Automotive Coatings Market Size Is Expected To Grow At a CAGR of 4.8% From 2015 to 2022: Hexa Research

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Latest Research on “Coenzyme Q10 (CoQ10) Market” size is expected to reach 5.5 million tons by 2022. Asia Pacific automotive coatings market was the dominant region, with revenue generation estimated at over USD 9 billon in 2014.

Factors such as enhance durability, vehicle appearance and protection from foreign particles, UV radiation, acid rain & extreme temperatures are likely to drive automotive coatings market growth. Increasing automobile production particularly in Asia Pacific countries such as China, Thailand, Indonesia, India, Taiwan and Japan are anticipated to propel the demand.

In 2013, the Chinese demand for passenger and commercial vehicles was 22 million units. Chinese automotive industry grew at a compounded rate of 24% from 2005 to 2011. Increased urbanization along with high demand for SUVs and sedans may fuel the demand. India is expected to witness high demand growth for automobiles due to industrialization coupled with government support for manufacturing vehicles.

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In India, The Automobile Mission Plan for the period 2006–2016, designed by the government is aimed at accelerating and sustaining growth in this sector. Thailand is expected to increase its share as it produced 2.75 million vehicles in 2012, with the presence of various players including Toyota Motors, Honda Automobile, Nissan Motors, Hino Motor and General Motors.

Technology Overview

Solvent-borne coatings dominated the demand with a market valuation of over USD 7.5 billion in 2014. Majorly used solvent products include aliphatic hydrocarbons, aromatic hydrocarbons (trimethyl benzene, toluene and xylene), methyl isobutyl ketone (MIBK), glycol ethers and methyl ethyl ketone (MEK). High market visibility in light of low price is expected to result in high demand in the near future.

Product Overview

Basecoat was the leading product for consumption in automobile industry with an estimated revenue generation of over USD 4 billion in 2014. Majorly used product forms of basecoat include solid paints, metallic paints and pearlescent paints. These are used in automotive industry to impart color and metallic finishes to ancillary parts

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Application Overview

Key applications include metal parts of vehicles, valued at over USD 13 billion in 2014. Majorly used metals in automotive industry include steel and aluminium, where they are applied to impart corrosion and heat resistance. Automobile industry growth in the U.S., Mexico and China is expected to directly fuel growth in metals.

End-Use Overview

Light vehicle OEM dominated the end-use segment with valuation of over USD 7.5 billion in 2014. Increasing penetration of OEMs for light vehicles in light of rising sales of cars in China and India is expected to fuel demand. Rising R&D expenditure by light vehicle OEMs towards product innovation is anticipated to positively influence automotive coating market in the near future.

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Regional Overview

North America accounted for more than 18% of the total demand in 2014 and is anticipated to grow at below average growth rates of over 4% up to 2022. Emergence of Mexico as an automotive manufacturing hub in light of vicinity to the U.S. along with growing domestic consumption is expected to fuel automotive coatings demand.

Competitive Market Share

The global automotive coatings market share is moderately consolidated with major players present across the value chain. PPG Industries was the largest company accounting for more than 20.0% of global share in 2014. The company’s product portfolio consists of various cathodic electrocoat and powder clearcoat which imparts corrosion resistance properties and improves design characteristics of the vehicle.

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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.



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