As per the recently published report by MarketsandMarkets™, The “Automotive Coatings Market by Resin Type (Polyurethane, Epoxy, Acrylic), Vehicle Type (Passenger Cars, Commercial Vehicles), Technology Type (Solvent-based, Water-based, Powder-based), Coat Type (Clearcoat, Basecoat) & Region – Global Forecast to 2028″, is projected to reach a market size of USD 19.0 billion by 2028 from USD 15.5 billion in 2023, at a CAGR of 4.1%. The driving factor for automotive coatings is increasing demand for vehicles worldwide, fueled by rising disposable incomes and urbanization. As consumers seek aesthetically appealing and durable coatings to enhance the appearance and longevity of their vehicles, manufacturers are compelled to innovate and offer advanced coating technologies. Additionally, stringent environmental regulations have spurred the development of eco-friendly and low-VOC (volatile organic compounds) coatings, aligning with the automotive industry’s commitment to sustainability.
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- 250 Market data Tables
- 70 Figures
- 300 Pages and in-depth TOC on “Automotive Coatings Market – Global Forecast to 2028”
This report also provides a comprehensive analysis of the companies listed below:
The major players in automotive coatings market include PPG Industries, Inc. (US), Axalta coating systems (US), Akzo Nobel N.V. (Netherlands), BASF SE (Germany), Nippon Paint Holdings Co., Ltd (Japan) and others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the automotive coatings market.
Recent Developments in Automotive Coatings Market Industry
- In May 2023, KANSAI HELIOS Coatings GmbH (“KANSAI HELIOS”), a European consolidated subsidiary of Kansai Paint Co., Ltd (“Kansai Paint”) has completed its acquisition of the global Railway Coatings business assets from Beckers Group´s company Becker Industrie SAS (“Beckes”)