Automotive Coatings Market Size

Automotive Coatings Market Size

Automotive coatings market size exceeded USD 21 billion in 2019 and is estimated to grow at over 5% CAGR between 2020 and 2026. Increasing demand for high performance & low maintenance vehicles and economical and long-lasting plastic coatings solutions are likely to accelerate market share.

Changing consumer perceptions on low maintenance vehicles and rising demand for economical coating solutions is likely to boost product demand. Automotive coatings are easy to apply, economical and provide long lasting solutions. These solutions also aid in improving shine and aesthetic appeal as it enhances metallic colors on vehicles which is likely to boost automotive coatings market share.

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Automotive coating solutions provide enhanced protection from environmental aggressors such as rust, water, snow, and moisture. Consumers are rapidly moving towards these products as they help in proper maintenance of vehicles even after rough use. Industry players are rapidly investing in introducing economical and high-performance solutions to remain competitive.

Increasing trends pertaining to automobile renovation, custom paint patterns and vinyl’s is likely to promote the use of automotive coating solutions. These products help in protecting and enhancing custom paint coatings in vehicles thus increasing visibility and lifespan of expensive paint customizations. Furthermore, these coatings also protect from general wear & tear and protects paint from prolonged exposure to sun which is likely to augment the automotive coatings market.

Stringent regulations in Europe and North America on use of harmful chemicals and strict compliances on labeling is increasing competition in the automotive coatings market. Industry players are rapidly innovating their product line in an attempt to manufacture solutions that exceed current safety norms. Furthermore, manufacturers are also introducing customized solutions in an attempt to remain competitive in post corona economy.

Industry players in Switzerland are rapidly engaged in providing high quality lacquered and environment friendly solutions in an attempt to boost brand equity. Berlac Group in Switzerland is engaged in manufacturing high quality automotive solutions, its specialty includes high precision coatings for metal & plastic components in vehicles. The firm also provides high quality lacquer solutions for automobiles for enhancing aesthetic appearances and is also investing in developing green coating solutions.

Increasing cases of COVID – 19 and decrease in sales of automobiles are likely to restrict market growth. Industry players are rapidly entering into long term contracts with suppliers in an attempt to retain their customer base. Furthermore, reduced expenditure towards customizing vehicles and strict lockdown measures are likely to hinder the automotive coatings market growth in short and medium run.