Automotive Coatings Market – Industry Outlook, Growth, Trends and Forecast 2026
The global automotive coatings market is expected to expand at a healthy rate of 6.28% CAGR between 2018 to 2026, elucidates an upcoming report by automotive coatings market.
The global automotive coatings market is likely to grow at a healthy rate in the upcoming years. The rising disposable income is paving way for the customer to look for attractive colors and they do not mind paying to improve aesthetic. This might aid in the expansion of the global automotive coatings market during the forecast period.
On the basis of technology, the global automotive coatings market is segmented into solvent borne, water borne, UV cured , and powder. Among all these, the global automotive coatings market is expected to led by water based solvent. The growth can be attributed to its environment friendly properties owing to low amount of volatile organic compounds.
Manufacturing Industries to Propel Growth in Automotive Coatings Market
The substantial demand for paint coatings comes from automotive manufacturing units. The coatings are not just for visual appeal but also to protect the vehicle. The rising number of vehicle production to result in the expansion of the global automotive coatings market. For an instance- in 2018, Toyota motors sold around 8 million vehicles across the globe. If Toyota alone sold such a huge numbers of vehicles, all other brands if taken in to account may indicate enormous amount of vehicles sales. Ever Increasing demand for vehicles is projected to pave the way for growth in the global automotive coatings market.
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Stringent regulations from government against using volatile organic compounds (VOC) in coatings are expected to dampen the growth of the global automotive coatings market during the forecast period. Nonetheless, the availability of alternative coatings such as water solvent coats isexpected to surge the global automotive coatings market.
Some of the stalwarts of the global automotive coating market include Axalta Coatings, Valspar Corporation, BASF SE, The Sherwin-Williams Company, KCC Corporation, Nippon Paint Holding, , and Jotun.The competition among these companies is fierce. Of all these companies, Axalta recently opened new refinish centre in Johannesburg, South Africa to cater to the local customers. The company is believed to be in the business for more than 150 years and is deployed with latest technologies to serve its customer with best. Such strong portfolio of these companies makes the competition stiff, aiding in the expansion of the global automotive coatings market.
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