NEW YORK, Dec. 22, 2022 /PRNewswire/ — The global automotive coatings market size is projected to grow from USD 15.0 billion in 2022 to USD 18.6 billion by 2027, at a CAGR of 4.3%, between 2022 and 2027. Automotive coatings are an integral part of the automotive industry, and demand fluctuations in this industry have a direct effect on the dynamics of the automotive coatings industry. Currently, as the automotive industry is at its growth stage, the coating industry is also gearing up with new products and processes. According to key automotive coating producers, the demand for automotive coating is expected to grow in the next five years at a promising rate due to high demand from the automotive industry. The increased demand for coatings would particularly be witnessed in Asia Pacific, South America, and the Middle East & Africa. In addition, regulations promoting the use of eco-friendly coatings, changing buyer’s preferences, growing economy, improved lifestyles, and competition among automobile manufacturers are also expected to boost the automotive coatings market growth in terms of volume, revenue, and R&D expenditure. In view of these aforesaid factors, there is a good opportunity for the producers of automotive coating to provide new & innovative technology at an economical price.
Read the full report: https://www.reportlinker.com/p04169031/?utm_source=PRN
The powder-based segment is one of the fastest-growing resin type segment during the forecast period.
The powder-based technology uses dry resin powders for coating substrates with thermoplastic or thermoset films.The coating is formed after a layer of powder is applied with a powder spray gun or fluidized bed tank to the substrate and then heated, thereby melting the powder.
A key driving force in the growth of the powder-based segment is increasingly stringent environmental regulations for zero or non-VOC coatings.Powder-based technology is eco-friendly and expected to witness rapid growth due to its unique features, such as high corrosion resistance, chipping, high-quality finish, and abrasion.
It also offers protection from moisture, heat, and chemicals. These power coatings emit only a small number of VOCs.
The powder-based technology uses dry resin powders for coating substrates with thermoplastic or thermoset films.The powder-based technology does not use solvents to keep the binder and filler parts in a liquid form.
A process called electrostatic spray deposition (ESD) is used to apply powder-based technology to a metal substrate. The coating applied using this technology is thick compared to other technologies.
Basecoat segment in coat type is expected to hold the highest growth during the forecast period.
Base coat is the third coat, applied on the body of the vehicle after the primer.It provides color and texture to the vehicle body.
This coat is a combination of various pigments and color.The thickness of this coat varies from 10-20 um.
Owing to emerging new and innovative technologies developed by automotive coating manufacturers, the growth of base coats is projected to improve in the next few years. For example, BASF SE (Germany), a leading automotive coating manufacturer, came up with a new ‘Innovative Basecoat’, which is a combination of primer with basecoat.
Middle East & Africa automotive coatings market is estimated to register one of the highest CAGR during the forecast period.
The Middle East & Africa includes countries such as South Africa, Morocco, and the Rest of Middle East & Africa.South Africa and Morocco lead the automotive coatings market in the region.
The Middle East & Africa has abundant natural resources, and financial spending by governments in different sectors has improved its GDP.
According to the IMF, the economies of Middle Eastern and North African countries were resilient in 2022, but double-digit inflation is expected to slow the growth in 2023.The IMF predicts that GDP growth in the region is expected to be 5% in 2022.
Growth in oil-producing countries was expected at 5.2%, mainly owing to high oil prices and strong GDP growth in other countries. The prognosis for politically unstable Lebanon and war-torn Syria remained so bleak that the IMF has not issued any economic forecasts for either. Higher energy prices sustained oil-producing countries, for instance, Saudi Arabia, where economic growth is expected to reach 7.6% this year. Oil exporters are also benefitting from trade diversions caused by the war in Ukraine, as some European countries are looking to replace their oil purchases from Russia.
Information was gathered from secondary research and In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the water storage systems market to verify the market size of several segments and subsegments.
• By Company Type: Tier 1 — 46%, Tier 2 — 43%, and Tier 3 — 27%
• By Designation: C Level — 21%, D Level — 23%, and Others — 56%
• By Region: North America — 37%, Asia Pacific— 26%, Europe — 23%, Middle East & Africa — 10%, and South America — 4%
The key companies profiled in this report are BASF SE (Germany), Axalta Coating Systems (US), PPG Industries, Inc (US), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), KCC Corporation (Korea), The Sherwin-Williams Company (US), AkzoNobel N.V. (The Netherlands), Jotun A/S (Norway), Arkema S.A. (France), and others.
Research Coverage:
• This report provides detailed segmentation of the automotive coatings market based on resin type, technology, coat type, and region. Resin type is divided into polyurethane, epoxy, acrylic, and others. Technology is divided into solvent-based, water-based, and powder-based. Based on coat type, the market has been segmented into clearcoat, basecoat, primer, and e-coat. Based on the region, the market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Key Benefits of Buying the Report
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market ranking of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
Read the full report: https://www.reportlinker.com/p04169031/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
