Automotive Coatings Market Revenue to Cross USD 26 Bn by 2024: Global Market Insights, Inc.
Germany automotive coatings market demand from plastic application is estimated to exceed USD 540 million by 2024 led by strict regulations by European Union towards reducing VOC emission along with low operational expenses.
SELBYVILLE, Del., September 18, 2019 (Newswire.com) - The automotive coatings market share is anticipated to experience lucrative growth over the forecast timeline owing to consistent demand for passenger cars and commercial vehicles. Escalating demand for low emission vehicles due to shifting consumer focus towards environmental sustainability will accelerate product development. Changing consumer outlook towards minimal maintenance and durable vehicles will boost the industry scope.
Increasing automotive sales outlined by a surging demand for sporty aesthetics along with durability, chemical and corrosion resistance and protection from UV rays will complement automotive coatings market outlook. A surging middle-class population coupled with increased spending capabilities of consumers and enhanced living standards will complement the auto manufacturing sector worldwide.
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Majority of market players are involved in product differentiation and collaborations with global auto players along with advancements in manufacturing technology. Quality management processes such as automated tool quality management and lean manufacturing have fostered automotive production around the world, augmenting automotive coatings market forecast.
Increasing automotive production coupled with rising disposable income in China, Japan, South Korea, and India will fuel the product demand. Shifting consumer inclination towards light-weight and fuel-efficient vehicles is anticipated to drive the adoption of advanced, high-performance coatings. Automakers are focusing on enhancing vehicle aesthetics and producing more fuel-efficient vehicles, along with adopting sustainable coating materials.
Escalating demand for luxury cars along with the deployment of lustrous and protective coatings to protect vehicles from corrosion caused by UV radiation, temperature variations, foreign particles and acid rain will bolster automotive coatings market size. Emergence and gradual proliferation of electric vehicles will certainly transform the auto coatings sector over the coming years.
Stringent norms enforced by the European Union pertaining to minimizing VOC emission coupled with lower operational costs are anticipated to accelerate the regional product demand. Increasing consumer focus towards enhancing vehicle durability, appearance and protection against external environmental susceptibilities will promote product penetration across European countries, both in OEM and refinish applications.
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The global waterborne automotive coatings market share is projected to exceed USD 10.5 billion by 2024. Surging demand for waterborne automotive coatings on account of solvent-free and low-temperature preparation, along with high chemical and corrosion resistance, will stimulate the industry trends. Rising awareness pertaining to eco-friendly coatings in countries like Germany, growing inclination towards low toxicity products as well as adoption of EVs will foster business growth substantially.
The Germany automotive coatings market size from plastic applications is estimated to exceed USD 540 million by 2024. Strict regulations by the European Union toward reducing VOC emission along with low operational expenses should trigger market growth. The country has a strong automotive production base and is anticipated to remain one of the top automobile manufacturers in the coming years.
U.S. automotive coatings market size from metal application will witness substantial gains at about 3.5% over the analysis timeline. Changing consumer outlook towards minimalistic aesthetic features coupled with hiking demand for luxurious cars, owing to evolved living standards and increased spending capabilities, are driving U.S. market trends. Widespread application in the automotive sector to meet rising demand for fuel-efficient vehicles is further propelling the product deployment.
Browse key industry insights spread across 188 pages with 143 market data tables and 40 figures & charts from the report, “Automotive Coatings Market By Technology (Solventborne, Waterborne, UV-Cured), Product (Electrocoat, Primer, Clearcoat, Basecoat), Application (Plastic, Metal), End-Use (Commercial OEM, Automotive Refinish, Light Vehicle OEM), Regional Outlook, Price Trend, Competitive Market Share & Forecast 2024” in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 3 Automotive Coatings Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013-2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
18.104.22.168 Strategic Alliance
3.4 Raw material trends
3.4.1 Titanium dioxide
3.4.2 Epoxy resin
3.5 Technology landscape
3.6 Regulatory landscape
22.214.171.124 European Commission
3.7 Industry impact forces
3.7.1 Growth drivers
126.96.36.199 Growing automotive industry in Asia Pacific
188.8.131.52 Increasing waterborne coatings demand in Europe
3.7.2 Industry pitfalls & challenges
184.108.40.206 Fluctuating raw material prices
3.8 Growth potential analysis, 2016
3.8.1 Emerging business model
220.127.116.11 New product launch
18.104.22.168 Joint Venture
3.9 Porter’s analysis
3.10 Company market share analysis, 2016
3.10.1 Strategic dashboard
3.11 PESTEL analysis
Browse Complete Table of Contents (ToC) @
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Source: Global Market Insights, Inc.