“Automotive Paint Market: Global Demand Analysis & Opportunity
Outlook 2024”
The global automotive paint market
is segmented into technology such as solvent-borne, waterborne and powder
coating. Among these segments, waterborne automotive paint segment is expected
to occupy top position in overall automotive paint market during the forecast
period. Factors such as fewer volatile organic compound (VOCs) content as
compared to other coatings are anticipated to swell the growth of waterborne
automotive paint market in the upcoming years. Complementary to this, stringent
government guidelines and regulations regarding the usage of high VOCs
automotive paint are anticipated to increase the demand for waterborne
automotive paints. Moreover, waterborne automotive paint segment is anticipated
to capture more than 52% market share by the end of 2024.
Global automotive paint market
is expected to flourish at a significant CAGR of 5.2% during the forecast period.
Moreover, the global automotive paint market is expected to garner USD 14.2
Billion by the end of 2024. Rising affluent middle class population and significant
growth of automotive industry are some of the key factors driving the growth of
automotive
paint market. Moreover, government regulations and rising
environmental concerns coupled with availability of environment friendly
automotive paint is expected to provide robust growth opportunities to the
automotive paint market during the forecast period.
Asia Pacific accounted for
highest percentage of market share, with a share of 56.7% in 2016. Increasing
demand for automobiles and high number of car production (7.6% growth in 2016
as compared to 2015) in the region are expected to impel the demand for
automotive paints over the forecast period. Moreover, rising setup of
automotive manufacturing units in the region is expected to strengthen the
growth of the automotive pain market. Countries such as China, Japan, India and
South Korea are witnessing the augmented demand for automotive paint on the
account of increasing number of automotive production per year. North America
is anticipated to experience lucrative growth during the forecast period.
Stringent
Government Regulations
Strict government regulations
and initiatives to reduce harmful components in the environment are anticipated
to garner the growth of advanced and environment friendly automotive paints. Apart from this, increasing demand
for environment friendly and low emission automobiles owing to the rising
environmental awareness is anticipated to positively impact the growth of the
automotive paint market.
Technological
Advancements
Advances in technologies such
as development of waterborne coatings and powder coatings are anticipated to
drive the growth of the automotive paint market. Moreover, rising preference
for these technologically advanced paints is accelerating the growth of the global
automotive paint market.
On the other hand, fluctuation
in the price of raw materials is likely to dampen the growth of automotive
paint market during the forecast period.
The
report titled “Automotive
Paint Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of
the global automotive paint market in terms of market segmentation by coat type,
by technology, by vehicle type, by distribution channel, by texture and by
region.
Further,
for the in-depth analysis, the report encompasses the industry growth drivers,
restraints, supply and demand risk, market attractiveness, BPS analysis and
Porter’s five force model.
This report also provides the
existing competitive scenario of some of the key players of the global automotive
paint market which includes company profiling of Nippon Paints, Valspar
Corporation, Axalta Coating Systems LLC, Kansai Paint Corp. Ltd., Cytec Solvay
Group, BASF SE, Akzo Nobel N.V., Jotun KCC Corporation and LORD
Corporation. The profiling enfolds key
information of the companies which encompasses business overview, products and
services, key financials and recent news and developments. On the whole, the
report depicts detailed overview of the global automotive paint market that
will help industry consultants, equipment manufacturers, existing players
searching for expansion opportunities, new players searching possibilities and
other stakeholders to align their market centric strategies according to the
ongoing and expected trends in the future.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries,
conglomerates and executives to take wise decisions for their future marketing
strategy, expansion and investment etc. We believe every business can expand to
its new horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
Read more Information: https://www.researchnester.com/reports/automotive-paint-market-global-demand-analysis-opportunity-outlook-2024/278
Contact for more
Info:
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Daniel
U.S.
+1 646 586 9123
U.K.
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