November 6, 2024
Waterborne Automobile Coatings Market

Market Is Estimated To Witness High Growth Owing To Stringent Environmental Regulations & Increasing Demand for Eco-Friendly Coatings

The Waterborne Automobile Coatings Market is estimated to be valued at US$ 18,040.5 Mn in 2022 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Waterborne automobile coatings are eco-friendly coating solutions used to protect and enhance the aesthetic appearance of automobiles. These coatings are manufactured using water as a primary solvent instead of volatile organic compounds (VOCs). They offer benefits such as low VOCs emission, high corrosion and impact resistance. Waterborne coatings find wide application in coating car bodies, trims, and other automobile components and parts.

Market Dynamics:

Stringent environmental regulations: Stringent government regulations regarding VOCs emission from solvent-borne coatings are driving increased demand for waterborne coatings. Various initiatives like REACH are restricting the use of hazardous solvents to curb air pollution.
Increasing demand for eco-friendly coatings: Growing awareness about environmental protection has increased the demand for sustainable coatings among automakers and customers. Waterborne coatings help automakers comply with environmental standards and corporate sustainability goals of reducing carbon footprint.

The Waterborne Automobile Coatings Market is primarily driven by stringent environmental regulations restricting VOCs emission and the increasing demand for eco-friendly automobile coatings solutions. Stringent norms are encouraging a shift towards sustainable waterborne technology. Additionally, customers’ rising environmental consciousness is compelling automakers to adopt green coating solutions.

SWOT Analysis

Strength: Waterborne automobile coatings provide an environment-friendly option with lower VOC emissions. Their ability to resist corrosion and impart aesthetic finish with smooth surface makes them preferred choice. Growing environmental regulations favor their adoption.

Weakness: High initial costs for production equipment limits small manufacturers. Stringent quality control during production process increases challenges.

Opportunity: Increasing infrastructure projects and automotive sales in developing nations boost demand. Stringent emission norms in Europe and North America open new opportunities.

Threats: Availability of cheaper solvent-borne substitutes act as alternative. Fluctuating raw material prices due to supply chain disruptions pose threat.

Key Takeaways

The Global Waterborne Automobile Coatings Market Growth is expected to witness high, exhibiting CAGR of 8.5% over the forecast period, due to increasing stringent environmental regulations regarding VOC emissions.

Regional analysis Asia Pacific dominates the global market and is estimated to grow at a CAGR of 9.5% during 2023-2040. Presence of major automobile manufacturing hubs and rising vehicle production drives the regional market. China accounts for over 30% of global market share owing to large automotive industry.

Key players operating in the waterborne automobile coatings market are AkzoNobel N.V., BASF SE, PPG Industries, Inc., Sherwin Williams Company, Valspar Corporation.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

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