Automotive Paints & Coatings Market Latest Trends 2021 | Recent Industry Analysis To 2026
The Automotive Paints & Coatings Market is set to grow from its current market value of more than USD 14.33 billion to over USD 16 billion. The positive growth trends in the automotive paints & 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.
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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.
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 industry revenue estimates and forecast by texture, 2016 – 2026 (USD Million)
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