The considerable growth in the automotive sector in the countries such as Thailand, Indonesia, India, intertwined with increasing inclination toward powder coatings in order to reduce VOC content emissions and burgeoning demand for cab services globally are the factors projected to promulgate the growth of the Global Automotive Coating market in the near future. Moreover, paradigm shift to the consumers towards efficient and easy transportation, surging investments in R&D in new production alternatives and increasing demand for commercial utility vehicles are placing a positive impact on the growth of the market in the forthcoming timeline.
According to MarkNtel Advisors’ research report “Global Automotive Coatings Market Analysis, 2020”, the Global Automotive Coatings market is anticipated to grow at a CAGR of around 5% during 2021-26. Based on End-User, Light vehicle OEM was acquired the majority market share in 2019. This is due to robust growing demand for passenger cars in countries such as India, Brazil, Singapore, due to increasing per capita income along with booming population growth, and rapid urbanization. Hence, this is anticipated to propel the growth of the market in the near future.
Key questions answered in the study:
- What are the current and future trends of the Automotive Coatings industry?
- How the industry has been evolving in terms of end-user demand and application areas?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Automotive Coatings industry?
- What is the customer orientation, purchase behavior, and expectations from the Automotive Coatings firms across various regions?
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“Global Automotive Coatings Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Automotive Coatings providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor’s capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Exhibits Fastest Growth
Asia Pacific is anticipated to grow at a fastest rate in the Global Automotive Coatings market in 2020. The growth of the region is accredited to presence of giant vehicle manufacturing facility, significant growth in automotive sector due to burgeoning sales and production in countries including China, Japan, India, South Korea, and Thailand along with growing income levels of the population and rapid urbanization. Moreover, rising inclination towards eco-friendly coating, surging sales of pre-owned vehicles coupled with growing trends cab services, and increasing vehicle repair are the major factor accentuating the growth of the Automotive Coatings Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Automotive Coatings Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Automotive Coatings market are BASF SE, Axalta Coating Systems, PPG Industries, Inc., Kansai Paint Co., Ltd, Nippon Paint Holdings Co., Ltd., The Valspar Corporation, KCC Corporation, The Sherwin-Williams Company, Akzonobel N.V., Covestro AG, Arkema SA, Cabot Corporation, Clariant AG, Lord Corporation, Solvay S.A etc.