According to a research report titled ‘Europe Automotive Coatings Market Size By Product, By Technology, By Application, By End-Use, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026’, available with Market Study Report, Europe automotive coatings market revenue is projected to surpass USD 5 billion mark by the year 2026.
 

As per the report findings, rising focus towards improving the aesthetics of vehicles, and increased demand for vehicle renovation with availability of custom-made coatings and paints are expected to drive Europe automotive coatings market growth.
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Additionally, improved abrasion resistance and chemical stability provided by primer & clear coatings is also adding substantial traction to the market growth.
 

Paints and coatings also provide low-cost methods of customizing vehicles, which is expected to fuel market demand in the upcoming years. Furthermore, major players are readily capitalizing on the prevailing trends for car modification, which along with mounting demand for new coatings equipped with crosslinking attributes to improve appearance, durability, and resistance to UV rays, rust, & scratches are boosting industry outlook.
 

Considering the technology type, Europe automotive coatings market is arrayed into solvent borne, UV – cured and waterborne. Among these, waterborne segment is projected to record a CAGR of 5% over the forecast period. This can be attributed to increasing emphasis on reduction of volatile organic compound (VOC) emissions with air quality enhancement and health hazard prevention.
 

By product gamut, the industry segmentation comprises primer, basecoat, electrocoat, and clearcoat. Among these, basecoat segment generated USD 1.5 billion in 2019, as end-users are more likely to prefer basecoat, as it can be applied on solid, metallic, and pearlescent vehicles.
 

Meanwhile, electrocoat segment generated USD 870 million in 2019 and is expected to record significant gains during the analysis timeframe. Factors such as escalating production of commercial and passenger vehicles, coupled with high demand from auto manufacturers for enhanced coating abilities and painting complex-shaped parts are boosting the segmental outlook.
 

 Moving on to the end-user scope, the industry sphere is classified into commercial OEM, light vehicle OEM, and automotive refinish. Commercial OEM segment valuation hit USD 1 billion in 2019 and is estimated to expand at a CAGR of 4.5% through 2026. This can be attributed to surging production of commercial vehicles, especially light weight commercial vehicles.
 

Prominent companies in Europe automotive coatings market are Eastman Chemical Company, Sherwin-Williams Company, Lord Corp., Solvay S.A., Clariant AG, Arkema S.A., Akzo Nobel N.V., PPG Industries Inc., Axalta Coating Systems LLC, Bayer AG, and BASF SE.