Global Automotive Paints & Coatings Market to reach USD 14493.01 million by 2025.
Global Automotive Paints & Coatings Market valued approximately USD 8957 million in 2017 is anticipated to grow with a healthy growth rate of more than 6.2% over the forecast period 2018-2025. The major driving factors of automotive paints & coatings is constant improvement in their property and functionality. The proven ability of paints and coatings to increase the durability, presentation, and performance of end-products is the primary driver of the market for the same. Moreover, growing requirement of automotive refinish owing to vehicle maintenance and repair will stimulate the demand for paints & coatings over the upcoming years. The major restraining factors of the automotive paints & coatings are difficulty in sourcing the raw material and volatile prices of raw material. Automotive paint is paint used on automobiles for both protection and decoration purposes. The major opportunity in the automotive paints and coatings is rapid adoption of advanced powder coating and thermal spray technologies. Automotive paint and coating includes various benefits such as excellent durability and duration, measurable thickness, hardness, ease of maintenance, resistance to contamination, hydrophobic properties and intense gloss and shine.
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The regional analysis of Global Automotive Paints & Coatings Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share which is 56.5% in 2015. The automotive sector of Asia Pacific is driven by rising sales and production in countries including China, Japan, India, South Korea, and Thailand. China was the largest producer of automobiles and is likely to remain the leading manufacturer on account of economic labor in the country. Europe is witness steady growth over the upcoming years on account of increasing vehicle manufacturing in countries including Germany, Sweden, Italy, France and the UK. Asia Pacific region is anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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The industry is seeming to be fairly competitive. Some of the leading market players include, Akzonobel N.V., BASF SE, Axalta Coating Systems, Bayer, Cabot Corp, Donglai Coating Technology, Eastman, Feidal coatings, Nippon Paint Holdings Co. Ltd, PPG Industries, Inc. and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
By Coat Type: Solvent Borne, Water Borne, Other
By Technology: Base Coat, Electro Coat, Clear Coat, Primer
By Regions: U.S., Canada, UK, Germany, China, India, Japan, Brazil, Mexico, Rest of the World
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