DUBLIN, Dec. 28, 2023 /PRNewswire/ — The “US Automotive Paints and Coatings Market outlook to 2028” report has been added to ResearchAndMarkets.com’s offering.
The United States Automotive Paints and Coatings market has entered a new era of significant growth, with expectations to witness an impressive compound annual growth rate of approximately 9.5% from 2022 to 2028.
This new research publication reveals insights into this booming industry, marked by recent technological advances, an escalating rate of vehicle sales, and increased demand for eco-friendly options.
Market Dynamics Fueling Expansion
The automotive paints and coatings industry in the U.S. is experiencing a substantial uptick fueled by the thriving sales of automobiles. The symbiotic relationship between vehicle sales and demand for automotive paints is evident, as each new vehicle needs painting and coating applications. Moreover, an unwelcome rise in traffic accidents necessitates extensive vehicle repairs, further driving market demand.
Technological Innovations Steering Growth
Advancements in technology, such as UV curable coatings and automated painting systems, have revolutionized the industry, streamlining processes and increasing efficiency. These innovations are not only enhancing the quality and durability of automotive paint applications but are also setting new environmental standards by reducing pollution levels associated with paint and coating processes.
Key Trends and Dominant Segments
- Resin Type: Polyurethane’s versatility and durability continue to make it the resin of choice in the automotive coatings sector, defending its position as the market front runner.
- Application: The Automotive OEM segment towers over others due to the cyclical nature of vehicle manufacturing, necessitating a steady supply of high-quality paints and coatings.
- Geography: The Southern U.S. claims the largest share in the market – a hub for major automotive manufacturing and coatings companies.
Competitive Landscape and Environmental Responsibility
With a roster of stalwart companies such as Sherwin Williams, PPG Industries, and Axalta Coating Systems, to name a few, the competitive landscape is both robust and dynamic. These companies are relentlessly forging the path toward reduced environmental footprints by developing innovative, sustainable paints and coatings, in response to the pressing ecological concerns linked to the automotive industry.
Recent Developments Steer Industry Forward
Recent acquisitions and product launches signify the sector’s commitment to expansion and the constant quest for improvement. Notably, strategic collaborations and the introduction of state-of-the-art technologies have strengthened the capacity and standing of leading market contributors in the automotive refinishing sphere.
Outlook: Enhancing Automotive Aesthetics, Sustaining Environment
Looking to the horizon, the U.S. Automotive Paints and Coatings market is anticipated to sustain its growth trajectory, augmented by incessant vehicle production and the urgent need for environmental stewardship. This forthcoming period promises not only an uptick in market value and opportunity but also further progression towards sustainable and environmentally-friendly painting solutions.
The detailed research publication underscores these developments, offering a comprehensive overview of the US Automotive Paints and Coatings market forecast, trends, and insights into future potentials.
Companies Profiled
- Sherwin Williams
- PPG Industries
- RPM International
- Axalta Coating Systems
- Nippon Paint
- Valspar
- Akzo Nobel
Key Topics Covered:
1. Executive Summary
2. US Automotive Paints and Coatings Market Overview
2.1 Taxonomy of the Market
2.2 Industry Value Chain
2.3 Ecosystem
2.4 Government Regulations/Initiatives for the Market
2.5 Growth Drivers of the US Automotive Paints and Coatings Market
2.6 Issues and Challenges of the Automotive Paints and Coatings Market
2.7 Impact of COVID-19 on US Automotive Paints and Coatings Market
2.8 SWOT Analysis
3. US Automotive Paints and Coatings Market Size, 2017-2022
4. US Automotive Paints and Coatings Market Segmentation
4.1 By Resin type, 2017-2022
4.2 By Application 2017-2022
4.3 By Regional Split (North/East/West/South), 2017-2022
5. Competitive Landscape
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles
5.3.1 Sherwin Williams
5.3.2 PPG Industries
5.3.3 RPM International
5.3.4 Valspar
5.3.5 Axalta Coating Systems
5.3.6 Nippon Paint
5.3.7 Akzo Nobel
6. US Automotive Paints and Coatings Market, 2022-2028
7. US Automotive Paints and Coatings Market, Market Segmentation
7.1 By Resin Type, 2022-2028
7.2 By Application, 2022-2028
7.3 By Regional Split (North/East/West/South), 2022-2028
8. Analyst Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/4kb3mj
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