PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1186623
PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1186623
Global Automotive paints Market is expected to grow at a significant rate of around 5% during the forecast period. Automotive paints make metal and aluminum car parts more durable so they can endure harsh environmental elements like heat, acid, UV rays, and dust particles. Additionally, automakers are concentrating their efforts on enhancing general car coating and painting methods. To ensure the proper application of automotive paint, most manufacturers follow a highly systematic and precautious preparation procedure. Automotive paints usually comprise a combination of coating layers, which include primer paint, the basecoat, and clearcoat. Moreover, the increase in the production of the vehicle is driving the growth of the market. For instance, according to the IBEF, the total number of passenger cars produced in FY21 was 22,652,108.
3M Co, Akzo Nobel N.V., Axalta Coating Systems Ltd, BASF SE, Covestro AG, Kansai Paint Co Ltd., NIPSEA GROUP, Sherwin-Williams Company, Solvay S.A., and PPG Asian Paints Pvt Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report:
"Amongst resin type, polyurethane category to witness robust CAGR during the forecast period"
Based on resin type, the market is segmented into polyurethane, epoxy, acrylic, and other resins. Polyurethane paints category to witness higher CAGR during the forecast period. polyurethane forms a hard, durable surface that provides protection from mechanical abrasion, stains, and scratches. Moreover, attractive finish, high and semi-gloss, and polyurethane coatings provide a flawless finish that resists the color fade.
"Amongst vehicle type, the passenger car to hold a significant share in the market in 2020"
Based on Vehicle type, the market is categorized into passenger cars and commercial vehicles. Among these, the passenger car to hold a significant share in the market in 2020. The automobile sector is experiencing strong tailwinds that are helping it thrive that include technological advancements, new product innovations for various parts, and the booming OEM and aftermarket markets. The expansion of international auto manufacturers into new emerging regions and rapid urbanization both help the sector grow.
"Asia Pacific to hold a significant share in the market"
The Asia Pacific is expected to be the largest market for automotive paints due to its high car production and expanding economy. Alongside the development of the automobile, the automotive paint industry has also advanced. Both sectors are making a lot of effort to provide their customers with cutting-edge technology and environmentally friendly goods. In Asia and Oceania as well as the rest of the world, passenger cars make up the bulk of all vehicles produced. Passenger automobiles are probably the primary market for automotive paints. The biggest markets for electric and hybrid cars are also anticipated to be in Asia and Oceania. The hybrid vehicle market is anticipated to be the largest for automotive paints because of the growing popularity of hybrid automobiles worldwide.
Reasons to buy this report:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
The report presents a quick review of overall industry performance at one glance.
The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
Customization Options:
The global automotive paints market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.