SELBYVILLE, Del. - August 13, 2020 - (Newswire.com)
According to the new Global Market Insights Inc., report, the automotive coatings market was estimated at $21 billion in 2019 and anticipated to surpass an overall valuation of more than $30 billion by 2026, registering a CAGR of 5% from 2020 to 2026. The report offers highly detailed market estimations & size analysis, significant investment pockets, prominent winning strategies, opportunities & drivers, shifting market trends, and competitive scenarios.
The automotive coatings market outlook is anticipated to grow at a tremendous pace owing to rapidly rising vehicle customization trends as well as the increasing demand for more economical solutions when it comes to vehicle coatings. Additionally, rising trends towards better sustainability and increasing adoption of electrical vehicles would further foster demand for high-performance solvent-based coatings.
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With respect to the product, the electrocoat segment is anticipated to record growth at a CAGR of more than 5% through the forecast time period owing to the ongoing rapid technological advancements within the automotive sector and rising demand for more advanced solutions.
Key reasons for automotive coatings market growth:
- Rising adoption of electric vehicles and sustainable coating solutions.
- Increasing vehicle customization trend.
- The surging trend of secondary automobile adoption across the APAC.
2026 forecasts anticipate the 'primer' segment to dominate industry growth:
Based on the product, the primer segment is projected to surpass a $4 billion valuation by the end of the analysis timeframe. The growth is ascribed to rising high-performance coatings demand. Primer coatings are highly compatible with light and heavy commercial vehicles. Several industry players are increasingly investing within the primer solutions segment, which offers the dual benefits of both a minimalistic matte finish and high protection against rust & stress, which would stimulate the automotive coatings market demand.
APAC and Europe to lead global industry growth in terms of revenue:
The Asia Pacific market is expected to record a CAGR of more than 5% through the forecast timeframe due to the rising disposable income levels in the region and increasing consumer inclination towards owning a secondary vehicle. Regional consumers are rapidly shifting towards high-performance as well as luxury vehicles. Moreover, elevated spending power and increasing adoption of vehicle customizations would further augment the automotive coatings market share.
Meanwhile, according to industry forecasts, Europe is projected to surpass a valuation of $5 billion by the end of the analysis timeframe due to the rising adoption of sustainable solutions and the ongoing shift towards electrical vehicles.
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Leading market players:
Prominent industry players in the automotive coatings industry include AkzoNobel, BASF, Nippon, KCC Paints, Solvay, and Eastman Chemical Company. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Original Source: Automotive Coatings Market to surpass a valuation of $30 billion by 2026, Says Global Market Insights Inc.
