Automotive Paints Market: Key Highlights
Automotive Paints Market: Key Market Dynamics
Automotive Paints Market: Regional Overview
The growth in the Asia-Pacific region is attributed to the highest production and sales of automobiles and the adoption of premium and smart vehicles, that will penetrate high usage of powder coating. A prominent country like China holds the largest automobile share in this region which is expected to boost the growth for the automotive paints market. Furthermore, leading global players such as Toyota, Audi, Honda, and Skoda have shifted their manufacturing plants in China.
In Europe, the increasing vehicle production, technological advancements, and customers’ preference towards high-end vehicles have resulted in the boost for automotive paints market growth. Moreover, Germany, UK, and France hold the major share for automobile production which indirectly propels the automotive paint market growth in this region.
Automotive Paints Market: Key Players Overview
PPG Industries, Inc. is a US-Based company that supplies products for the automotive, manufacturing, chemical processing, construction, and other industries. The company makes decorative and protective coatings, fabricated glass products, flat glass, continuous-strand fiberglass products, and specialty chemicals. In February 2020, the company announced its plan to acquire Alpha Coating Technologies which is a manufacturer of heat-sensitive substrates and powder coatings for light industrial applications.
BASF SE is a German-based chemical company that operates in six segments which include chemicals, performance products, plastics, oil and gas, functional solutions, and agricultural solutions. In December 2019, BASF announced plans for continued investment in coatings site at Jiangmen, China by constructing a new facility for automotive refinish coatings that will start production in the first half of 2022.
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