The Global Automotive Coating market is projected to grow at an astronomical rate over the forecast years. The growth of the market is attributed to the growing vehicle population due to rising per capita income, rapid industrialization and urbanization, and burgeoning demand for various eco-friendly coatings such as powder coatings, waterborne coatings. Moreover, the increasing inclination of the vehicle manufacturers to enhance the appearance of vehicles along with the introduction of innovative coating products with protection features such as protection from acid rain, UV radiation and growing adoption rate for personal convenience among consumer are some of the factors anticipated to upsurge the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report “Global Automotive Coatings Market Analysis, 2020”, the Global Automotive Coatings market is anticipated to grow at a CAGR of around 5% during 2021-26. Based on Technology, the UV-cured technology segment is expected to grow at the highest CAGR by 2026 on account of rising customer inclination toward high-performance solutions to reduce maintenance costs and protect the vehicle from environmental susceptibilities such as rust, acid rain, chemicals, along with burgeoning demand for UV-cured automotive coatings as it protects the paint from fading away from sun rays. Moreover, robust adoption of high-quality coating solutions to enhance vehicle aesthetics and increasing development of economical UV-cured solutions by the market players to protect vehicles from environmental aggressors are projected to propel the growth of the segment in the forthcoming timeline.
“Global Automotive Coatings Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Automotive Coatings providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Acquired a Significant Market Share
North America acquired a significant market share in the Global Automotive Coatings market in 2020. The US acquired the majority market share in the North American market. This is due to escalating demand for high-performance solutions among consumers to protect vehicles from moisture and rain during rough winter conditions, a paradigm shift towards low maintenance vehicles, and burgeoning demand for economical coating solutions. Besides these, rising popularity of eco-friendly coatings, such as waterborne and powder coating along with growing demand for automotive coatings from various OEMs are some to the factors expected to promulgate the growth of the Automotive Coatings Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Automotive Coatings Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Automotive Coatings market are BASF SE, Axalta Coating Systems, PPG Industries, Inc., Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., The Valspar Corporation, KCC Corporation, The Sherwin-Williams Company, Akzonobel N.V., Covestro AG, Arkema SA, Cabot Corporation, Clariant AG, Lord Corporation, Solvay S.A etc.
Key questions answered in the study: