The automotive coatings market is expected to reach more than $35.82 billion by 2026 with a CAGR of 6.4% during the forecast period as per a new study released by Polaris Market Research.
The report “Automotive Coatings Market [By Technology Type (Water-Borne, Solvent-Borne, Powder Coating and Others) By Product Type (Primer, Clearcoat, Basecoat and Others) By Resin (Epoxy, Polyurethane, Acrylic & Others) By Regions]: Market size & Forecast, 2017 – 2026” provides an analysis of present market dynamics and predicted future trends.
The market is driven by growing applications as blockades to car paints from thrilling acid rains, heat, UV radiations, and dust accompanied by feature of improving automobile appearance. Customer’s expectation for efficiency maximization, appealing appearance and compliance with environmental regulations is a demonstration of the modernistic machinery that is used in the production of products and upgraded processes, thereby creating long-lasting surfaces of vehicles.
Currently, this market is intensified by its reduction in manufacturing cost, bringing consumer satisfaction by offering corrosion protection and improving visual features, as well as justifying environmental anxieties. The initiation of the novel smart coatings has eased the concern of car topcoats appearance, corrosion, and durability, thereby making them long-lasting. The global advent of two-layer topcoats and the color, gloss, and chip confrontation presented by innovative products remains practical in the initial seven to 10 years of usage. These factors are anticipated to boost the market growth.
The adoption of novel products challenges boundless ecological concern. Aiming at precise expectations of buyers, as well as efficiency maximization and environmental regulations compliance within the advanced processes, are predicted to supplement the market demand of these products.
By 2026, Asia Pacific region is projected to appear as the largest market worldwide. The presence of a recognized automobile production base in numerous APAC nations along with rising automobile manufacture in India and other Southeast Asian realms is driving the market. Several R&D Investments by large industry players along with institutes have also augmented the development of high-performance automotive coating materials market in this region. Further, the North American market is driven and dominated by the U.S. owing to the well-settled manufacturing of automobiles. However, with the growing production of vehicles in Canada and Mexico, the market is likely to have increasing demand for these products.