Global Automotive Paints and Coating Market to Evolve at 3.58% of CAGR by 2027
“According to a new market research report published by Inkwood Research, the Global Automotive Paints and Coatings Market is growing at a CAGR of 3.58% over the forecast period of 2019-2027.”
“Browse 26 market Data Tables and 41 Figures spread over 100 Pages, along with an in-depth TOC on Global Automotive Paints and Coating Market Forecast 2019-2027.”
Automotive paints and coating play a crucial role in the automotive industry by not only enhancing the appearance and beautifying the vehicle but at the same time, adding protective layers. It also helps in protecting the vehicles from UV radiations, chemicals, corrosions and many other damages and can be used both internally and externally. Furthermore, it improves tensile strength, durability, resistance to weather, design flexibility, fuel efficiency, and offers various texture and colour options.
Presently, the market has seen the dominance of solvent-borne, but the water-borne is expected to gain importance due to its eco-friendly nature over the forecast period. In addition, the increasing urbanization has led to higher business investments and also surged the demand for automotive P&C.
Demand for Eco-Friendly Paints and Coating Drives the Automotive Paints and Coating Market
The risen concern of people towards the environment has led to a shifting trend for eco-friendly products. Along with this demand, the health and safety considerations are encouraging a majority of technological developments in the market. The solvent-borne paints and coatings emit VOC due to which the companies and manufacturers are adopting sustainable and eco-friendly organic coatings and paints. The VOC produced from automative body paints, and cleaning process is harmful to both human and the environment. Therefore the focus is being placed on the development of new technology with a low solvent, low VOC or no VOC, water-based, IR or UV curing systems.
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Automotive Industry is Fueling the Global Automotive Paints and Coatings Market
Increase in demand for automobiles, rise in production of automobiles, rise in the purchasing power and financial power of people has increased the demand for automotive paints and coatings. The Asia Pacific has seen major growth in the automobile industry, which further fueled the demand for the regional market. The automotive paints and coatings are generally used to increase fuel efficiency. The low density of these paints and coats can be used to reduce the overall mass of the vehicle.
The Asia Pacific holds the Largest Share in the Global Automotive Paints and Coatings Market
The Asia Pacific holds the largest share in the automotive paints and coating market, and it is also the fastest-growing region over the coming years. The increase in sale and production of automobiles and the emerging economies like China, India, Japan, South Korea, Malaysia, and Singapore has aided this growth. China has emerged as a dominant in automobile and automotive paints and coating industry, India and Japan are also facing a rise in demand in the market. India is a growing economy with huge potential and will continue to contribute to the automotive industry in its developing years and future.
The global automotive paints and coating market is highly competitive. The prime players, primarily contributing to the market revenue are PPG Industries, Akzo Nobel, BASF coatings, Nippon paint holdings, Axalta coating systems LLC and Kansai paints.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.