Scope of the Study
Vehicle coating is a paint used on the light commercial vehicle, medium-duty vehicle and heavy-duty vehicle for its protection and to enhance vehicle look. It increases the durability of the automobiles and protects against extreme temperature, UV radiation, and other particles. It provides lasts longer than regular paint. Growing demand from End-Use Industry in Asia-Pacific, green, environment-friendly & healthier coating systems are projected to drive the global vehicle coating market over the forecast period.
The market study is being classified, by Application (Automotive OEM Coatings, Automotive Refinish Coatings and Others) and major geographies with country level break-up.
BASF SE (Germany), Nippon Paints Co Ltd. (Japan), PPG Industries Inc. (United States), Axalta Coating Systems (United States), AkzoNobel (Netherland), Sherwin-Williams (United States), COSCO (China), Dupont (United States), Hunan Xiangjiang Paint Group (China) and Donglai Coating (China) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Kinlita Chemical (China), Beacon (United States) and Valspar Corporation (United States).
Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Vehicle Coatings market throughout the predicted period.
Segment Analysis
AdvanceMarketAnalytics has segmented the market of Global Vehicle Coatings market by Type, Application and Region.
On the basis of geography, the market of Vehicle Coatings has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increase in the automotive industry due to rising inclination in millennials to purchase their own vehicle. For instance, according to India Brand Equity Foundation, in 2018, India became the 4th largest auto market with sales growing more than 8.3% year-on-year to 3.99 million units. Therefore, it will enhance market growth.
Market Trend
- Advancement in Coating Technology and Process Optimization
Restraints
- Stringent Environmental Regulations Regarding VOC Emissions
Opportunities
- Growing Innovation of More Paint Additive Products That Are More Eco-Friendly
Challenges
- Fluctuating Raw Material Prices
Market Leaders and their expansionary development strategies
In 2020, PPG Industries Inc. (United States) Company has acquired Alpha Coating Technologies, LLC (United States) Company, which is a manufacturer of powder coatings for light industrial applications. Therefore, this acquisition will strengthen the company's presence in the vehicle coasting industry across the globe.
In 2019, the BASF SE (Germany) Company has launched Efka FL 3750 and Efka FL 3755, which are specifically developed for all solvent-borne & solvent-free coating. Therefore, this will lead to the expansion of the product portfolio assisting a larger customer base and it will also upsurge the revenue for BASF SE (Germany) Company.
Key Target Audience
Vehicle Coatings Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
Customization in the Report Available:
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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