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Europe Automotive Coatings Market to Witness a Pronounce Growth USD 5 Billion by 2026

Author : Ronak Bora | Published Date : 2021-09-03 

Europe automotive coating market share from the commercial OEM segment was worth more than USD 1 billion in 2019. It could expand at a 4.5% CAGR through 2026. OEMs in Europe are beginning to restructure their coatings and other manufacturing processes in anticipation of a significant rise in demand for electric cars (EV) and hybrid cars sales. This has led to increased demand for automotive paint for commercial vehicle applications.

The growing trend of vehicle restoration and the usage of custom-made coatings is expected to drive Europe automotive coating market forecast. The automobile industry is undoubtedly the crown jewel of European manufacturing. For decades, European automobiles have combined cutting-edge engineering with aesthetic flair to produce world-class machines.

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Bayer AG, BASF SE, Axalta Coatings Systems LLC, AkzoNobel N.V., PPG Industries Inc., Clariant, Arkema SA, Solvay S.A., The Sherwin-Williams Company, Lord Corporation, and Eastman Chemical Company are among the leading automotive coatings manufacturers and suppliers in Europe. Europe automotive coating market size is anticipated to exceed USD 5 billion through 2026. Below are the four factors shaping the industry trends:

Enhanced capabilities of electrocoat product

In 2019, the electrocoat segment generated more than USD 870 million for automotive coatings industry in Europe. The use of electrocoat has increased in the automobile sector due to its potential to provide faster and more effective coating capabilities. Electrocoating, often known as e-coating, is a type of immersion painting that employs an electric current to adhere paint to the car body.

E-coating is used by major car manufacturers because of the ability to paint complex-shaped parts and provide film consistency. For instance, Maserati, Fiat Chrysler Automobiles' (FCA's) premium vehicle division, was constructing a paint studio at its headquarters in Modena, Italy, for a variety of electric models.

Commercial OEM end-use to augment across EVs

Regional manufacturers are investing in efficient coatings processes to gain from cost reduction, waste reduction, and reduced air-polluting volatile organic compounds emissions (VOCs). Another important aspect is the necessity to stay up with digitization and automation in order to retain the stature of Europe automotive coating market. Volkswagen, Europe's largest automaker, transformed an entire factory in Germany, including a paint shop, to produce about 300,000 electric vehicles each year.

Traction across the basecoat segment

Europe automotive coating market share from the basecoat segment was valued roughly USD 1.5 billion in 2019. The basecoat is a coloring layer that greatly influences the overall look of the paint finish. The basecoat is the most significant paint layer in terms of quantity, and it can be applied in three ways: solid, metallic, or pearlescent. Solid basecoats are color and do not have glossy effects; they are mostly employed on commercial vehicles. Metallic basecoats provide a glossy and lustrous appearance that plain basecoats do not.

Rising demand for water-based coatings

The water-based automotive coatings market size is expected to grow at a CAGR of more than 5% between 2020 and 2026 in Europe. Water-based automotive coatings are becoming increasingly popular among vehicle makers, owing to a growing emphasis on reducing the usage of volatile organic compounds, which are hazardous to the environment. These coatings are also beneficial in terms of enhancing air quality and lowering health risks. Because of these benefits, the use of water-based automobile paints has increased dramatically, defining a transition in Europe automotive coating market outlook.

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The COVID-19 epidemic has had a severe impact on the worldwide automobile sector. With challenges including a halt in Chinese part shipments, widespread industrial disruptions became unpreventable across Europe. According to the International Organization of Motor Vehicle Manufacturers, European automobile output decreased by 21% on average in 2020. Despite the slack, the resilience of the industry is pushing Europe automotive coating market forecast.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Market definitions

1.2    Market assumptions & forecast parameters

1.3    Appendix

1.4    Data Sources

1.4.1    Primary

1.4.2    Secondary

Chapter 2   Executive Summary

2.1    Europe Automotive Coatings industry summary, 2015 - 2026

2.1.1    Business trends

2.1.2    Technology trends

2.1.3    Product trends

2.1.4    Application trends

2.1.5    End Use trends

2.1.6 Country trends

Chapter 3   Europe Automotive Coatings Industry Insights

3.1    Industry segmentation

3.2    Industry outlook, 2015 - 2026

3.3    Value Chain

3.4    Regulatory overview

3.5    Market factor analysis

3.5.1    Growth drivers

3.5.2    Growth restraints

3.6    Competition review

3.7    Porter’s analysis

3.8    PESTEL analysis

3.9    Impact of COVID-19 on automotive coatings demand by application

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1693/europe-automotive-coatings-market

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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