth is expected to rise at a compound annual growth rate (CAGR) of 7.30% during the forecast period of 2019 to 2025.

Global Automotive Coatings Market: Regional Analysis

As per the regional market viewpoint, APAC region grabbed the highest share in the global automotive coatings market in 2018. The region soaked 38% of the global automotive coatings market share as it is a leading manufacturing hub for the automotive industry. Numerous factories installed in the economy of India, China and Japan manufacture various automotive spare parts that are further transported to the automotive coatings factories, subsequently optimizing the global automotive coatings market scope. The demands are expected to shoot further owing to the middle-class income earner’s growing capability translating towards affordability of these paints.

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Global Automotive Coatings Industry Analysis

Automotive coatings is an essential stage of a vehicle manufacturer. Polyurethane enamel paint among others is considered the most efficient paint in the electro-coat paint operation. Sparkling and grainy refinish coatings are done using metallic paints such as pearlescent paints. These paints are highly prevalent in the emerging alternative vehicles industry. The exponential growth in the electric vehicle segment of the automotive sector is one of the biggest driving factors for the automotive coatings market. According to the International Energy Agency, 1.1 million units of electric cars were sold globally with the global sales recorded increased by 54% compared to the preceding year. The same source estimated that the quantity of electric vehicles running on the road will touch 125 million by 2030. With the ambition executing towards a sustainable future, these anticipations are subjected to upsurge the automotive coatings market demands in the near future.

Global Automotive Coatings Market Trends

Exclusive OEM coatings are being developed by both established and niche companies. Some of these coatings are made using volatile organic compounds (VOC). The rising trend of applying organic materials to every possible product is driving the organic automotive coatings market. Innovations in the coatings industry will project considerate profits in the global automotive coatings market.
Another breakthrough in the coatings industry was the innovation of water-borne coating. These coatings virtue the ability to protect vehicles against severe weather, acid rain and UV radiations. Moreover, the application of such paints reduces the aging of cars tremendously. With such an influx of added benefits, the water-borne coating technology will drive exuberant profits in the automotive coatings market.

Global Automotive Coatings Market: Competitive Landscape

Some of the key companies identified in the report that are currently holding majority shares in the automotive coatings market are BASF, AkzoNobel, PPG Industries, Axalta Coating Systems, Bayer, Sherwin-Williams, Beckers, Royal DSM, and Eastman Chemical.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.