Hygienic Automotive Interiors’ Increased Demand Strengthens the Global Automotive Paints & Coatings Market Growth
Inkwood Research predicts that the Global Automotive Paints & Coatings Market is evaluated to record a CAGR of 4.83% in terms of revenue during the forecasted period of 2021-2028.
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Automotive paint is utilized in vehicles
for decoration as well as protection. It constitutes polyurethane-based enamel
that protects the substrate from different elements. Conversely, automotive
coatings are used for coating automotive surfaces, thus providing long-lasting
surfaces that exceed or meet customer expectations in terms of environmental
compliance, efficiency, and aesthetics.
Rising
Demand for Hygienic Automotive Interiors to Facilitate Market Growth
Previously, car interiors had to be
appealing, comfortable, and pleasant to touch. However, the COVID-19 pandemic
has augmented the need for general hygiene as well as safety in vehicles,
predominantly against harmful germs and bacteria. The novel coronavirus
outbreak has also changed mobility, in addition to the sense of comfort and safety
in automobiles. Moreover, the willingness of car users to invest in solutions that
battle pathogens on the interior surfaces and in-cabin air is surging. The robust
demand for clean automobile interiors, in private vehicles and across all
future mobility ideas, has further accentuated the need for automakers to cater
to users’ concerns
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Original
Equipment Manufacturers (OEM) is the Leading End-User
Original Equipment Manufacturers (OEMs) are
characterized as the original manufacturer of a vehicle’s components. As a
result, OEM car parts are identical to the components utilized during vehicle
production. Ford, Volkswagen, Toyota, The Suzuki Motor Corporation, General
Motors (GM), and Renault are some of the top OEMs globally. In addition,
companies like PPG Industries, The Sherwin-Williams Co, AkzoNobel, RPM
International Inc, Axalta Coating Systems, and Nippon Paint Holdings Co, among
others, provide vehicle OEMs with automotive paints & coatings.
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North
America to be the Fastest-Growing Region
The market growth in North America is ascribed
to key factors such as the augmenting demand for vehicles, the prevalence of
government incentives as well as open investment policies, and the
well-established presence of leading automobile manufacturers. However, the
regional market’s growth may be restrained by high raw material prices and
stringent regulations.
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Firms with undifferentiated products, in
addition to more comprehensive product portfolios, lead to intense competition
across the global market. Several companies also form joint ventures for capturing
new markets. For example, Berger Paints Ltd entered into an agreement with Rock
Paint Co Ltd (Rock Paint), Japan, in 2018 to form a joint venture to sell
automotive paints in Nepal as well as India. Therefore, the industrial rivalry
is expected to be high in the global automotive paints & coatings market
during the forecasted years.
Key companies in the market include Berger
Paints Ltd, BASF SE, HMG Paints Ltd, etc.
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& customized research reports and consulting services. Market intelligence
studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business
environments. Our geographical analysis comprises North & South America,
CEE, CIS, Middle East, Europe, Asia, and Africa.
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