OTTAWA, September 30, 2020 (GLOBE NEWSWIRE) – The global automotive paint and coating market valued at US$17. 340 billion in 2019 and is expected to record a compound annual expansion rate (CAGR) of 8. 2% during the 2020-2027 forecast period. Find out more: https://www. precedenceresearch. com/automotive-paints-and-coatings-marketplace
Automotive paints and coatings are the answers to car protective surfaces. They are applied to the surface of the vehicle with a spray gun. Automotive paints are made of polyurethane-based teeth that protect the surface of the surrounding car such as rust and other damage, thus the aesthetics of the vehicle.
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Growth factors
However, advances in the automotive industry have particularly reduced the number of accidents, hampering the market spot for the end of automotive paints and coatings. In addition, recent advances in paint and coating products for the automotive sector have a very durable surface that surpasses the visitor. expectations and also complies with environmental regulations. Therefore, the progression of paint chemistry and spraying processes has improved paint layer uniformity and paint transfer power, thus reducing waste. The above points are expected to stimulate market expansion in the forecast period.
Regional snapshots
Europe projects a magnificent expansion of paints and coatings for the automotive industry thanks to the region’s enormous automotive production capacity. According to the European Association of Automobile Manufacturers, 19. 2 million, or 20% of the world’s total motor vehicle production, recorded in the Union in 2018. De the statistics provided, 16. 5 Mn were passenger cars and advertising car wreckage. In addition, the growing number of mergers and acquisitions in the region is expected to provide significant expansion in the coming years.
By contrast, Asia-Pacific had a really broad and consistent gain rate in the global automotive paint and coating market in 2019, which is basically attributed to greater vehicle accessibility and the increase consistent with the source of capita profits in the region. the region provides a broad customer base for vehicle sales, prompting potential automakers to identify their production plant in the region. For example, Honda Motor Co. Ltd. announced its plan in 2014 to expand its automotive production in Asia Pacific. The company’s purpose is to sell 1. 3 million games in China until 2015 and 1. 2 Mn in the rest of Asia Pacific until 2016.
Highlights of the report
Keys and strategies
The global market for the paints and coatings market is a great festival due to the presence of a large number of players in the market. Players in product progression is the key that contributes to the expansion of the market location where the cables are placed. In May 2020, Clariant AG presented responses that increase the requirement of commercial coatings for North America with greater durability and performance.
Some of the main players in the market are Akzo Nobel NV, Axalta Coating Systems, BASF SE, Cabot Corp, Clariant AG, Covestro, Donglai Coating Technology, Dupont, Eastman, Kansai Paint Co. Ltd, KCC Corporation, Nippon Paint Holdings Co. Ltd. , PPG Industries, Inc. , The Valspar Corporation. , and wanda repaint others.
By type
By coating
By technology
By texture
By raw material
From regional perspectives
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