Automotive Paints & Coatings Market; Global Growth, Leading Players & Regional Outlook,2026
The size of automotive paints & coatings market was registered at USD 14.33 billion in the year 2019 and is anticipated to cross USD 16 billion by 2026. Between the period 2020-2026, the market is expected to register a CAGR of 5.4%.
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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.
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.
The global automotive paints & coatings market is fragmented into prominent result oriented segments including the type of vehicle, coating type, technology, texture, distribution channel, raw material, and regional landscape.
Considering the vehicle type, it would be noteworthy to mention that light commercial vehicles have been currently observing a massive adoption owing to their rising use for transporting goods and mass. LCVs generally boast of maximum mass of around 3.5 and 7 tons. What has been adding to the adoption of these vehicles worldwide is the introduction to stringent norms and regulations pertaining to the rising levels of VOC emission, increased penetration of downsized engines, and escalating global oil prices. In fact, it would be crucial to state that the LCVs segment would account for a growth rate of 3.5% through 2026, enabling the owners to look out for better paints and coatings solutions.
Automobile operators have, over the years, been preferring application of basecoat; a trend which is massively driven by the product’s impressive quality, durability, texture and color. It was reported that the basecoat segment across automotive paints & coatings market acquired a fair share of USD 1.5 billion in 2019 and is projected to grow profusely over the years to come as it is the only coating type that consists of colors.
Europe automotive paints & coatings market is anticipated to hold approximately 15% of the overall market share by the end of the forecast time period. Automotive sales and vehicle registration are increasing at a steady pace in the region due to improving regional economy, effectively underlining customer confidence.
The industry players in the region are constantly focusing on investing in the development of new and improved paints as well as coatings products to address escalating customer demands. These activities are further expected to outline the growth graph of the regional market.
Based on the rising demand for waterborne paints and coatings for automobiles, various companies have been going nine yards for production and introduction of a new line of products that have the ability to enhance the operability of the vehicles. To illustrate, BASF, through its Coatings division, had in 2020 announced the launch of a new waterborne basecoat line of paints and coatings, mainly aimed to cater to the highest expectations of modern body shops. The new advanced line is said to be highly environment friendly as it supports reduction in carbon emission levels. In addition to this, it has been claimed that the product’s low VOC value has enabled it to emerge as the eco-friendliest automotive refinish coatings available in the overall automotive paints & coatings market.
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Data Tables
TABLE 1 Automotive paints & coatings market industry 360° synopsis, 2016 – 2026
TABLE 2 Automotive paints & coatings market estimates and forecast, 2016 – 2026, (Million Liters) (USD Million)
TABLE 3 Automotive paints & coatings industry estimates and forecast by vehicle, 2016 – 2026 (Million Liters)
TABLE 4 Automotive paints & coatings market 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 market 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 industry 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 industry revenue estimates and forecast by texture, 2016 – 2026 (USD Million)
TABLE 11 Automotive paints & coatings market volume estimates and forecast by distribution channel, 2016 – 2026 (Million Liters)
TABLE 12 Automotive paints & coatings industry revenue estimates and forecast by distribution channel, 2016 – 2026 (USD Million)
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