Composite Coatings Market Trends

Growth Drivers

• Spiking Demand for Automobiles– Rapid urbanization and rising disposable income across the globe has increased the demand for automobiles. This is expected to increase the demand for composite coatings in automobiles since vehicles are frequently exposed to harsh environments and temperatures.
  Moreover, the use of composite coatings in the automotive industry has increased as these coatings provide more durability, and make the vehicles more appealing by meeting the need for an attractive exterior design and a high-quality gloss finish. As per data, in 2023, more than 68 million cars are expected to be sold worldwide.
• Increasing Demand for Solar Energy- The growing population across the globe has increased the demand for solar energy to reduce the price of electricity while also lowering the carbon footprint. This has resulted in increasing demand for composite coatings as they play a crucial role in solar energy applications.

Challenges

• Fluctuating Cost of Raw Materials– The high cost of raw materials and frequent price changes can cause disruptions in the supply chain which may make it difficult for the suppliers in sourcing these raw materials which as a result is expected to hinder the market growth.
• Stringent Regulatory Policies
• Higher Costs associated with Manufacturing Process