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APAC Automotive Coating Market size to cross $17.2 Bn by 2027
Published Date: 2022-01-13
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APAC Automotive Coating Market size is slated to exceed USD 17.2 billion by 2027, according to a latest forecast report by Graphical Research.
Increasing demand for attractive designs and speed in cars among youngsters is increasing the demand of plastic among automobile manufacturers. Rising ecological and economic concerns is increasing the demand for fuel efficient cars at affordable price. This factor is increasing the sales of automotive plastic coatings as plastic reduces the weight of the vehicle and makes it less bulky thus eventually increasing the speed of the vehicle with less fuel consumption.
The E-coat segment is expected to record a CAGR of 5.5% during the forecasted period. E-coating ensures rust prevention from inner and outer surface of the automobile body thus increasing its lifespan. Rising inclination of automotive companies towards color customization in vehicles, especially passenger vehicles have increased the demand for e-coat and propelled the automotive coatings market growth
The water-borne segment will witness over 6.5% CAGR through 2027. Water-borne automotive coating is less harmful to the environment compared to solvent-based. Thus, increasing awareness and initiatives among automobile manufacturers is rising the demand of waterborne technology in APAC region.
Automotive coatings demand from metal application segment will surpass USD 11.9 billion by 2027 owing to high preference of consumers for traditional metal oriented heavy vehicles. Coatings applied on metals helps to reduce the wear and tear of the vehicle this factor is reducing the expenses in terms of maintenance thus this factor is boost the market growth.
Browse detailed statistical insights from the report, “Asia Pacific Automotive Coatings Market Forecast 2027 By Technology (Waterborne Coatings, Solvent Borne Coatings, UV-Cured Coatings), By Product (Primer, E-Coat, Basecoat, Clearcoat), By Application (Metal, Plastic), By End-Use (Light Vehicle OEM, Commercial OEM, Automotive Refinish), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The commercial OEM segment accounted around USD 2.3 billion revenue in 2020 and is set to reach 3.35 billion by 2027. Transportation industry of Asia Pacific has been increasing rapidly owing to increasing population, this factor has increased the demand of commercial vehicles. Thus, rising demand of heavy commercial vehicles is increase the market share of commercial OEM in the foreseeable timeframe.
China dominated the Asia Pacific automotive coatings market share in 2020, owing to cost-effective labor and raw materials coupled with government support in automobile industry. Furthermore, increasing global demand of Chinese cars is also rising export of automobiles and their parts this factor is also boosting the market growth in the foreseeable timeframe. According to China Association of Automobile Manufacturers (CAAM), China exported more than 1.36 million vehicles from January to September 2021, compared to 620,000 in the same period of 2020.
The APAC automotive coating market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Technology
- Solvent borne
- UV – Cured
Asia Pacific Market, By Product
Asia Pacific Market, By Application
Asia Pacific Market, By End-Use
- Light vehicle OEM
- Commercial OEM
- Automotive Refinish
The above information has been provided for the following contries:
- Asia Pacific