WASHINGTON, Jan. 24, 2022 (GLOBE NEWSWIRE) -- The Global Automotive Specialty Coatings Market size is expected to reach over USD 4.43 Billion by 2028, exhibiting a CAGR of 3.7% during the forecast period.
The major factor responsible for witnessing the significant growth of the market is an increasing demand of the consumers for the improved performance and durability of the automobiles and thereby, increasing vehicle production. In addition, the rising focus on the appearance of the vehicle by the most millennial population led to propel the market growth. However, the rising demand for the utilization of the battery vehicle and the introduction of engine downsizing are factors expected to restrain the market growth, states Vantage Market Research, in a report, titled “Automotive Specialty Coatings Market by Application (Engine exhaust, Interior, Transmission, Wheels), by Technology (Solvent-borne, Water-borne, Powder), by Resin (PU, Epoxy, Acrylic, Substrate), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Automotive Specialty Coatings Market:
KCC (South Korea)
Nippon Paint (Japan)
Sherwin Williams (US)
DOW Chemical (US)
Driver: Growth in Technological Advancements and Electronic Industry
Rise in demand for compact size and high speed of electronic products have facilitated the need of Automotive Specialty Coatings technology. Additionally, module size reduction coupled with improved thermal and electrical performance are the major requirements of products which are portable electronic devices such as digital camera & camcorders, smartphones, wearable electronics, household electronics, and laptops & tablets. Moreover, IoT earns popularity in the sector, and is considered as a new wave of technology.
Asia Pacific is likely to dominate the market for Automotive Specialty Coatings (SIP) owing to the increasing application of the technology especially, from consumer electronics industry along with popularity of several market players in the region. Furthermore, North America market for Automotive Specialty Coatings is expected to rise at the highest CAGR in the forecast period. The region has been active in the area of superconductivity from the beginning and is also consistently making enhancements in this technology.
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Wire Bond to hold a Significant Share: Based on interconnection technology segment, the Wire Bond segment led the market in terms of revenue globally, and is likely to follow this trend in the coming years. The Flip Chip segment is also anticipated to witness huge growth owing to a rise in demand in consumer electronics sector for integrated chips.
Consumer Electronics to hold a Significant Share: Based on application segment it is divided into Consumer Electronics, Industrial, Automotive & Transportation, Aerospace & Defence, Healthcare, Emerging & Others, the consumer electronics segment dominated the market in terms of revenue contribution, owing to rising demand for IoT and portable electronic gadgets demand globally.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Automotive Specialty Coatings Market?
How will the Automotive Specialty Coatings Market change in the upcoming six years?
Which application and product will take a lion’s share of the Automotive Specialty Coatings Market?
What are the Automotive Specialty Coatings market drivers and restrictions?
What will be the CAGR and size of the Automotive Specialty Coatings Market throughout the forecast period?
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Automotive Specialty Coatings Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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The report on Automotive Specialty Coatings Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
This market titled “Automotive Specialty Coatings Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size in 2021
USD 3.43 Billion
Projected Market Size in 2028
USD 4.43 Billion
CAGR Growth Rate
CAGR of 3.7% from 2022–2028
2016 – 2020
2022 – 2028
Application: - Engine exhaust, Interior, Transmission, Wheels
Quantitative Data - Units
Revenue in USD Million/Billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Browse market data Tables and Figures spread through 180 Pages and in-depth TOC on "Automotive Specialty Coatings Market by Application (Engine exhaust, Interior, Transmission, Wheels), by Technology (Solvent-borne, Water-borne, Powder), by Resin (PU, Epoxy, Acrylic, Substrate), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/automotive-specialty-coatings-market-242637
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