A recent study conducted by Triton Market Research titled ‘Global Automotive Paints & Coatings Market’ includes Global Analysis and Forecasts by product type (solvent-borne, waterborne, other coatings), coat type (base coat, electro coat, clear coat, primer), end-users (automotive refinish, Original Equipment Manufacturers (OEM)), vehicle type (passenger vehicles, light commercial vehicles, heavy commercial vehicles), geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa).
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Triton’s report reveals that the global automotive paints and coatings market is likely to exhibit growth at a CAGR of 4.97% during the forecasted period 2022-2028. Also, it is predicted to gain revenue worth $12.55 billion by 2028.
The automotive paints and coatings comprise polyurethane-based enamel, protecting the substrate from the elements. It is widely used in automotive coatings and maximizes efficiency, thereby complying with environmental standards. The broadened use of automotive paints and coatings across various industries contributes to the growth of the automotive paints and coatings market.
On the other hand, the costs of raw materials and inflexible regulations have slowed down the automotive sector. This has become an issue in certain nations. Also, regional economic downturn and regulatory restrictions are becoming an obstacle to the growth of the automotive paints and coatings market.
The automotive paints and coatings market is categorized by product type, coat type, end-users, and vehicle type. By product type, it is classified into solvent-borne, waterborne, and other coatings. On the other hand, coat types include base coat, electro coat, clear coat, and primer. The end-users segment is bifurcated into automotive refinish and original equipment manufacturers (OEM). Lastly, the vehicle-types consist of passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
North America is expected to witness the fastest growth in the automotive paints and coatings market during the estimated period. It is due to the booming automotive industries in countries like the United States and Canada. The US hosts the largest automotive industry, with leading manufacturers, such as Ford, Fiat Chrysler Automobile, Toyota, and General Motors, operating in the country. The incentives and investments aided by the governments in this region have led to the consistent growth in the automotive paints and coatings market across North America.
BASF SE, Akzo Nobel NV, Kansai Paint Co Ltd, PPG Industries Inc, Berger Paints Ltd, Sherwin Williams, Concept Paints, Valspar Corporation, KCC Corporation, KAPCI Coatings, HMG Paints Ltd, National Paints Factories Co Ltd, Red Spot Paint, and RPM International Inc are the reputed companies in the automotive paints and coatings market.
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Question & Answer: Automotive Paints and Coatings Market
Question 1: What factors contribute to the growth of the automotive paints and coatings market?
Answer: The automotive paints and coatings comprise polyurethane-based enamel, protecting the substrate from the elements. It is widely used in automotive coatings and maximizes efficiency, thereby complying with environmental standards. The broadened use of automotive paints and coatings across various industries contributes to the growth of the automotive paints and coatings market.
Question 2: What factors have become an obstacle to the growth of the automotive paints and coatings market?
Answer: The costs of raw materials and inflexible regulations have slowed down the automotive sector. This has become an issue in certain nations. Also, regional economic downturn and regulatory restrictions are becoming an obstacle to the growth of the automotive paints and coatings market.
Question 3: Which region is expected to witness the fastest growth in the automotive paints and coatings market?
Answer: North America is expected to witness the fastest growth in the automotive paints and coatings market during the estimated period. It is due to the booming automotive industries in countries like the United States and Canada. The US hosts the largest automotive industry, with leading manufacturers, such as Ford, Fiat Chrysler Automobile, Toyota, and General Motors, operating in the country. The incentives and investments aided by the governments in this region have led to the consistent growth in the automotive paints and coatings market across North America.
Question 4: Which are the reputed companies listed in the automotive paints and coatings market?
Answer: BASF SE, Akzo Nobel NV, Kansai Paint Co Ltd, PPG Industries Inc, Berger Paints Ltd, Sherwin Williams, Concept Paints, Valspar Corporation, KCC Corporation, KAPCI Coatings, HMG Paints Ltd, National Paints Factories Co Ltd, Red Spot Paint, and RPM International Inc are the reputed companies in the automotive paints and coatings market.
Related Report
Global Paints & Coatings Market
The global paints & coatings market is likely to rise at a CAGR of 5.34% during the period from 2019-2027, while earning $229.71 billion worth of revenue by 2027.
The paints and coatings industry is among the high-regulated industries. Paints and coatings are environment-friendly and corrosion-resistant, which drives the market’s growth. They are also widely used in other industries like aerospace and marine.
Major macroeconomic factors hinders the growing demand in this market, including high costs and stringent regulations for reducing VOC emissions. Further, the growing demand from emerging economies and shift towards sustainable products create novel opportunities for the studied market.
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