Automotive coatings market is anticipated to register tremendous gains over the coming years owing to rising demand for low maintenance vehicles and increasing trend of vehicle customization. The ongoing rise of the electric vehicles sector, shared mobility, and self-driving cars would significantly transform the automotive industry's profitability sources. According to the World Economic Forum, through the forthcoming years, the overall automotive market structure is expected to shift as ride-hailing firms, suppliers, tech giants, as well as cities and bigger mobility ecosystems look to establish a sustainable mobility infrastructure.
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Several leading automotive enterprises across the world rely upon automotive coatings technologies to effectively protect the vehicle body from wear and tear, which is caused by exposure to outside elements. Automotive coatings offer exceptional weather resistance including resistance to paint degradation and yellowing due to ultraviolet (UV) rays/sunlight. They also offer excellent color as well as gloss retention, even in extremely long exposure times.
The automotive coatings market is bifurcated into a number of different segments, including technology, product, application, end-use, and regional landscape.
With respect to product, the market is classified into electrocoat, primer, clearcoat, and basecoat. Among these, the primer segment is anticipated to register tremendous gains through the forecast timeframe as Increasing demand for durable, economical and water resistant coating products is fostering its market share.
From a regional frame of reference, the LATAM automotive coatings industry is slated to witness lucrative growth due to increasing demand for high performance vehicles and changing perceptions towards sustainability.
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Owing to its close proximity to the lucrative North American automotive industry, Mexico is a prominent manufacturer as well as exporter of automobiles, which formed 11% of Mexico's exports in 2017. In 2018, the regional Industry manufactures more than 3.9 million vehicles and registered a 6% increase in vehicle exports, making the region the world's 4th largest vehicle exporter. Owing to the presence of a number of prominent vehicle makers, the automotive coatings sector of LATAM is expected to register remunerative gains over the coming years.
The Middle East and Africa automotive coatings market is expected to witness lucrative growth, registering a CAGR of more than 4.5% through the forecast timeframe owing to rising demand for low maintenance vehicle and growing automobile customization market.
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