According to Goldstein Research, “Growing number of vehicle sales and technological advancement in automobile paints and coatings are the major factors driving the growth of automotive paints and coatings market in North America.” Advanced automotive paints are helpful in providing protection from minute scratches, UV rays and from harsh weather conditions with appealing looks. Growing automobile industry significantly raised the demand for automotive coatings and paints in automobile manufacturing industry.
The North America automotive paints and coatings market is segmented based on technology, coatings and end-users. Technology segment is further bifurcated into water based and solvent based technology. Water based paint and coatings occupies largest revenue share of automotive paints and coatings market owing to rising environmental concerns. Regional government's stringent environmental regulation to curb carbon emission has augmented the demand for low VOC (Volatile Organic Compound), water based paints.
North America paints and coatings market accounted for USD 4.85 billion in 2016 and the market is expected to reach USD 7.0 billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 4.75% over the forecast period i.e. 2016-2024.
North America, dominated by United States huge consumer base is most likely to generate over USD 5.5 billion by 2024 in automotive paints and coatings market. Owing to rising demand for water based coatings, market size accounted for USD 900 million in 2015.
Rising Demand for Eco-Friendly Paints Driving Market Growth
Growing automotive industry along with the stringent environmental regulations by government significantly raise the demand for eco-friendly automotive paints and coatings in automotive manufacturing industry. Design for the Environment (DfE) program of Environmental Protection Agency and the auto refinishing industry are working with technical schools to spread public awareness among consumers regarding health concerns of using conventional solvent based auto paints. Major Automotive OEMs has also given its approval for water based automotive paints. Moreover, major market players are adopting various business strategies to lead the market. For instance, Paint holdings Co. Ltd. Based in Japan, completed merger with Dunn-Edward Corporation, one of the U.S. largest manufacturers of high performance paints.
“North America Automotive Paints and Coatings Market Outlook 2024” contains detailed overview of the North America automotive paints and coatings market segmentation by technology type, by coating type and by end-users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
North America automotive paints and coatings market Report also includes competitive outlook of some of the major players which includes profiling of companies such as Axalta Coating Sytems, Nippon, BASF Coatings, PPG Industries, DuPont, Akzo Nobel Coatings, Kansai Paint Co. Ltd., The Sherwin-Williams, RPM International etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on North America automotive paints and coatings market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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