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Global Automotive Coatings Market Insight January 5, 2022 Comments

Global Automotive Coatings Market has witnessed growing treads over the five years. According to the World Knowledge Information (WKI)Global Automotive Coatings Market Report 2021, Forecast to 2026. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 7.5% base on WKI regression analysis model.
Analysts’ Viewpoint:
“Developing nations have witnessed rise in demand and production of automobile. Thus, upsurge in automobile production is anticipated toboost the growth of the global automotive paint market.The automotive industry is witnessing increased demand for innovative and eco-friendly paints for vehicles. upsurge in preference for eco-friendly paints as compared to traditional paints is a key factor that contributes towardthe growth of the market.”said Wikky, Senior analyst, Global New Energy Market Research Center in WKI.
Market Insight:
Manufacturers of automotive coatings have added more interesting and useful functions to automotive coatings, thereby bringing consumers a better user experience.According to Market News:In March 2019,Scientists have developed a polyurethane coating that heals its own scratches when exposed to sunlight..With the rapid development of charging technology, more and more fast charging ideas are proposed.The self-healing coating uses chitosan which is derived from chitin, the main component of the exoskeleton of crustaceans (lobsters, crabs, shrimps etc). The chitosan is chemically incorporated into traditional polymer materials, such as the ones used in the outer coatings to protect the paint on cars. When a scratch occurs on the outer coating, the chemical structure is damaged and the chitosan responds to the UV component of sunlight. Chemical chains are then formed with other materials in the coating, eventually filling the scratch. This process can take less than an hour and may eventually lead the “scratch free car” or other products in the future.
Competition Landscape:
The global Automotive Coatingss market is dominated by major players such as Axalta Coating Systems Ltd,BASF SE,Akzo Nobel NV,PPG Industries Inc,The Sherwin-Williams Company. These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range in this market. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
Segmentation of Automotive Coatings Market:
On the basis of application, the Automotive Coatings market is categorized into Metal surfaces,plastic surface, carbon fiber and composites. Metal surfaces were the largest segment . Predominant consumption of metals for the production of automobiles is expected to have a positive impact on the market. However, volatility in metal prices along with the growing usage of lightweight materials is projected to restrain the application of glazes on metal surfaces.Application on plastic parts and surfaces is expected to gain importance owing to lightweight, design flexibility, corrosion resistance, cost reduction, greater durability, and recyclability. Furthermore, increasing usage of carbon fiber and composites in vehicle manufacturing will stimulate industry demand over the forecast period.
Automotive Coatings Market: Regional Analysis
In terms of geography, the Global Automotive Chip market has been segmented into: North America, Asia-Pacific, Europe, South America, and the Middle East and Africa. North America dominates the Automotive Coatings market. Emerging regions, such as Asia Pacific, Middle East, and Latin America, are expected to show a steady growth with the increase in demand for new energy vehicles .
CAGR: 7.5%
Largest share area:North America
Largest share country:USA