KEY FINDINGS The global automotive paints & coatings market is forecasted to project a CAGR of 4.83% during the estimated years. The market growth is predominantly ascribed to the increasing demand for passenger vehicles, proactive government support for the automotive industry, and the surging need for hygienic automotive interiors.
MARKET INSIGHTS Automotive paint is used in vehicles for decoration as well as protection.It comprises polyurethane-based enamel that safeguards the substrate from elements.
Automotive coatings are utilized for coating automotive surfaces, in addition to offering long-lasting surfaces that meet or exceed customer expectations in terms of aesthetics, environmental compliance, and efficiency. Government regulations help overcome the externalities associated with private sector innovation across the vehicle industry, resulting in public benefits such as heightened fuel efficiency.Rising government funding has enabled leading automotive manufacturers globally, to invest in production facilities across emerging markets.
This factor significantly lowers production costs and increases profits. These developing markets include China, Malaysia, Latin America, as well as several other regions in Southeast Asia.
REGIONAL INSIGHTS The global automotive paints & coatings market growth assessment entails the evaluation of the Asia-Pacific, Europe, North America, and the Rest of World.North America is set to lead the global market for automotive paints & coatings by 2028.
The region’s market growth is accredited to government incentives and open investment policies, the increasing demand for vehicles, and the presence of major automobile manufacturers.
COMPETITIVE INSIGHTS Companies with undifferentiated products, along with more extensive product portfolios, result in robust competition within the global market.Some firms also form joint ventures in order to capture new markets.
For instance, in 2018, Berger Paints Ltd entered into an agreement with Rock Paint Co Ltd (Rock Paint), Japan, to form a joint venture for selling automotive paints in India as well as Nepal. Hence, the industrial rivalry is set to be high in the global automotive paints & coatings market over the forecast period. Some of the top companies in the market are BASF SE, Berger Paints Ltd, HMG Paints Ltd, etc.
Our report offerings include: • Explore key findings of the overall market • Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges) • Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions • Market Segmentation cater to a thorough assessment of key segments with their market estimations • Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share • Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc. • Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc. • Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
Companies mentioned 1. AKZO NOBEL NV 2. AXALTA COATING SYSTEMS 3. BASF SE 4. BERGER PAINTS LTD 5. CONCEPT PAINTS 6. HMG PAINTS LTD 7. KANSAI PAINT CO LTD 8. KAPCI COATINGS 9. KCC CORPORATION 10. NATIONAL PAINTS FACTORIES CO LTD 11. PPG INDUSTRIES INC 12. RED SPOT PAINT 13. RPM INTERNATIONAL INC 14. SHERWIN-WILLIAMS 15. VALSPAR CORPORATION
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