The global Trim coatings market is expected to foray ahead with a lower single-digit CAGR over the forecast period of 2019-2029. Increasing demand for improved vehicular aesthetics along with the willingness of consumers to spend on vehicle aesthetics are some of the factors providing upward traction to the market growth. In addition, the key players are also offering innovative coating solutions for vehicle and building trims in a cost-effective manner. Moreover, increasing automotive production across the globe along with the rising construction industry are some of the factors providing traction to the Trim coatings market growth.
Increasing automotive production across the globe along with the increasing disposable income levels of consumers leverage wide avenues for Trim coatings as these are adopted at a wide note in the vehicle. Trim coatings are applied both on the interior trims and exterior trims of the vehicle in order to improve the vehicle’s aesthetics.
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As per OICA (International Organization of Motor Vehicle Manufacturers), Paris, the total cars and commercial vehicle production in 2016 were recorded to be around 72.1 million that further escalated up to 73.4 million in 2017. Also, Asia Pacific is a key region considering automotive production. Increasing disposable income levels of the consumers along with the focus of automotive giants in this region are some of the factors fuelling the demand for trim coatings within the region. Thus, increasing automotive production consequently calls for vehicle trims that in turn drives the global Trim coatings market.
Segmentation analysis of Trim coatings Market
The global Trim coatings market is bifurcated into three major segments that are application area, end-use and geography.
On the basis of application area, the global Trim coatings market is divided into:
- Exterior trims
- Interior trims
On the basis of end-use, the global Trim coatings market is divided into:
- Automotive & transportation
- Building & construction
Based on region, the global Trim coatings market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key players of Trim coatings Market
Prominent players in the global Trim coatings market are 3M Coatings, Gyeon, BASF Coatings GmbH, SEM Products, Inc., Kalcor Automotive Coatings, and others. The Trim coatings market consists of well-diversified global and regional players with global vendors ruling the market.
Trim coatings Market: Regional Outlook
The global Trim coatings market is segmented into six regions including North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA. Among the above-mentioned regions, East Asia is expected to contribute the majority of the market share in 2018 in terms of value owing to the high adoption of Trim coatings. Countries such as China, Japan, and South Korea have high automotive production which consequently calls for the adoption of Trim coatings. In addition, the well-established construction industry in China also leverages opportunities for the trim coatings market.
Moreover, India is expected to emerge as a key country within the trim coatings market. Further, Europe is expected to follow East Asia in the global Trim coatings market due to various factors such as high automotive production, the presence of big automotive giants along with the demand for luxury vehicles. South Asia & Oceania is expected to show high growth rates due to increasing disposable income, increasing automotive production, and a positive government stance towards manufacturing. Moreover, Latin America along with Middle East & Africa (MEA) accounted for a substantial market share in terms of Trim coatings demand.
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