SELBYVILLE, Del., Aug. 13, 2020 /PRNewswire/ — According to the new Global Market Insights Inc., report, the automotive coatings market was estimated at $21 billion in 2019 and anticipated to surpass an overall valuation of more than $30 billion by 2026, registering a CAGR of 5% from 2020 to 2026. The report offers highly detailed market estimations & size analysis, significant investment pockets, prominent winning strategies, opportunities & drivers, shifting market trends, and competitive scenarios.
The automotive coatings market outlook is anticipated to grow at a tremendous pace owing to rapidly rising vehicle customization trends as well as the increasing demand for more economical solutions when it comes to vehicle coatings. Additionally, rising trends towards better sustainability and increasing adoption of electrical vehicles would further foster demand for high-performance solvent-based coatings.
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With respect to the product, the electrocoat segment is anticipated to record growth at a CAGR of more than 5% through the forecast time period owing to the ongoing rapid technological advancements within the automotive sector and rising demand for more advanced solutions.
Key reasons for automotive coatings market growth:
- Rising adoption of electric vehicles and sustainable coating solutions.
- Increasing vehicle customization trend.
- The surging trend of secondary automobile adoption across the APAC.
2026 forecasts anticipate the ‘primer’ segment to dominate industry growth:
Based on the product, the primer segment is projected to surpass a $4 billion valuation by the end of the analysis timeframe. The growth is ascribed to rising high-performance coatings demand. Primer coatings are highly compatible with light and heavy commercial vehicles. Several industry players are increasingly investing within the primer solutions segment, which…