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3. PPG Industries, Inc (US) and Axalta Coating Systems (US) are Leading Players in the Automotive Coatings Market

The global automotive coatings market size is projected to grow from USD 15.0 billion in 2022 to USD 18.6 billion by 2027, at a CAGR of 4.3%. The demand for automotive coatings is primarily influenced by the demand trends in the automotive industry, environmental regulations, health & safety norms, buyer preferences, lifestyle, and the growing economy. The companies have adopted various strategies, such as investment & expansion, merger & acquisition, new product launches, and joint ventures to increase their global presence and maintain sustained growth in the automotive coatings market.

The automotive coatings industry has evolved from solvent-borne coatings to water-borne coatings and powder-based coatings through intense Research & Development (R&D). The aim of providing these advanced coatings to the automotive industry was to minimize the hazard caused by solvent-borne coatings as they have a high content of VOCs (volatile organic compounds) and HAPs (hazardous air pollutants). On the other hand, water-borne and powder-based coating is getting popular owing to their environmentally friendly tag with zero or low-VOC content. North American and European countries have issued regulations regarding the content of VOCs in coatings, due to which the demand for water-borne and powder-based coatings increased. Developing countries, such as China, India, Brazil, and Russia have also started applying water-borne and powder-based coatings in the conventional paint process. Hence, considering the increasing vehicle demand and upcoming environmental regulations in the next five years, the demand for eco-friendly coatings is likely to grow at a substantial rate.

To know about the assumptions considered for the study download the pdf brochure

The automotive coatings market in the Asia Pacific is forecasted to register the highest CAGR, in terms of value, between 2022 and 2027. Asia Pacific is a rapidly developing region that offers many opportunities for various industry players. Most of the leading players in North America and Europe are planning to move their production base to this region because of the availability of inexpensive raw materials, low production costs, and the need to serve the local market better. The demand for premium products is increasing in the region with the growth in the middle-class population. Government initiatives are also helping in the growth of the automotive sector. These factors will play an important role in driving the automotive market.

There are various small, medium, and large players operating in the market. Some of the major market players include BASF SE (Germany), Axalta Coating Systems (US), PPG Industries, Inc (US), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), KCC Corporation (Korea), The Sherwin-Williams Company (US), AkzoNobel N.V. (The Netherlands), Jotun A/S (Norway), Arkema S.A. (France). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.

PPG Industries, Inc is a key player in the automotive coatings market. PPG Industries, Inc. is a U.S.-based supplier of paints, coatings, optical products, specialty materials, glass, and fiberglass. The company operates through three business segments, namely, performance coatings, industrial coatings, and glass. It caters to the needs of a number of end-use industries, such as construction, consumer products, industrial, and transportation. The company offers automotive coating under its industrial coatings segment. It has a presence in North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa, with operations in over 156 countries.

• In June 2021, PPG announced the expansion of its coatings manufacturing capacity in Europe for packaging applications. The investment is expected to meet the rising customer demand in the region for the latest generation coatings for aluminum and steel cans used in packaging for beverage, food, and personal care items.

Axalta Coating Systems, Axalta Coating Systems is a leading global producer of coatings. The company is focused on the production of liquid and powder coatings. It manages its operations through two segments, namely, performance coatings and transportation coatings. It offers automotive coating under its transportation coatings segment. The transportation coatings segment caters to various end-use markets, such as light and commercial vehicles, and serves several industrial applications. The company is headquartered in Philadelphia, US, with operations in about 130 countries. It has a presence in North America, Latin America, China, East and South Asia, Europe, the Middle East, and Africa. The company mainly competes with PPG Industries (U.S.) and BASF SE (Germany).

• In March 2021, Axalta Coating System LLC announced the launch of its Spies Hecker Waterborne Full System, its latest full-layer waterborne solution for refinish customers in the Chinese market. The new auto refinish coating system brings world-class technology to the Chinese refinishing industry while providing excellent color performance and a professional high-quality finish.

Related Reports:

Automotive Coatings Market by Resin Type (Polyurethane, Epoxy, Acrylic, and Others), Technology (Solvent-based, Water-based, and Powder-based), Coat Type (Clearcoat, Basecoat, Primer, and E-coat), and Region - Global Forecast to 2027

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