Automotive Paints & Coatings Market Analysis to 2026 | Regional Revenue & Growth Forecast
The automotive paints & coatings market is poised to grow at more than 5.3% CAGR through 2026. The positive growth trends in the automotive paints and coatings industry is attributed to the increasing demand for vehicles in both developed as well as developing nations due to the improvement in disposable income among the people. Moreover, the changing consumer preference towards innovative paint textures as well as enhanced aesthetic appearance for vehicles has supported expansion in the industry.
The market has witnessed advancements due to strict fuel emission regulations with regards to the manufacturing processes, paint products, and the industry’s carbon footprint. For example, surface pre-treatment of metal, that requires the application of paints and coatings on the surface to increase the adhesion of paints and coatings coupled with corrosion resistance.
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The rapid adoption of light commercial vehicles worldwide primarily to transport goods and mass measured in tons from one place to another. As per the International Organization of Motor Vehicle Manufacturers, light commercial vehicles are categorized as special vehicles, that are defined as the gross vehicle weight. Reportedly, auto paints & coatings sector share from light commercial vehicle could showcase growth of more than 3.5% CAGR over the coming years.
With more and more people preferring to own at least one passenger vehicle, the demand for production of passenger as well as commercial vehicles has upscaled to a phenomenal value over the recent years. In fact, it was observed from OICA statistics of 2019 that about more than 91 million vehicles were produced worldwide to ease the mobility of people across various economies. That said, as the production of automobiles is escalating at an unprecedented pace, consumers have raised the need for having superior quality paints and coatings for their automobiles. This would further enhance the operability and the life of their cars and commercial vehicles.
The automotive paints & coatings market from aftermarket segment will witness around 6% CAGR through the analysis timeframe. The constant moving of consumer focus towards more cost-effective products with improved quality as well as durability will fuel the demand for aftermarket sector over the projected period. Rising number of service centers and auto body shops for repairing automotive and refinishing services will further intensify product penetration.
With respect to technology, the water-borne process has gained considerable recognition as they offer various benefits. The most important advantage includes that it does not cause any harm to the environment.
On this note, it would be safe to declare that such trends are expected to provide a positive impetus to the overall automotive paints & coatings market is anticipated to record a valuation of $16 billion through 2026.
These vehicles come with a maximum mass of nearly 3.5 to 7 tons. Strict regulations established by the governments with respect to high VOC emission levels. growing oil prices, as well as increasing penetration of downsized engines in light commercial vehicles, are some of the main factors supporting the use of lighter paints and coatings.
Moreover, water-borne paints and coatings have more coverage when compared to solvent-based paints due to their higher solid contents that help them cover a vehicle more efficiently and spend less time applying the paint. Water-borne paints are readily available as many automobile companies are needed to use water-borne paints by law that means it is easily available in auto body paint shops.
Geographically speaking, Europe has emerged as a profitable revenue terrain in automotive paints & coatings market due to the growing development in the regional automobile industry, owing to the improvement in economic conditions over time and the comparatively high disposable income among the people.
The nation boasts of a wide presence of automobile companies like BMW, Audi. Fiat, Volkswagen, and Ferrari to name a few. Various automobile companies are investing in developing new and improved paints and coatings products to meet the increasing demands of the consumers.
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Data Tables
TABLE 1 Automotive paints & coatings market industry 360° synopsis, 2016 – 2026
TABLE 2 Automotive paints & coatings industry estimates and forecast, 2016 – 2026, (Million Liters) (USD Million)
TABLE 3 Automotive paints & coatings market estimates and forecast by vehicle, 2016 – 2026 (Million Liters)
TABLE 4 Automotive paints & coatings industry estimates and forecast by vehicle, 2016 – 2026 (USD Million)
TABLE 5 Automotive paints & coatings industry volume estimates and forecast by coating type, 2016 – 2026 (Million Liters)
TABLE 6 Automotive paints & coatings industry revenue estimates and forecast by coating type, 2016 – 2026 (USD Million)
TABLE 7 Automotive paints & coatings industry volume estimates and forecast by technology, 2016 – 2026 (Million Liters)
TABLE 8 Automotive paints & coatings market revenue estimates and forecast by technology, 2016 – 2026 (USD Million)
TABLE 9 Automotive paints & coatings industry volume estimates and forecast by texture, 2016 – 2026 (Million Liters)
TABLE 10 Automotive paints & coatings market revenue estimates and forecast by texture, 2016 – 2026 (USD Million)
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