Major players in the automotive coatings market are The Valspar Corporation, Solvay, Sherwin-Williams Company, PPG Industries, Nippon Paint Automotive Coatings Co. Ltd. , Lord Corporation, KCC Paint, Kansai Paint Co.
New York, June 06, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Coatings Global Market Report 2022” – https://www.reportlinker.com/p06284155/?utm_source=GNW
Ltd, Arkema SA, Eastman Chemical, Clariant AG, Cabot Corporation, Berger Paints, Beckers Group, Bayer AG, BASF SE, Axalta Coating Systems, and Akzo Nobel N.V.
The global automotive coatings market is expected to grow from $16.66 billion in 2021 to $18.56 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The automotive coatings market is expected to grow to $24.55 billion in 2026 at a CAGR of 7.2%.
The automotive coatings market consists of sales of automotive coatings by entities (organizations, sole traders, and partnerships) that are applied on the surface of automobiles to protect them from corrosion and improve their aesthetic value. The automotive coatings are used to coat vehicle interior and exterior parts with some powder or liquid to enhance the look, and toughness of automobiles and also to make them heat, and shock-resistant.
The main coat types of automotive coating are clearcoat, the basecoat, e-coat, and primer.The vehicle clear coat is the final coat of paint that is applied to the vehicle after the primer and pigmented paint have been applied.
It’s a clear, glossy coating that’s meant to improve the look of the vehicle paint while also protecting it from environmental damage.The coatings are manufactured based on various technologies such as solvent-borne, water-borne, powder coatings using polyurethane, epoxy, and acrylic resins.
The automotive coatings are used on metal and plastic substrates for OEM and refinishing applications.
Asia Pacific was the largest region in the automotive coatings market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand for lightweight vehicles is significantly contributing to the growth of the automotive coatings market.Stringent emission norms and the growing need for reduction in fuel consumption have supported the demand for lightweight vehicles.
The lightweight vehicle surfaces are coated with different types of coatings for protective as well as decorative purposes.Automotive coatings protect the automobile surface from corrosions as well as decrease the overall weight of vehicles.
For instance, according to the National Automobile Dealers Association (NADA), a US-based automobile trade organization, in 2021, the new lightweight vehicles sales have increased to 14.93 million units, up 3.1% from 2020. Therefore, the increasing demand for lightweight is expected to support the growth of the automotive coatings market going forward.
Strategic collaborations between companies have emerged as a key trend gaining popularity in the automotive coating market.Companies in the automotive coating industry are undergoing various collaborations to develop new technologies and products.
For instance, in 2020, IGL Coatings, a pioneer in ceramic and automobile eco-friendly coating has announced a strategic partnership with Yamaclar, a multi-generational Turkish company that manufactures various automotive paints, for the distribution of its products in Turkey. Moreover, in 2020, BASF, a Germany-based automotive manufacturer in China has signed a cooperative agreement with GACNE, a pioneer in the automotive paint industry, to improve product quality and efficiency while also implementing digital automotive coatings solutions.
In April 2021, PPG Industries Inc., a US-based company that distributed and manufactures a wide range of coatings, paints, and specialty materials acquired Cetelon Lackfabrik GmbH for an undisclosed amount. Through this acquisition, PPG Industries Inc will be able to expand its existing coatings product portfolio, liquid and powder coating technologies, and color matching capabilities. Cetelon Lackfabrik GmbH is a German-based company that develops and manufactures a wide range of coating systems for the automobile industry.
The countries covered in the automotive coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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