Automotive specialty coatings are applied to automobiles to improve their looks, toughness, and protection. These coatings offer several advantages, including U.V. protection, enhanced resistance to abrasion, and defense against environmental elements. They are utilized in various applications, from underbody protection to paint protection.
According to Data Bridge Market Research, the Global Automotive Specialty Coatings Market was valued at USD 3.32 billion in 2021 and is expected to reach USD 4.48 billion by 2029, registering a CAGR of 3.81% during the forecast period of 2022-2029.
"Rise in demand for high-performance coatings"
Increased consumer demand for automobiles' high performance and dependability, which has resulted in expanded vehicle manufacturing, is the main cause of the market's explosive rise. Also, the majority of the population's increased attention to the presence of vehicles has impacted overall growth. The global automotive specialty coatings market is expected to develop over the projected period due to the rising demand for specialist coating materials from the engine, battery, and electronic power segments.
What restraints the growth of the global automotive specialty coatings market?
" Engine downsizing restraints market growth"
Lack of technological expertise and financial worries over equipment and upkeep limit demand for automotive specialty coating. Also, the high demand for automobiles with rechargeable batteries and the rise of engine downsizing is anticipated to restrain the expansion of the automotive speciality coatings market during the anticipated year.
Segmentation: Global Automotive Specialty Coatings Market
The global automotive specialty coatings market is segmented on applications, type, resin type, substrate, electric and hybrid vehicle type, and vehicle type.
- On the basis of applications, the automotive specialty coatings market is segmented into engine and exhaust, interior, transmission, and wheel rims.
- On the basis of type, the automotive specialty coatings market is segmented into solvent-borne, waterborne, and powder coatings.
- On the basis of resin type, the automotive specialty coatings market is segmented into polyurethane, epoxy, and acrylic.
- On the basis of substrate, the automotive specialty coatings market is segmented into metal, and plastic.
- On the basis of electric and hybrid vehicle types, the automotive specialty coatings market is segmented into HEV, PHEV, and BEV.
- On the basis of vehicle type, the automotive specialty coatings market is segmented into passenger car, LCV, and HCV.
Regional Insights: North America is expected to dominate the Global Automotive Specialty Coatings Market
North America dominates the market due to the increased sales and production of commercial vehicles within the region. The USA is likely to remain the largest market in North America over the next five years, whereas Mexico is likely to be the new growth engine of the region.
Asia-Pacific is expected to grow in 2022-2029 owing to the surge in automotive production and growing vehicle production in developing countries such as India and China. Additionally, the rising disposable income of consumers and the growing presence of OEMs in the region are likely to boost the demand for automobiles in Asia-Pacific, which, in turn, will stimulate the demand for specialty coatings.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-automotive-specialty-coatings-market
Recent Developments in Global Automotive Specialty Coatings Market
- In 2021, Wörwag, a multinational manufacturer of coatings for the production of automotive applications, was entirely acquired by PPG.
- In 2021, About $40 million was invested by BASF SE to increase the production of automotive coatings in North America. The company's manufacturing facilities in Greenville, Ohio, and Tultitlan, Mexico, can produce more thanks to the investment opportunities.
- In 2019, The unique Nippon Paint X'press car painting and car care center concept officially opened in India, according to Nippon Paint. This will offer top-notch services for car maintenance and body and paint repairs.
The Prominent Key Players Operating in the Global Automotive Specialty Coatings Market Include:
- Akzo Nobel N.V. (Netherlands)
- Axalta Coatings Systems (U.S.)
- Cabot Corporation (U.S.)
- Carboline Company (U.S.)
- Coolshield International Pty., Ltd (Australia)
- Delta T & Protective Products (Canada)
- Excel Enterprise (India)
- General Coatings (U.S.)
- Jotun (Norway)
- Kansai Nerolac Paints Limited (India)
- Lincoln Industries (U.S.)
- Mascoat (U.S.)
- Mathur Corr Tech Private Limited (India)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Sharpshell Industrial Solutions (South Africa)
Above are the key players covered in the report, to know about more and exhaustive list of global automotive specialty coatings market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Automotive Specialty Coatings Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
