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North American Automotive Coatings Market revenue to hit $6 Bn by 2026
Published Date: 2021-05-18
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North American Automotive Coatings Market size is projected to reach USD 6 billion by 2026, according to a latest forecast report by Graphical Research.
Production of passenger and commercial vehicles has driven the consumption of automotive coatings in North America. Further, adoption of energy-efficient and advance coating technologies by vehicle manufacturers is anticipated to create lucrative opportunities for the market.
The basecoat segment accounted over USD 2 billion revenue in 2019. Basecoats help in providing a glossy and shiny effect to the vehicle and offerings a better surface finish.
Use of various basecoats has soared in recent years as consumers of increasing inclined towards enhancing vehicle appearance. Increase in vehicle makeovers and refinish should also bolstered the demand for coatings that provide a shiny effect to a vehicle, which is expected to trigger the market growth. Additionally, increasing consumer spending on vehicle appearance is poised to accelerate the market expansion.
The solvent based automotive coatings segment held over USD 1.5 billion revenue in 2019. Solvent borne coatings comprise a solvent base, containing a volatile organic compound. Solvents are used in automotive coatings for creating a durable and strong coating film on surface and for enhancing flowing and drying ability of coatings ensuring uniformity of coating film.
Browse detailed statistical insights from the report, “North America Automotive Coatings Market Size By Application (Metals, Plastic), By End-Use (Light Vehicle OEM, Commercial OEM, Automotive Refinish), By Technology (Solvent borne, Waterborne, UV – Cured), By Product (Primer, Electrocoat, Basecoat, Clearcoat), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026” along with the table of contents (ToC) @
Their use in vehicle manufacturing and assembly is triggered by its low cost, easy availability, and ability to offer strong protection against environmental factor, which has driven the solvent based automotive coatings market size. However, stringent government regulations regarding the use of volatile organic compounds in chemicals which may cause harm to environment has accelerated the adoption of environmentally friendly coatings. This trend should affect the solvent based market revenue.
The light vehicle segment reached nearly USD 2 billion valuation in 2019. Automotive coatings are utilized in light vehicle applications for preventing vehicle surface corrosion and offering better appearance to a car. Growing consumer emphasize on car appearance has accelerated the demand for lucrative automotive coatings for better vehicle appearance.
Decreasing cost of automotive coatings and availability of a wide range of colors and coatings that provide glossy effect to vehicle surfaces should trigger the demand for coatings for car modifications. Emergence of trends like car modifications and vehicle refinish for making car more appealing and rising consumer spending on vehicle maintenance should augment the demand for automotive coatings in North America. Also, increasing adoption of water based automotive coatings for preventing hazardous effects of VOCs on humans and environment should also stimulate the market value.
The North American automotive coatings market report includes in-depth coverage of the industry trends, with estimates & forecast in terms of volume (Kilo Tons) and revenue (USD Million) from 2015 to 2026, for the following segments:
North America Market, By Technology
- Solvent borne
- UV – Cured
North America Market, By Product
North America Market, By Application
North America Market, By End-Use
- Light vehicle OEM
- Commercial OEM
- Automotive Refinish
The above information has been provided for the following countries:
- North America