Automotive Coatings Market Size to surpass $26.5 billion by 2024

According to a new research report by Global Market Insights, Inc., Automotive Coatings Market size is set to surpass USD 26.5 billion by 2024. Shifting consumer perceptions towards durable and minimal maintenance automobiles may accelerate the market growth.
 

Increasing environmental concerns and changing consumer perceptions towards environmental sustainability are boosting demand for low VOC emission vehicles which is likely to push automotive coatings market growth. Increasing automotive sales supported by growing consumer demands for sporty aesthetics & styles along with protection from UV rays, chemical & corrosion resistance, and durability may trigger market demand.

 

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Changing consumer outlook towards owning personal vehicles and public transportation along with rising spending on luxuriousness, aesthetic features, looks, and comfort has led to rise in car production. Growing middle class population and increasing purchasing power parity associated with rise in living standard of consumers may propel industry growth.
 

Many players are engaged in product differentiation and collaborations with international players accompanied with various developments in manufacturing techniques. Quality management processes such as lean manufacturing and automated total quality management has promoted automotive production worldwide thereby augmenting the automotive coatings market demand.
 

Global waterborne coatings segment is likely to surpass $10.5 billion by 2024. Rising vehicle production along with increase in per-capita disposable income in China, India, Japan, and South Korea may trigger the automotive paints demand. Changing consumer inclination for fuel efficient and light weight vehicles may also drive market size.
 

Rising luxury cars demand with protective and lustrous coatings to protect vehicles from corrosion owing to extreme temperature variations, foreign particles, acid rain, and UV radiation will stimulate the automotive coatings market growth. Automobile manufacturers are improvising vehicle appearance and focusing on the manufacture of light weight vehicles which will boost product demand.
 

Browse key industry insights spread across 188 pages with 143 market data tables and 40 figures & charts from the report, “Automotive Coatings Market By Technology (Solventborne, Waterborne, UV-Cured), By Product (Electrocoat, Primer, Clearcoat, Basecoat), By Application (Plastic, Metal), By End-Use (Commercial OEM, Automotive Refinish, Light Vehicle OEM), Regional Outlook, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-coatings-market-report
 

U.S. from metal application may witness significant gains at over 3.5% during the forecast period. Increasing demand for luxury cars due to rise in living standard along with changing consumer perceptions towards minimalistic aesthetic features has led to an increase in automotive coatings market share. Strong application for automotive industry to facilitate increasing demand for fuel efficient vehicles by lowering weight should drive industry growth.
 

Germany automotive coatings market from plastic application anticipated to surpass USD 540 million by 2024. Strict regulations by European Union towards reducing VOC emission along with low operational expenses should trigger market growth. Changing consumer outlook to improve vehicle durability & appearance by protecting against external environmental susceptibilities may stimulate market demand.
 

Rising demand for waterborne automotive coatings owing to low temperature & solvent free preparation, and high chemical resistance may strengthen product demand. Rising awareness on green environmental initiatives and inclination towards low toxicity products may encourage product demand.
 

India automotive coatings industry size from automotive refinish may register significant gains at over 5% through the forecast period. Rising technological trends to facilitate increased fuel efficiency by lowering vehicle weight may foster market growth. India has a strong automobile production base and is likely to remain the leading manufacturer in the near future.
 

Most of the manufacturing base companies including Tata, Fiat, Skoda, Toyota, Hyundai, Audi, are relocating to India due to availability of affordable workforce. Rising demand luxury vehicles with protective and aesthetic coatings, to protect cars from corrosion may accelerate the automotive coatings market share.
 

Clariant, Nippon, BASF, Sherwin-Williams, Arkema, KKC, Berger Paints, Cabot Corporation, Solvay, and Kansai Paints key industrial participants. Companies are focusing to increase their product portfolios & widening geographical presence by trying to modify their manufacturing techniques under stringent regulatory conditions.
 

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