Automotive Coating Market Scenario
The global automotive coating market is presumed to garner USD 25 billion during the forecast period (2018-2023). The global market is likely to experience a robust CAGR owing to the growing demand for passenger cars, asserts Market Research Future (MRFR). Automotive coatings are referred to as water-resistant dry coatings which are applied to several parts of a vehicle for decorative, functional, and protective purposes. Offering good elastomeric finish and greater surface hardness, automotive coating serves different purposes for different substrate like metal, composites, and plastics. Such coatings also offer beneficial properties such as better clarity, enhanced gloss, considerable durability, excellent finish, and weatherability.
Automotive Coating Market Drivers and Constraints Impacting the Market
The global automotive coating industry is expected to demonstrate a robust growth rate owing to the rising demand for passenger cars across the globe. As the scope of application for decorative, protective, and functional coatings is vast and is expanding gradually with technological advances, the automotive coating market is flourishing. With the shifting consumer preference for attractive and more aesthetic vehicles, the automotive coating market growth is likely to boom. The increasing awareness of the consumers to protect, maintain, and enhance the longevity of their vehicles and the changing climatic conditions is anticipated to stimulate the market growth during the appraisal period. Moreover, the need to protect the metal surface of automotive parts from chemicals and rust or mechanical damage, the demand for automotive coating is considered to trigger. Also, the growing disposable income coupled with the changing lifestyles of people in regions such as China, India, Brazil, and South Korea are contributing to the market growth.
On the flip side, fluctuation in the prices of raw materials including resins, pigments, additives, and titanium oxides is considered to dampen the market growth. Moreover, harmful environmental effects by conventional solvent-borne coatings and the inability of industry participants to meet OEMs’ expectations in terms of environmental sustainability and durability of the coating is anticipated to restrict the market growth.
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Automotive Coating Market Competitive Dashboard
The prominent players operating the global COVID-19 analysis on automotive coating market are Berger Paints India Limited (India), Arkema SA (France), Cabot Corporation (U.S.), Koninklijke DSM N.V. (Netherlands), Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (U.S.), Clariant (Switzerland), Bayer AG (Germany), The Valspar Corporation (U.S.), Jotun (Norway), Kansai Paint Co.,Ltd. (Japan), BASF SE (Germany), Nippon Paint Holdings Co. Ltd. (Japan), The Sherwin-Williams Company (U.S.), and Axalta Coating Systems (U.S.).
Global Automotive Coating Market: Segmental Analysis
The global automotive coating market size has been segmented on the basis of substrate, product, resin type, technology, and region.
By mode of product, the global automotive coating market has been segmented into basecoat, primer, clearcoat, electrocoat, and others.
By mode of substrate, the global automotive coating market has been segmented into plastics, metal, composites, and others.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.
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