Automotive Paints & Coatings Market to hit $16 Bn by 2026; Global Market Insights, Inc.

Automotive Paints & Coatings Market to hit $16 Bn by 2026; Global Market Insights, Inc.

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Some of the major automotive paints & coatings market participants are Axalta Coating Systems, Akzo Nobel N.V., Clariant AG., BASF SE., Covestro, KCC Corporation, Donglai Coating Technology, Dupont, Eastman, Nippon Paint Holdings Co. Ltd., PPG Industries, Inc. and The Valspar Corporation, Wanda refinish.

Selbyville, Delaware, Jan. 12, 2021 (GLOBE NEWSWIRE) --Global Market Insights, Inc. has recently added a new report on the automotive paints & coatings market which estimates the market valuation for automotive paints & coatings will cross US$ 16 billion by 2026. Growing production of passenger vehicles in emerging countries will positively influence the revenue generation.

Light commercial vehicle will witness over 3.5% CAGR growth over the projected time period. Light commercial vehicles are mainly used for transporting goods and mass measured in tons to differentiate between heavy and light commercial vehicles. According to the International Organization of Motor Vehicle Manufacturers (OICA), the light commercial vehicles are categorized as special vehicles, which are defined as gross vehicle weight. Light commercial vehicles have maximum mass around 3.5 and 7 tons. Stringent government regulations related to VOCs emissions, rising global oil prices and increased penetration of downsized engines in light commercial vehicles are the primary factors for growth of light commercial vehicles market which will further propel automotive paints & coatings market size.

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Automotive paints & coatings market size from basecoat will cross USD 1.5 billion by 2026. Nowadays, along quality, durability and engine specification, texture & color of the automotive is also becoming one of the most important factors behind buying-decision. Basecoat is anticipated to grow over the forecast timeframe as it is the only paint type which consists colors. Even as the thickness of basecoat is minimum the value added by this coat is maximum, because it consists of actual visual properties of color.

The water-borne process is expected to expand at more than 4.5% CAGR in volume during 2020 to 2026. Waterborne automotive paints offer various benefits. The most important benefit of waterborne automotive paints and coatings is that it doesn’t cause much harm to the environment. Additionally, water-borne paints and coatings typically have more coverage than solvent based paints due to its higher solids content which helps them cover a vehicle more efficiently and spend less time applying the paint. Water-borne paints are more readily available because many automobile companies are required by law to utilize water-borne paints which means it is found at most of the auto body paint shops.

Aftermarket segment is projected to witness over 6% CAGR through 2026. Changing customer preference towards cost effective products with enhanced durability and quality will drive the aftermarket segment demand for the projected time period. Growing number of auto body shops and service centers for automotive repair and refinishing services will increase product penetration.

Europe is predicted to captured around 15% automotive paints & coatings market share by 2026. Automotive sales and registration are steadily increasing in the region with improvement in the economy highlighting customer confidence. This is anticipated to provide stable contribution to the industry size. Various industry players in the region are investing into developing new and enhanced paints & coatings products to match customer demands.

*Some major findings of the automotive paints & coatings market report include:*

· Passenger vehicles to drive the paints & coating demand in the industry.
· Asia Pacific to dominate the industry size with over 50% share in terms of volume.
· Key manufacturers of the automotive paints & coatings industry are Axalta Coating Systems, Akzo Nobel N.V., Clariant AG., BASF SE., Covestro, KCC Corporation, Donglai Coating Technology, Dupont, Eastman, Nippon Paint Holdings Co. Ltd., PPG Industries, Inc., The Valspar Corporation, Wanda refinish.

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*Partial chapters of report table of contents (TOC):*

*Chapter 3   Automotive Paints & Coatings Industry Insights*

3.1    Industry segmentation

3.2    Industry ecosystem analysis

3.2.1    Raw material supplier

3.2.2    Manufacturers

3.2.3    Profit margin analysis

3.2.4    Distribution channel analysis

3.2.4.1    Aftermarket

3.2.4.2    E-commerce

3.2.5    End-users

3.2.6    Value chain disruptions due to COVID-19

3.2.7    Vendor matrix

3.3    Pricing analysis

3.3.1    North America

3.3.2    Europe

3.3.3    Asia Pacific

3.3.4    Latin America

3.3.5    Middle East & Africa

3.3.6    Cost structure analysis

3.4    Technology landscape

3.4.1    Integrated Processes Technology

3.4.2    Electrophoretic Painting Processes (E-coat)

3.5    Regulatory landscape

3.5.1    North America

3.5.2    Europe

3.5.3    Asia Pacific

3.5.4    Latin America

3.5.5    MEA

3.6    Industry impact forces

3.6.1    Growth drivers

3.6.1.1    Stringent automotive paints & coatings regulations

3.6.1.2    Presence of multiple automotive OEMs along with rising investments in advanced paint technologies

3.6.1.3    Increasing sales of refurbished and used vehicles

3.6.1.4    Proliferating vehicle production

3.6.1.5    Increasing luxury vehicle sales

3.6.2    Industry pitfalls & challenges

3.6.2.1    Fluctuating raw material prices and issues associated with painting plastic & composite components

3.7    Innovation & sustainability

3.7.1    Low bake paint technology

3.7.2    UV curved Coatings

3.8    Growth Potential Analysis, 2019

3.9    Porter’s analysis

3.10    Competitive landscape, 2019

3.10.1    Company market share analysis, 2019

3.10.2    Strategy dashboard

3.11    PESTEL analysis

*About Global Market Insights*

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Corporate Sales, USA
Global Market Insights, Inc.
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