The global automotive coatings market size was worth around USD 15.46 Billion in 2023 and is predicted to grow to around USD 22.03 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.01% between 2024 and 2032.
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Growth Factors in the Automotive Coatings Market
In order to safeguard against corrosion and rust, automotive coatings are applied to the metal surfaces of vehicles and automobiles. With the exception of their ability to retain lustre, automotive coatings are lightweight and resistant to abrasion and chemical damage.
The global automotive coatings market is expected to expand significantly in the coming years as a result of the increasing number of vehicles and the significant advancements in protective features, such as protection from extreme temperature acid rain and UV-radiation, that automotive manufacturers are providing. The automotive coatings market is also being driven by the global population’s increasing living standards and rapid urbanisation.
Nevertheless, the global automotive coatings market may be somewhat impeded by the fluctuating raw material prices. Conversely, the automotive coatings market is expected to experience new development opportunities due to the ongoing advancements in coating technology and the thriving automotive markets in the emerging countries of China and India.
The study also encompasses the market share of the primary participants in the global automotive coatings market. Furthermore, the report addressed the strategic development, collaborations and joint ventures, agreements, partnerships, acquisitions, and mergers of key participants in the market, as well as their regional growth.
The research offers a critical perspective on the automotive coatings market by segmenting it according to the product, technology, layer, and region. The market has been estimated from 2024 to 2032, and all segments have been analysed based on current and prospective trends. Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa comprise the regional classification.
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The Global Automotive Coatings Market is segmented based on product, application and region
Global Automotive Coatings Market: Product Segment Analysis
● Polyurethane
● Epoxy
● Acrylic
● Others
Global Automotive Coatings Market: Application Segment Analysis
● Solvent-Borne
● Water-Borne
● Powder
● UV-Cured
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The Global Automotive Coatings market profiles key players such as:
● BASF
● Axalta Coating Systems
● Kansai Paint
● Nippon Paints
● Mitsui Chemicals
● PPG Industries
● Sherwin Williams
● 3M Company
● Beckers Group
● KCC Paint
● Arkema
● Jotun
Regional Analysis of the Automotive Coatings Market
The Asia Pacific region accounted for the greatest global share of the automotive coatings market in 2023. The region is anticipated to exhibit the maximum CAGR in the years ahead in terms of value. The automotive coatings market in the region has been significantly influenced by China and India. In 2023, Europe’s automotive coatings market share was the second-largest, a result of the automotive industry’s continuous expansion and the enforcement of stringent vehicle paint regulations.
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