Global Automotive Coating Market: Key Highlights
Global Automotive Coating Market: Key Market Dynamics
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Global Automotive Coating Market: Regional Overview
North America is anticipated to witness steady growth in the automotive coating market during the forecasted period. This has attributed to increasing vehicle manufacturing in countries such as Italy, France, Sweden, Germany, and the Czech Republic. According to the European Automobile Manufacturers Association (ACEA), the 18.5 million unit motor vehicles were produced in 2019. Moreover, the growing population coupled with rising income levels has anticipated to further fuel the demand over the forecast period.
Asia-Pacific is anticipated to dominate the automotive coating market during the forecasted period owing to increasing vehicle manufacturing in the region. Increasing sales of pre-owned vehicles, growing cab services, and increasing vehicle repair and body shops in emerging countries are also likely to boost the demand for automotive coatings. Moreover, the relocation of manufacturing bases by companies such as Volkswagen, Audi, Honda, Nissan, Toyota, Hyundai, Skoda, and Fiat to China owing to the availability of affordable workforce is anticipated to drive the market demand.
Global Automotive Coating Market: Key Players Overview
BASF SE is a German-based company engaged in manufacturing and distributing specialty chemical. The company broadly operates through Chemical, Materials, Industrial Solution, Surface Technologies, Nutrition & Care, and Agriculture Solution business segment. The coating division of BASF is one of the experts in development, production, and marketing of innovative and sustainable automotive OEM and refinish coating, decorative paints as well as applied surface treatments. In June 2020, BASF SE and Guangzhou Automobile Group New Energy Co. Ltd. (GACNE), a subsidiary of GAC, signed an agreement to strengthen strategic partnership to explore digital coating solution for the automotive industry. This partnership will improve product quality.
PPG Industries, Inc. is one of the leading coatings company which is engaged in consistently delivering high-quality, innovative and sustainable solutions to customers. The company has strong manufacturing facilities across the globe with the presence of 156 manufacturing facilities. PPG Industries Inc generated revenue of USD 15.1 billion in 2019. In January 2020, the company acquired Industria Chimica Reggiana (ICR) S.p.A., a manufacturer of paints and coatings for the automotive refinish and light industrial coatings industries. This acquisition will help to enhance the product offerings for automotive refinish and light industrial coatings industries.
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