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Automotive Paints & Coatings Market Size
- Report ID: GMI3243
- Published Date: Dec 2020
- Report Format: PDF
Automotive Paints & Coatings Market Size
Automotive Paints & Coatings Market size was USD 14.33 billion in 2019 and is estimated to exhibit around 5.3% CAGR from 2020 to 2026. Changing customer preference towards attractive paint textures and improved aesthetic appearance for vehicle is boosting the market expansion.
The demand for automotive paints and coatings is primarily driven by the increasing demand for automotive, whereas research and development investments are influenced by government regulations. The advancements in market led by stringent fuel emission regulations regarding manufacturing processes, paint products and the industry’s carbon footprint. For instance, surface pre-treatment of metal, which requires application of paint and coating on the surface to increase the adhesion of paint & coating along with corrosion resistance. Traditionally chromate and phosphate-based conversion coatings were used for pre-treatment activities. These types of coatings generally emit very high VOC emissions. However due to introduction of new non-VOC regulations, these coating chemicals are being replaced with non-VOC surface coatings.
| Report Attribute | Details |
|---|---|
| Base Year: | 2019 |
| Automotive Paints & Coatings Market Size in 2019: | 14,330.6 Million (USD) |
| Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 5.3% |
| 2026 Value Projection: | 16,436.8 Million (USD) |
| Historical Data for: | 2016 to 2019 |
| No. of Pages: | 550 |
| Tables, Charts & Figures: | 1,032 |
| Segments covered: | Vehicle, Coating Type, Technology, Texture, Distribution Channel, Raw Material, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Growing automobile production in Asia-Pacific and Latin America on account of rising population and income level is poised to spur automobile sector which will have a positive impact on the automotive paints & coatings market. Shifting customer demand towards improved aesthetics appearance and protection from rough environmental conditions like acid rain, UV radiation, foreign particles and extreme temperature will aid in revenue generation. The closure of several production sites across the world impelled by the coronavirus pandemic will negatively influence paints & coatings demand across various applications for the short-term. Despite a recent drop in the demand from the automobile sector owing to weakened economic conditions, automotive paints & coatings industry is likely to offer ample opportunities in the long run.
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Automotive Paints & Coatings Market Scope
