The Global Automotive Paints & Coatings Market to Exhibit 4.97% CAGR by 2028

Triton Market Research presents the Global Automotive Paints and Coatings Market categorized by product type (solvent-borne, waterborne, other coatings), coat type (base coat, clear coat, electro coat, primer), vehicle type (passenger vehicles, light commercial vehicles, heavy commercial vehicles), end-users (Original Equipment Manufacturers (OEM), automotive refinish), and by geography (North America, Asia-Pacific, Latin America, Europe, Middle East & Africa).

It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Market Strategies, Drivers, Challenges, Opportunities, Market Attractiveness Index, Vendor Scorecard, Competitive Landscape, Research Methodology & Scope, Global Market Size, and Forecasts & Analysis (2022-2028).

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Triton Market Research’s report highlights that the global market for automotive paints and coatings would expand with a 4.97% CAGR over the forecasted period 2022-2028.

With the advancement in technology and innovation, metallic pigments are becoming common as it offers environmentally friendly coatings. Many companies are focusing on incorporating new innovative technologies to obtain benefits from different kinds of pigments. Moreover, the COVID-19 pandemic has led to increased demand for hygienic and sanitary car interiors free from harmful bacteria and germ threats. However, the elevated costs of coatings and short supply of raw materials have hindered the production and demand of automotive paints and coatings.

North America is the largest market leader in this market at present and is expected to maintain its position in the upcoming years. Its contribution to the automotive paints and coatings market has led to the growing demand for vehicles. Besides, governments in the region offer investments and incentives to boost the automotive sector. Due to its strong presence in the global market, it has enhanced the demand for automotive paints and coatings.

The key companies listed in the automotive paints and coatings market are BASF SE, Akzo Nobel NV, Kansai Paint Co Ltd, PPG Industries Inc, Berger Paints Ltd, Sherwin Williams, Concept Paints, Valspar Corporation, KCC Corporation, KAPCI Coatings, HMG Paints Ltd, National Paints Factories Co Ltd, Red Spot Paint, and RPM International Inc.

This market comprises dominating players who heavily invest in R&D and manufacturing plants to expand their products and cater to the customers’ needs. Also, the substitute of products available within the market is huge and comes with similar attributes. However, customers are loyal to existing products, and with these facts, the threat of substitution in the automotive paints and coatings market is quite moderate. On the other hand, diversification in products and high switching cost has increased the bargaining power of the buyers of this market.

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