Automotive Coatings Market 2021: Driving Factors, Industry Growth, Key Vendors and Forecast to 2026
Latin America automotive coatings market is likely to showcase considerable growth owing to the growing demand for high-performance vehicles in the region. These trends have been driven by the need for sustainable solutions.
Selbyville, United States – July 21, 2021 /MarketersMedia/ —
A study carried out by Global Market Insights, Inc. claims that the global automotive coatings market size could grow at a notable pace through 2026. Shifting consumer preference towards improving the aesthetic appeal and durability of vehicles is projected to steer the demand for automotive coatings. Additionally, the need to protect the vehicle from extreme environmental conditions like UV radiations, acid rain, foreign particles, and high temperature will further support the material demand.
Vehicle coatings offer superior resistance to water, oil, and chemicals, such as salt thrown on the road. They foster considerable hardness along with scratch resistance, which provides stone-chip resistance that is needed by the car manufacturers.
The emergence of electric vehicles and self-driving cars has considerably transformed the profitability sources for the automobile industry. Many leading automobile companies are introducing new EV models to meet the growing sustainability needs. For instance, the German automobile giant BMW is working towards ramping its electric car offerings, with the addition of the new i5 and i7 variants.
The wide production of green vehicles in both developed as well as developing nations is likely to support the need for different types of automobile coatings. Considering the type of product, the market is bifurcated into clearcoat, basecoat, primer, and electrocoat. Primer, in particular, has gained considerable recognition due to the growing demand for water-resistant, durable yet cost-effective coating products.
Growth drivers of automotive coatings market are
• Growing automotive industry in Asia Pacific
• Increasing waterborne coatings demand in Europe
Another major factor supporting the regional growth trends is the improving disposable income among the people, which has propelled the demand for cars significantly. Over the years, Mexico has emerged as a notable manufacturer as well as exporter of vehicles. In the year 2018, the regional industry produced over 3.9 million vehicles and registered a 6% increase in vehicle exports, making the region the world’s fourth-largest car exporter.
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The presence of numerous major automakers in the region is likely to create a significant need for high quality automotive coating solutions. With respect to the application spectrum, the metal segment has gained traction. Most of the materials used in passenger cars are metallic. The automotive coatings is necessary to protect them from degradation and rust.
Some of the leading automotive coatings market companies include Bayer AG, Cabot Corporation, Nippon Paint Holdings, BASF SE, AkzoNobel N.V., and Arkema SA, among various others.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/automotive-coatings-market-size
Source: MarketersMedia
Release ID: 89037656
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