The growing concern for eco-friendly products have driven the manufacturers of automotive paint market to focus on producing non-toxic painting and coating products which will overcome their contribution to environmental degradation. Further, the environmental organisations and government of different regions are encouraging the utilization of technologies that help in reducing emission levels. These factors are expected to benefit the automotive paint market.
However, variable raw material prices and environmental regulations are estimated to dampen the global automotive paint market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the automotive paint market which includes company profiling of Nippon Paints, Valspar, Axalta Coating Systems LLC, Kansai Paint Corp. Ltd, Solvay, BASF SE, Akzo Nobel N.V, Jotun, KCC Corporation and Lord Corporation.
The global market for automotive paint is expected to flourish at a CAGR of 5.2% between the years 2017 and 2024 and is anticipated to reach USD 14.2 Billion by the end of forecast period. Factors such as increasing disposable income and rising demand for automobiles are few of the major elements that are anticipated to drive the demand for global automotive paint market. Further, rising middle class population in developing countries and favorable economic trend is estimated to boost the market. Moreover, the increasing adoption of improved new technologies is expected to drive the market over the forecast period.
In the regional segment, Asia-Pacific has been the largest market share holder with 56.7% share in 2016 and is expected to show similar trend over the forecast period. This can be attributed to the expanding of automobile industry. China, being the largest automobile manufacturer country, is expected to witness robust growth in automotive paint market over the forecast period. Europe occupies the second place in terms of market share and is anticipated to foresee growth in automotive paint market. Furthermore, North America is anticipated to outrun Europe in the terms of market share over the forecast period as it is witnessing noteworthy production rate of automobiles.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the automotive paint market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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