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Sep 28, 2020 (The Expresswire) —
The global automotive coatings market size is expected to experience a significant growth backed by the surging demand for electric vehicles and the remarkable technological advancement such as energy-efficient automotive coatings across the globe.
Automotive coatings are generally paints that are applied to automobiles for decoration and protection purposes. Formerly, a base paint is applied that is followed by a primer paint and in the end, a clear coat of paint is applied that forms a transparent and glossy coating. This coating has the tendency to withstand extreme UV exposure. These coatings are manufactured using solvents, resins, fillers, and additives, among others.
This information is published by Fortune Business Insights, in its upcoming report, titled,“Automotive Coatings Market Size, Share and Industry Analysis, By Resin (Polyurethane, Epoxy, Acrylic, Others), By Technology (Water-borne, Solvent-borne, Powder Coating, Others), By Coat Type (Clearcoat, Basecoat,mPrimer, Electrocoat), By Application (OEM, Refinishing, Others) and Regional Forecast, 2019-2026.”
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COVID-19 Results in Short Lull in Automotive Production and Sales
The automotive industry is reeling under unprecedented economic loss owing to the shutdown of total operations and services globally. The lockdown announced by the government agencies globally has led to a complete halt of production, and the workers have been advised self-imposed quarantine to limit the spread of the novel coronavirus. This has severely impacted the industry and is expected to experience a restrained growth. However, with adequate preventive measures and overall 25% working capacity as per the government guidelines, the automotive industry has resumed work that is expected to bode well for the market growth in the near future.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Demand for Electric Vehicles to Aid Growth
The growing environmental concerns and the increasing focus on developing efficient and long-range automobiles are driving the manufacturers to develop advanced electric vehicles. The surging demand for hybrid/electric vehicles is expected to facilitate the adoption of energy-efficient automotive coatings largely. For instance, in August 2020, the U.S. Department of Energy’s Lawrence Berkeley National Laboratory announced its partnership with PPG for a certain research initiative to develop an energy-efficient automotive coatings system.
The growing focus on manufacturing light-weight electric vehicles and reduced temperature in automobiles is further expected to boost the global automotive coatings market growth during the forecast period.
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List of the Companies Profiled in the Market:
- BASF SE
- Flora Coatings LLC
- The DECC Company
- PPG Industries Limited
- Nippon Paint Inc.
- Stahl Holdings B.V.
- AkzoNobel N.V.
- The Sherwin-Williams Company
- Axalta Worldwide
- TCI Powder Coatings
- Asian Paints PPG
- Kansai Nerolac
- KCC Corporation
- Koninklijke DSM N.V.
Presence of Established Companies in Asia-Pacific to Favor Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global automotive coatings market during the forecast period. This dominance is attributable to the presence of established automotive manufacturers such as Audi, Nissan, Mercedes, and Volkswagen having their bases in the region that favor the demand for advanced automotive coatings between 2019 and 2026.
The market in Europe is expected to experience a considerable growth in the forthcoming years. This is ascribable to factors such as the increasing automobile production that is expected to drive the demand for automotive coatings in the region.
Signing of Contracts between Major Companies to Expand Product Portfolio
The global automotive coatings market is anticipated to experience a steady growth backed by the increasing focus of the major companies to expand their product portfolio by signing contracts with other key players. These companies are further striving to strengthen their positions in the highly competitive global marketplace by adopting strategies such as merger and acquisition, partnership, and collaboration during the forecast period.
- February 2020 Akzo Nobel announces its agreement with BMW group to supply several automotive coatings refinish products and services at over 44 selected locations globally. The agreement is expected to further consolidate its position in the near future.
Browse Complete Summary of research Report:https://www.fortunebusinessinsights.com/automotive-coatings-market-102736
The report offers a detailed evaluation of chemicals and their demand by highlighting information on several aspects which include drivers, trends, opportunities, and challenges. In addition to this, it sheds light on industry developments by key players, helping the industry to expand. Information given in the article consists of technological advancements to analyze the industry meticulously and offer a better understanding to its readers. These advancements will help companies to stay abreast in terms of competition. Companies are planning to adopt several strategies to stay ahead of others. These strategies include: mergers and acquisitions, partnerships, collaborations, new product developments among others. The information gathered through primary and secondary sources, comprises of interviews from several industry experts and professionals. Secondary sources such as press releases, information from recognized institutes, and other collaterals are used to analyze the industry. Further, top-down and bottom-up approaches are used to provide a 360-degree view.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Automotive Coatings Market 2020 – Global Industry Analysis By Trends, Size, Share, Company Overview, Growth And Forecast By 2026
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