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Automotive Paint Market to Cross US$ 14 Bn in 2030
News provided byEIN Presswire
Sep 26, 2022, 1:41 AM ET
Automotive Paint Market Global Industry Insights, Consumption and Research 2022-2030
NEW YORK CITY, NEW YORK, UNITED STATES, September 26, 2022 /EINPresswire.com/ -- The mentioned factors are expected to drive the growth of the global automotive paint market in the coming years, at a CAGR of around 5% through 2030.
This report provides in depth study of “Automotive Paint Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Automotive Paint Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
The arrival of enhanced paints and coating varieties is supporting the global sales of automotive paint. Apart from improving the external appearance of a vehicle, automotive paints also help in increasing the durability of the materials they are applied on. Clearcoat, basecoat, and primer paint are some of the common coating layers.
Carmakers are utilizing automotive paint to increase the resistance of aluminium and metal components of vehicles. Automotive paints offer resistance against UV radiation, heat, dust particles, and acid rain. In addition, manufacturers are actively focusing of developing more advanced and efficient painting and coating technologies.
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Key Takeaways from Automotive Paint Market Study
North America is expected to remain the largest market for automotive paint during the forecast period. This is primarily due to presence of leading market players and automotive manufacturers in the region.
On the basis of coating, demand for electrocoat will remain significantly high throughout the projection period.
Based on vehicle, the use of automotive paint will be relatively higher in compact passenger cars during the forecast period. This is mainly due to increasing global demand for such cars.
On the basis of finish, preference for metallic paint finishing will be significantly high, with a market share of 40% in 2020.
By paint base, solvent-borne paint base will outsell the water-borne variant during the assessment period.
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Automotive Paint Market: Competition Landscape
Some of the top companies operating in the global automotive paint market landscape include:
• Sherwin-Williams Company
• Akzo Nobel N.V.
• Valspar Corporation
• BASF SE
• PPG Industries
• NIPPON PAINT
• Kansai Paint Co., Ltd.
• Axalta Coating Systems Ltd
• DuPont Coatings & Color Technologies Group
• Clariant AG
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Automotive Paint Market Trends
Surging Automotive Sector: Global sales of automotive paint are increasing owing to rising production of vehicles, coupled with robust growth of the automotive sector in countries such as Brazil, China, Mexico, India, and South Korea.
In addition, growing trends of automotive restorations and refurbishing are likely to reflect favourably on the sales prospects of automotive paints in the aftermarket vertical. At the same time, rapid adoption of advanced powder coating and thermal spray technologies is likely to boost the growth of the global automotive paint market.
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