Wilmington, Delaware, United States, March 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive coatings market is estimated to grow at a CAGR of 6.3% between 2023 and 2031. Automotive coatings are used for enhancing the overall appearance of vehicles by protecting them from exterior elements such as rain, and storms. The increase in demand for customized vehicles, coupled with the rise in popularity of personalized vehicles, is anticipated to promote the growth of the global automotive coatings market during the forecast period.
Rise in global inclination toward the use of environment-friendly products is considered a significant growth driver for the automotive coatings market. Various manufacturing industries have encouraged manufacturers in the automotive coating industry to use sustainable products. The launch of innovative coating types such as water-borne coatings is further expected to create new business opportunities for this market in the next few years.
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According to the TMR report, the global automotive coatings market value is likely to rise from US$ 26.5 Bn in 2022 and reach US$ 45.7 Bn by the end of 2031. The rise in production of vehicles worldwide is considered a prime growth driver, which is promoting the global market.
Key Findings of Study
- Rise in Production of Vehicles: Increase in vehicle production worldwide is a prime factor promoting the growth of the global automotive coatings market. This, coupled with the rise in number of original equipment manufacturers (OEMs) applying new coatings on vehicles at the time of production, is projected to aid in market expansion during the forecast period.
- Growth in Inclination toward Customized Vehicles: Increase in popularity of scratch resistant, glossy, and durable finishes in vehicles is anticipated to augment sales in the automotive coatings market. Presently, the availability of customizable options in vehicles, including textures, trendy colors, metallic finish, has encouraged consumers to purchase more automobiles. This option of enhancing a vehicle’s aesthetic appeal is projected to create business opportunities for the automotive coatings market during the forecast period.
Key Drivers
- Rapidly growing automotive industry is projected to drive the automotive coatings market growth
- Rise in demand for environment-friendly products in vehicle manufacturing worldwide is expected to promote automotive coatings industry growth
- Surge in popularity of customized and personalized vehicles is likely to create new business opportunities for manufacturers in the automotive coatings market
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Regional Growth Dynamics
- Asia Pacific earned 47.4% of the market share in 2022 and emerged dominant in the global automotive coatings market. This is attributed to the presence of vast automotive manufacturing units, and the presence of major automobile OEMs in the region.
- Countries such as South Korea, Thailand, Japan, India, and China are major contributors of automotive coatings in the Asia Pacific region. Their significant contributions are further projected to help this region continue to dominate the global market during the forecast period.
- The Europe market earned 19.2% share in 2022 and holds notable revenue generation opportunities for the automotive coatings market during the forecast period. Factors supporting the growth of this regional market include rise in per capita income and the rapidly growing automotive industries. The high sales rate of sports cars and personalized cars are also expected to help this region generate significant market share in the near future.
Key Players
Prominent players in the global automotive coatings market include Nippon Paint Holdings Co. Ltd., Berger Paints India Limited, Hempel A/S, Kansai Paint Co. Ltd., Axalta Coating Systems, Jotun A/S, The Sherwin-Williams Company, KCC Corporation, PPG Industries Inc., and The Valspar Corporation.
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Automotive Coatings Market Segmentation
Type
- Polyurethane
- Epoxy
- Acrylic
- Others
Technology
- Solvent-borne
- Water-borne
- Powder
- UV-cured
Coat
- Clear Coat
- Basecoat
- Primer
- E-coat
Application
- Automotive OEMs
- Automotive Refinish
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- Japan
- China
- India
- ASEAN
- Mexico
- GCC
- South Africa
- Brazil
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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