CHICAGO, Nov. 21, 2023 /PRNewswire/ — The Report “Automotive Coatings Market by Resin Type (Polyurethane, Epoxy, Acrylic), Vehicle Type (Passenger Cars, Commercial Vehicles), Technology Type (Solvent-based, Water-based, Powder-based), Coat Type (Clearcoat, Basecoat) & Region – Global Forecast to 2028″, is projected to reach a market size of USD 19.0 billion by 2028 from USD 15.5 billion in 2023, at a CAGR of 4.1%. Asia pacific is the one of the largest markets for automotive coatings. The demand for automotive coatings is increasing in the Clearcoat, Basecoat, Primer, and E-Coat. The demand from developing nations, such as China, India, Mexico, Germany, Indonesia, and Brazil are expected to drive the global automotive coatings market.
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Primer by coat type segment is expected to account second largest share of the automotive coatings market during the forecasted period.
Primers play a crucial role in the coating system by preparing the substrate surface for subsequent layers of paint. One key function of primers is to promote adhesion, ensuring that the paint adheres securely to the vehicle surface. This adhesion is vital for the overall durability and longevity of the coating system. primers contribute to corrosion resistance by creating a protective barrier between the substrate and environmental elements. The automotive industry places a strong emphasis on preventing corrosion to enhance the lifespan of vehicles, especially considering exposure to various weather conditions and road salts. Primers provide an effective defense against corrosion, making them an essential component in the automotive coating process.
Polyurethane, by resin type segment hold the largest share in overall automotive coatings market during forecast period.
polyurethane coatings are renowned for their exceptional durability and resistance to various environmental factors. They provide a robust protective layer that shields vehicles from UV radiation, weathering, chemicals, and abrasion. This durability ensures that the automotive coatings maintain their aesthetic appeal and protective qualities over an extended period, contributing to their widespread adoption. polyurethane coatings offer versatility in terms of application and performance. They can be formulated to provide different finishes, including high gloss, matte, or satin, meeting the diverse aesthetic preferences of consumers. Polyurethane coatings also adhere well to various substrates, including metal, plastic, and composite materials, making them suitable for application across different components of a vehicle.
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Asia Pacific region likely to be the fastest growing automotive coatings market during the forecast period.
Asia-Pacific is a major hub for automotive manufacturing. The region has witnessed a surge in both production and sales of automobiles. The automotive industry’s growth is a direct driver for the demand for automotive coatings as manufacturers seek high-quality and technologically advanced coatings to meet consumer expectations and regulatory standards. The Asia-Pacific region, particularly countries like China and India, has been experiencing rapid economic growth. This growth has led to an increase in disposable income, urbanization, and an expanding middle class. As a result, there is a growing demand for automobiles, driving the need for automotive coatings to protect and enhance the aesthetic appeal of vehicles.
BASE SE (Germany), PPG Industries, Inc. (US), Axalta coating systems (US), Akzo Nobel N.V. (Netherlands), and Kansai Paint Co., Ltd (Japan) are the key players in the global automotive coatings market.
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