BANGALORE, India, Aug. 24, 2022 /PRNewswire/ — Automotive Coatings Market is segmented by Type – Body Coatings, Interior Parts Coatings, Exterior Parts Coatings, Refinish Coatings, by Application – Passenger Car, Commercial Vehicle. Global Opportunity Analysis and Industry Forecast 2022 – 2028. It is published in Valuates Reports under the Chemicals Industry Category.
The global Automotive Coatings market size is estimated to be worth USD 20350 million in 2022. It is forecast to be a readjusted size of USD 24550 million by 2028 with a CAGR of 3.2% during the forecast period 2022-2028.
Major Factors Driving The Growth Of The Automotive Coatings Market Are
The increasing demand for high-performance, low maintenance, and cost-effective plastic coating solutions, stringent environmental regulations, and preference for powder coatings will fuel the growth of the market.
The booming EV industry for reducing carbon emissions will drive the market’s growth during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL AUTOMOTIVE COATINGS MARKET
Automotive coatings are cost-effective and provide longer-lasting solutions. They improve shine, and aesthetic appeal, along with enhancing the metallic hues on vehicles. The coatings produce durable surfaces, maximize efficiency and meet environmental regulations. This will foster the growth of the automotive coatings market in the forthcoming years. They form a protective layer against UV radiation, foreign particles, extreme temperature changes, and acid rain.
Government authorities around the world are enacting strict guidelines for using harmful chemicals and labeling. Hence manufacturers are introducing customized eco-friendly water soluble body coating solutions for producing fuel-efficient vehicles. This in turn will surge the growth of the global automotive coatings market. Body-weight reduction is crucial for mitigating environmental concerns and achieving fuel efficiency. The use of composite materials like Carbon Fiber Reinforced Plastic( CFRP) with aluminum or magnesium alloy is increasing. Coatings and structural adhesives combine together to provide a lightweight and high-strength body.
Powder coatings are solvent-free and do not release volatile organic compounds. They make cars lighter and enhance the rolling resistance of tires to manufacture fuel-efficient vehicles. This will augment the growth of the automotive coatings market in the coming years. The process is carried out in such a way that water and energy consumption is less and waste is decreased.
Automakers are transitioning towards electric vehicles. These cars require specialized coatings for protecting their technology and slick interiors with better-looking paints. There is a huge preference for functional coatings which in turn will drive the growth of the global automotive coatings market. Battery packs require protection from electromagnetic interference and need to maintain inner temperature control for durability and efficiency. Coatings have effective dielectric properties that prevent tension between metal parts and eliminate the chances of fire damage. It resists corrosion and protects the sensors from continuous wear and tear.
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AUTOMOTIVE COATINGS MARKET SHARE ANALYSIS
Based on type, the body coatings segment will grow the highest with a market share of 45%.
Based on application, the passenger cars segment will maintain dominance in the automotive coatings market share during the forecast period.
Based on region, Asia-pacific will be the most lucrative with a market share of 50%. This is due to the growing production and sales of automobiles in countries like China, India, Japan, and Thailand. Cheap labor and the availability of a large workforce are also contributing to the growth.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- DowDuPont
- Huntsman International
- Ecolab
- Clariant
- BASF
- Berryman Chemicals
- Innospec
- Varichem International
- Eunisell Chemicals
- Hexion
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