Automotive Coatings Market worth USD 28 Billion by 2022: Global Market Insights, Inc.
“Global automotive coatings market share is competitive and consolidated, with PPG Industries, Axalta, BASF and Kansai catering to major industry demand. Nippon, AkzoNobel, Arkema, Berger, Eastman, DSM and Solvay are among notable key industry players.”
Automotive Coatings Market Size By End-Use (Commercial OEM, Automotive Refinish, Light Vehicle OEM), By Application (Plastic, Metal), By Technology (Solventborne, Waterborne, UV-Cured, Powder Coatings), By Product (Electrocoat, Primer, Clearcoat, Basecoat), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2015 – 2022
The worldwide Automotive coatings Market was evaluated at more than 3.7 million tons during year 2014 in terms of volume. It is projected to cross 5.5 million tons by end of year 2022 with CAGR growth rate of more than 4.8%.
The global automotive coatings market is anticipated to grow at a healthy rate during the anticipated span due to growing competition among market participants, rising demand for automobiles, favourable government policies, growth of transportation infrastructure and rapid financial development. Current product growth and growing investments in research & development is predicted to enhance the demand for automotive coatings in future. But fluctuations in costs of raw materials and hazardous ecological effect of traditional solvent borne coatings can hamper the growth & expansion of the worldwide automotive coatings market.
The worldwide automotive coatings market is projected to experience substantial growth owing to growing customer preference as automotive coatings boosts strength and vehicle look. Automotive coatings also protect vehicles from ultra violet radiation, heat, foreign particles and acid rain.
Growing automobile manufacture in various countries like Indonesia, China, USA, Mexico, Japan, Germany, India and South Korea along with the maturing of automobiles in these regions is a key factor driving the growth of the global automotive coatings market. Growing demand for environment friendly coatings like powder coatings, waterborne coatings and ultra violet cured coatings in developing countries like Brazil and China is predicted to fuel the growth & expansion of worldwide automotive coatings market. Further, fast economic development, growing government expenditure, innovations & breakthroughs in road infrastructure along with growing customer inclination towards personal conveyance are the factors projected to fuel the growth of global industry.
Based on application, the worldwide automotive coatings market is divided into metal coatings and plastic coatings.
Metal coatings section was the biggest application section. It is predicted to experience substantial expansion during the estimated span owing to growing automobile production in countries like USA, Mexico and China.
Plastic coatings section is predicted to observe rapid growth in future owing to enhanced use of plastic parts in car production due to its lightweight property, rust resisting feature, design flexibility, cost efficacy, strength and reuse. Further, growing use of plastics in external applications like windows, doors, headlight and bumpers is projected to propel its demand during the estimated span.
Depending on technology, it is segmented into powder coating, waterborne coating and solvent borne coating.
Solvent borne coating section led the worldwide automotive coatings market in revenue terms past few years.
Waterborne coating section is predicted to experience fast growth owing to its properties of exceptional adhesion, abrasion and temperature resistance.
Powder coatings are eco friendly and are anticipated to experience rapid growth due to its unique features like high corrosion resistance, chipping, high quality finish and abrasion along with protection from moisture, heat and chemicals. Further, these power coatings emit small proportion of volatile organic compounds.
Based on the product type, the industry is segmented into clear coat, primer, basecoat and electro coat.
The basecoat section was the biggest product section and is anticipated to experience significant expansion during the estimated span. The reason for expansion of the basecoat section is that basecoat offers decorative effects, color effects and outer aesthetics to automobiles.
Electro coat section is projected to promote the growth of the worldwide automotive coatings market as it possesses the anti corrosive and anti rusting properties.
Demand & growth of clear coat section is predicted to grow as it provides protection against ultra violet rays as well as heat rays of sun.
Based on end user, the worldwide automotive coatings market is divided into light weight original equipment manufacturer and automotive refinish.
Light vehicle original equipment manufacturer section was the biggest end user section of the global automotive coatings market during year 2014. It is predicted to experience significant expansion during the estimated span owing to high standards of living of the people in India, US and China. Further rising demand for cars in these countries due to growing new features like GPS tracking, high beam controls, pre collision techniques, automatic lights and multi direction cameras are the factors that can contribute to the expansion of the section during forecasted span.
Automotive refinish section is predicted to experience fast growth in future due to growing customer purchasing power in developing regions of Asia Pacific zone like Thailand, China and India along with automobile aging. Further, growing demand for used automobiles is further anticipated to promote the growth of the section. Growing amount of accidents in region of Latin America and Middle East & Africa are predicted to boost growth of the worldwide automotive coatings market during the projected period/span.
Based on geographical locations, the worldwide automotive coatings marketis divided into five geographical regions, North American subcontinent, European continent, APAC zone, Latin America and region of Middle East & Africa.
Asia-Pacific zone was the leading automotive coatings market during year 2014. It is also a leading market and projected to lead automotive coatings market in future due to growing demand & manufacture of automobiles along with growing amount of joint ventures between key market & regional players in the zone. In addition to this, fast economic development in countries like Japan, China, Indonesia, India, Thailand and South Korea is also predicted to contribute towards the growth of the automotive coatings sector in APAC zone.
China is predicted to stimulate the demand for automotive coatings owing to factors like increase in regional automobile producers in the region, growing automobile demand and rise in transportation infrastructure section. Further, growing insurance section and supportive government legislations is further predicted to stimulate the demand & growth of the automotive coatings market in APAC zone. Also presence of large & established industry players in India is predicted to stimulate the growth of the automotive coatings industry in Asia Pacific zone.
The European continent is today the second biggest automotive coatings market after APAC zone. The North American subcontinent is projected to surge ahead of Europe in future due to substantial increase in automobiles production.
Strict environmental rules in Europe and North America are predicted to stimulate the demand for waterborne coatings section and powder coatings section. This is further anticipated to increase the growth of the automotive coatings market in these regions during anticipated period.
Favourable monetary policies and political stability in region of Latin America has driven automotive coatings producers to make investments in the region. This is predicted to fuel the growth of the automotive coatings market during the estimated span.
The region of Middle East & Africa is predicted to boost the growth of the automotive coatings market in the region owing growing manufacturing bases and expanding powder coating segment in the region.
The worldwide automotive coatings market is very competitive with key industry players competing against each other in order to gain competitive edge and acquire maximum market share and earn huge return on investments. Also these key market participants are involved in research & development activities and continuous product innovation.
The key market players involved in the automotive coatings business and contributing towards the growth of the worldwide automotive coatings market are as follows:
• PPG Industries Incorporation
• AkzoNobel N.V.
• KCC Paint/Corporation
• Beckers Group
• Axalta Coating Systems LLC
• BASF SE
• Lord Corporation
• Valspar Corporation
• Berger Paints
• Eastman Chemical Company
• Kansai Paint
• Bayer AG
• Jotun A/S
• Nippon Paint Holdings Company Limited
• Sherwin-Williams Company
• Arkema SA
• Clariant AG
• Cabot Corporation
• Solvay SA
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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