The Graphical Research report provides a comprehensive analysis of the “Automotive Coatings Market by Application, Technology, End-Use, Product, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024”.
Automotive coatings Market to reach USD 27 billion by 2024 owing to its end-use applications in automotive refinish, light vehicle OEM and commercial OEM industries. Growing consumer preference towards automobile protection from UV radiations, acid rains, high temperatures, and foreign particles are predicted to drive the industry trends over the coming years. Other key features such as aesthetic appearance of automobile as well as enhanced vehicle durability are predicted to influence the consumer buying trend.
Automotive coatings industry size estimated at over 3.9 million tons in 2017, is projected to cross around 5.4 million tons by 2024, growing at a CAGR of around 4.5% over the period of 2018-2024. New technological breakthroughs for enhancing product performance along with reduction of manufacturing costs are few of the factors predicted to boost the market growth over the next eight years.
However, cost fluctuations along with a scarce supply of raw materials such as pigments, titanium oxide, additives, and resins are predicted to increase the market price affecting the overall profits.
Automotive coatings application in light vehicle OEM industry worth over USD 8 billion in 2017, is expected to witness a significant growth over the forecast timeline due to the rising demand for cars having new features like pre-collision technology, GPS tracking, and automatic light.
Basecoat automotive coatings market worth over USD 8 billion in 2017, is predicted to witness substantial growth over the forecast period due to its use in the automobile industry to impart color and metallic finishes to additional vehicle components for providing aesthetic & decorative effects to the vehicles.
Plastics application segment is predicted to record a CAGR of around 5% over 2018-2024
The growth will be driven by the extensive use of plastics for lightweight automobile production, adding to enhanced fuel efficiency along with reduction in emission of greenhouse gases.
Metal application segment worth over USD 13.5 billion in 2017, is predicted to witness a noticeable growth over the forecast period as a result of large-scale use of metals such as aluminum and steel for the automobile production.
North America automotive coatings market share is predicted to surpass USD 5.5 billion mark by 2024.
Key industry participants include Nippon Paint, Axalta Coating Systems, Kansai Paints, Sherwin-Williams, Arkema SA, KCC Paint, Berger Paints, Beckers Group, Valspar Corporation, Clariant AG, Cabot Corporation, Eastman Chemical Company, and Solvay SA.