In a recent published report, Kenneth Research has updated the market report for Automotive Coatings Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Automotive Coatings Market products.
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The global Automotive Coatings market was valued at USD 11.69 billion in 2016 and is projected to reach USD 21.13 billion by 2025, growing at a CAGR of 6.8% from 2017 to 2025.
Automotive coatings demand is directly proportional to the automotive sales. The growing sales in developing countries is providing industry participants new areas to expand. The demand is expected to be high in developing countries. The increase in car customization is expected to have a positive impact on market demand.
1. Market Drivers
1.1 Rise in automotive manufacturing in Asia Pacific
1.2 Development of eco-friendly and low VOC coatings
2. Market Restraints
2.1 Stringent environment regulations
2.2 Changes in consumer demand
The global Automotive Coatingsmarketis segmented on the basis ofresin type, technology, coat type,and region.
1. By Resin Type:
2. By Technology:
2.1 Water borne
2.2 Solvent borne
2.3 Powder Coating & Others
3. By Coat Type:
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Jotun Paints
2. Axalta Coating System
3. BASF SE
4. The Valspar Corporation
5. Akzonobel NV
6. KCC Corporation
7. Kansai Paint Co.
8. The Sherwin Williams Company
9. PPG Industries Inc.
10. Nippon Paint Holdings Co. Ltd.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Automotive Coatingsmarketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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