Global Automotive Paints & Coatings Market at a CAGR of 3.58% by 2027
KEY FINDINGS
The global automotive paints and coatings market is projected to grow from $XX billion in 2018 to $XX
billion by 2027, growing at a CAGR of 3.58% during the forecast period. The
base year considered for the market study is 2018 and the forecasting years are
from 2019 to 2027. The risen eco-friendly paints and coating requirement in the
various industries is the prime factor responsible for the growth of the market
across the globe. Furthermore, these automotive paints and coatings are not
only used to enhance the appearance or for the
purpose of beautification of vehicles, but also used as a preventive
measure or protection layer for vehicles. These benefits are also responsible
for the increasing demand of the market during the forecast period.
MARKET INSIGHTS
The automotive paints
and coatings market is segmented on the basis of technology, coat type, vehicle
type and geography. On the basis of coat
type, the automotive paints and coatings market is
segmented into the base coat, electro-coat,
clear coat and primer. The automotive paints and coatings market by vehicle
type is further segmented into passenger
cars, light commercial vehicles and heavy commercial vehicles. The varied
technology equipped in the market is solvent-borne, water-borne and others. The
increasing demand for eco-friendly paints and coatings from the automotive
industry and the booming automobile industry are major driving factors for the growth
of the automotive paints and coatings market. On
the contrary, stringent regulations and policies by the government,
environmental issues like VOC and CO2 emissions are restraining the growth
of the market.
REGIONAL INSIGHTS
On the
basis of geography, the automotive paints and coatings
market is segmented into Europe,
Asia-Pacific, North America and Rest of the world. Asia Pacific automotive
paints and coatings market holds the largest market share in the global
automotive paints and coatings. Europe is projected to be the second largest
market for automotive paints and coatings due to the fastest market growth
during the forecast period. North America is estimated to grow throughout the
forecast period.
COMPETITIVE INSIGHTS
The leading market
players in the automotive paints and coatings market are Axalta Coating
Systems, AkzoNobel, Basf Se, Covestro,
Dowdupont Inc., Fortech Products Inc., Kansai Paint Co. Ltd., KCC Corporation,
Nippon Paint Holdings Ltd, PPG Industries, Inc., Rpm International, Solvay
Group, The Sherwin Williams Company and Valspar Corporation.
Comments
Post a Comment