The Business Research Company Global Automotive Coatings Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, May 3, 2022 /EINPresswire.com/ — Strategic business collaborations have become a key trend gaining popularity in the automotive coatings market. Companies in the automotive coating industry conduct various collaborations to develop new technologies and products. For example, in 2020, IGL Coatings, a pioneer in environmentally friendly ceramic and automotive coatings, announced a strategic partnership with Yamaclar, a multi-generational Turkish company that manufactures various automotive paints, for the distribution of its products in Turkey. In addition, in 2020, BASF, a German automobile manufacturer based in China, signed a cooperation agreement with GACNE, a pioneer in the automotive paint industry, to improve product quality and efficiency while implementing implements digital automotive coating solutions.
the Global Automotive Coatings Market Size is expected to grow from $16.66 billion in 2021 to $18.56 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The global automotive coatings market share is expected to reach $24.55 billion in 2026 at a CAGR of 7.2%.
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The growing demand for light vehicles is contributing significantly to the growth of the automotive coatings market. Strict emission standards and the growing need to reduce fuel consumption have supported the demand for light-duty vehicles. The surfaces of light vehicles are coated with different types of coatings for protection and decoration. Automotive coatings protect the surface of the automobile against corrosion and decrease the overall weight of vehicles. For example, according to the National Automobile Dealers Association (NADA), a US-based automotive trade organization, in 2021 new light vehicle sales increased to 14.93 million units, up 3.1% compared to 2020. According to the global automotive coatings market analysis, the growing demand for lightweight products is expected to support the growth of the automotive coatings market in the future.
The main players covered by the global automotive coatings industry are The Valspar Corporation, Solvay, Sherwin-Williams Company, PPG Industries, Nippon Paint Automotive Coatings Co. Ltd., Lord Corporation, KCC Paint, Kansai Paint Co. Ltd, Arkema SA, Eastman Chemical, Clariant AG, Cabot Corporation, Berger Paints , Beckers Group, Bayer AG, BASF SE, Axalta Coating Systems and Akzo Nobel NV
TBRC Global Automotive Coatings Market report is segmented by Coating Type in Varnish, Basecoat, E-coat, Primer, by Resin Type in Polyurethane, Epoxy, Acrylic, by Technology in Waterborne Coatings , solvent based coatings, powder coatings, UV cured coatings, by substrate in metal, plastics, by end use in light vehicle OEM, commercial OEM, automotive refinish.
Global Automotive Coatings Market Report 2022 – By Coat Type (Varnish, Basecoat, E-Coat, Primer), By Resin Type (Polyurethane, Epoxy, Acrylic), By Technology (Waterborne Coatings, Solvent Based, Powder Coatings, UV Cured Coatings), By Substrate (Metal, Plastics), By End Use (Light Vehicle OEM, Commercial OEM, Automotive Refinishing) – Global Market Size, Trends & Forecast 2022-2026 is part of a series of new reports by The Business Research Company that provides an overview of the Automotive Coatings market, forecasts Automotive Coatings market size and growth for overall market, Automotive Coatings market segments, Geographies, Automotive Coatings Market Trends, Automotive Coatings Market Drivers, Restraints, Revenues, Profiles and Market Share of Major Competitors nts.
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