Automotive Paints and Coatings Market forecast to reach $26.8 billion by 2025


Posted August 7, 2020 by Blessy_Joy

Shifting Consumer Preference for Buying Pre-owned and Refurbished Vehicles Driving the Growth of Automotive Paints and Coatings Market.

 
by 2025, after growing at a CAGR of 3.5% during 2020-2025. Rising vehicle production coupled with rising consumer preference towards dual color alternatives are driving the market share. Industry players are investing in technologies and finishes to give customers alternatives for customizing their vehicles. Additionally, scratch resistance along with improved gloss finishing and corrosion resistance are gaining significant traction in the market.

Key Takeaways
Shifting consumer preference for buying pre-owned and refurbished vehicles is showcasing strong growth prospects for automotive paints and coatings market size.

Increasing consumer inclination towards customization, repair, and maintenance of refurbished vehicles will significantly augment the utilization of automotive paints & coatings over the study timeframe.

The COVID-19 outbreak has exposed several challenges for the automotive sector. Governments globally are preparing for a broader spread of the virus. Consequently, 80 percent of automotive and related companies report that Coronavirus will have a direct impact on their 2020 revenues. 78 percent of companies do not have enough staff to run a full production line.

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Geography – Segment Analysis

APAC, due to its huge vehicle production and improving economy, leads the market share in 2019 and is expected to continue its dominance during the forecast period. The automotive paints industry has evolved along with the automotive industry. Both industries are continuously progressing to provide advanced technologies and eco-friendly products to their customers. Passenger cars hold the largest share of total vehicle production globally and also in APAC. Passenger cars are expected to be the largest market for automotive paints. APAC is estimated to be the largest market for electric and hybrid vehicles also. The hybrid vehicle is estimated to be the largest market for automotive paints due to the rapid acceptance of hybrid vehicle across the world.

Drivers – Automotive Paints and Coatings Market
The growing environmental concerns and stringent emission regulations for paints and coatings manufacturing process is enhancing the market growth of new innovative eco-friendly paints.

Market Landscape: Automotive Paints and Coatings Market top 10 companies are Nippon Paint Holdings Co. Ltd, Covestro, Cabot Corp, Eastman, PPG industries Inc, Dupont, and BASF SE. Other notable players include Wanda Refinish, Axaltra Coating Systems, Donglai Coating Technology, KCC Corporation, Akzo Nobel NV, Clariant AG, and Valspar., among others.

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Issued By Blessy
Business Address Madhapur
Country India
Categories Automotive , Business
Tags automotive paints and coatings market , automotive paints and coatings market growth , automotive paints and coatings market share , automotive paints and coatings market size
Last Updated August 7, 2020