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Automotive Coatings Market Overview:
Automotive Coatings Market is expected to reach USD 18.2 Billion at the end of the forecasted period and is expected to grow at CAGR of more than 8% from 2018 to 2023.
Over the past few years, the global market has witnessed a phenomenal growth due to increasing demand of automotive coatings. This has brought out a higher growth rate of the global automotive coatings market at the end of forecasted period. As per the market analysis, different factors have driven the market for automotive coatings continuous increase in the number of vehicles, growing automotive as well as transportation industry, technological advancement and others.
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Automotive Coatings Market Key Players:
The prominent players in the global automotive coating market are BASF SE (Germany), Axalta Coating Systems (U.S.), Kansai Paint Co.,Ltd. (Japan), Akzo Nobel N.V. (Netherlands), Jotun (Norway), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), The Valspar Corporation (U.S.), Arkema SA (France), Berger Paints India Limited (India), Clariant (Switzerland), Koninklijke DSM N.V. (Netherlands), Cabot Corporation (U.S.), The Sherwin-Williams Company (U.S.), and Bayer AG (Germany).
Automotive Coatings Market Regional Analysis:
Automotive coatings market has been studied with respect to five regions – North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is the largest market because of the rapid industrialization in the region during recent years. India, China, South Korea, Japan, and Malaysia are the major contributors to the growth of this regional market. The factors driving market growth in the region are growing urbanization, changing lifestyles, increasing purchasing power of people, and rising consumer awareness in favors of the protection and maintenance of vehicles.
North America is the second-largest global automotive coatings market. The U.S is the largest market in this region due to the growing demand for passenger cars in the country. Europe is another important region in the global automotive coatings market. The U.K., France, Germany, Italy, and Belgium are the major contributors to this regional market.
Automotive Coatings Market Competitive Analysis:
Automotive coatings market is fragmented market with tier 1 and tier 2 players dominating the overall market. The key strategies adopted by key players are expansion, collaborations or partnerships, acquisition and product launch. To meet regulations, set by various bodies of respective regions, manufacturer is entering into agreement with raw material supplier to reduce the cost.
Auto manufacturers are focusing more on performance of vehicle by lowering of greenhouse gases with significant reduction in weight of vehicle. In highly competitive market, companies are investing more in innovations and brand building thereby, fostering the strong relationship with customer.
Automotive Coatings Market Table of Content:
1 Executive Summary
2 Scope of the Report
3 Market Research Methodology
4 Market Landscape
5 Industry Overview of Global Automotive Coatings Market
Automotive Coatings Market Table of Content to be Continue….,
Complete table of content is available at @ https://www.marketresearchfuture.com/reports/automotive-coatings-market-1754
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