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The automotive paints and coatings market share is expected to increase by USD 2.89 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.1%.
This automotive paints and coatings market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive paints and coatings market segmentations by product (solvent-based products, water-based products, and other products), type (electro-coat, primer coat, basecoat, and clearcoat), and geography (APAC, Europe, North America, South America, and MEA). The automotive paints and coatings market report also offers information on several market vendors, including 3M Co., Akzo Nobel NV, Arkema SA, Axalta Coating Systems Ltd., BASF SE, Clariant International Ltd., Covestro AG, DuPont de Nemours Inc., PPG Industries Inc., and The Sherwin-Williams Co. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing demand for waterborne coatings is notably driving the automotive paints and coatings market growth, although factors such as sharp decline in automobile sales and production may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive paints and coatings industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Paints And Coatings Market Driver
The increasing demand for waterborne coatings is notably driving the automotive paints and coatings market growth. Advancement in waterborne paints and coatings technology has contributed to meeting and sometimes exceeding the performance requirements. One such example is the AVANSE MV-100 technology developed by DuPont de Nemours. The technology is used to produce high-performance acrylic binders that are used mostly to coat metal surfaces. Waterborne coatings are available as water-soluble paints, water-dispersible paints, emulsions or latex paints, and water-based alkyds. Paint producers are rapidly transitioning to powder and waterborne low-VOC technologies owing to its growing prominence and innovative opportunities. This has widened the scope for process and product improvements in the sustainable coatings area, thereby driving the global automotive paints and coatings market during the forecast period.
Key Automotive Paints And Coatings Market Trend
The growing adoption of UV-curable coating is the key trend driving the automotive paints and coatings market growth. UV-curable coatings exhibit high performance and offer quick assembly-line benefits. Regulatory agencies such as the EPA and the Ministry of Environmental Protection of China have implemented stringent regulations to address the growing consumer awareness about the harmful effects of volatile organic compound emissions. These regulations have compelled manufacturers to develop eco-friendly coating products. Hence, UV-curable and waterborne coatings made from eco-friendly and natural ingredients are gaining popularity in the market. Their durability, versatility, appearance, and superior weather-resistance enhance the preference for UV-curable coatings. These coatings are predominantly used in automotive, industrial, wood furniture, general metal, and flooring applications. Therefore, the increasing adoption of UV-curable coatings is expected to support the growth of the global automotive paints and coatings market during the forecast period.
Key Automotive Paints And Coatings Market Challenge
The major challenge impeding the automotive paints and coatings market growth is the sharp decline in automobile sales and production. Automotive production in major automotive manufacturing countries, such as India, Japan, and the US, registered growth during 2017-2018. However, a slowdown in the growth rate of the sales of vehicles in 2019 is increasing the inventory cost for OEMs and compelling them to reduce or temporarily stop production. In India, passenger vehicles worth around $5 billion from various OEMs, such as Maruti Suzuki India Ltd., Tata Motors Ltd., Honda Motor Co. Ltd., and Mahindra & Mahindra Ltd., were unsold as of June 2019. This compelled automotive OEMs to stop production temporarily. Such factors that adversely affect automotive sales and production are reducing the demand for automotive components and automotive paints and coating products, which, in turn, are hampering the growth of the global automotive paints and coatings market.
This automotive paints and coatings market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive paints and coatings market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive paints and coatings market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive paints and coatings market encompasses successful business strategies deployed by the key vendors. The automotive paints and coatings market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive paints and coatings market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive paints and coatings market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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51% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for automotive paints and coatings market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increase in the disposable income of the consumers, rise in government initiatives, and the growth in the penetration of passenger cars and commercial vehicles will facilitate the automotive paints and coatings market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 led to a temporary halt in the production and sales of automobiles and related components and accessories. This negatively impacted the export of automotive paints and coatings from key APAC countries, such as China, India, and Taiwan, in 2020. Therefore, the automotive paints and coatings market witnessed a slow growth in APAC in 2020. In addition, the second wave of the pandemic in the majority of the countries in APAC hampered automotive sales and reduced the demand for automotive paints and coatings in Q1 of 2021. However, the reopening of international boundaries for trade is likely to enhance the demand for automotive paints and coatings in APAC during the forecast period.
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The automotive paints and coatings market share growth by the solvent-based products segment will be significant during the forecast period. Solvent-based coatings can be categorized into high-solid solvent-borne coatings and conventional solvent-borne coatings. Stringent regulations regarding the emission of volatile organic compounds (VOCs) are compelling automotive manufacturers to develop eco-friendly alternatives to coatings and paints used.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive paints and coatings market size and actionable market insights on post COVID-19 impact on each segment.
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Automotive Paints And Coatings Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.1% |
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Market growth 2021-2025 |
$ 2.89 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
2.65 |
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Regional analysis |
APAC, Europe, North America, South America, MEA, APAC, Europe, North America, South America, MEA, APAC, Europe, North America, South America, and MEA |
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Performing market contribution |
APAC at 51% |
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Key consumer countries |
China, US, Japan, Germany, and South Korea (Republic of Korea) |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
3M Co., Akzo Nobel NV, Arkema SA, Axalta Coating Systems Ltd., BASF SE, Clariant International Ltd., Covestro AG, DuPont de Nemours Inc., PPG Industries Inc., and The Sherwin-Williams Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
115 12.4
118 12.5
120 12.6
123 12.7
125 12.8
128 12.9
130 12.10
133 12.11
136 12.12
138 13.
140 13.1
141 13.2
142 13.3
144 13.4
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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