Automotive Coatings Market Segmented by Product Type, Geography Trends & Forecasts to 2030 | Top Manufacturers Nippon Paint holdings, Kansai Paint, Royal DSM etc.
Automotive coatings are paints that are used on automobiles to decorate and protect them. Automotive coatings are composed of five basic ingredients - one or more polymer, crosslinkers, pigments, additives, and solvents. The automotive coatings market has recorded good growth over the past decade and is expected to maintain the momentum during the forecast period, as per Market Research Future (MRFR) analysis.
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The automotive coatings market is mainly driven by increased disposable incomes which have catalyzed car ownership, both new and used car segments, at the global level since the automotive coatings market is inherently linked to the automotive market. R&D activities carried out by manufacturers is boosting the market further. A key driver of the automotive coatings market is the introduction of environment-friendly options such as solvent-based coatings, waterborne coatings, UV curables and others. The shale gas boom in North America has opened up opportunities for chemical manufacturing, which is indirectly beneficial for the automotive coatings market.
Any volatility in the price of raw materials affects the automotive coatings market directly. Use of automotive plastics for interior and exterior components in vehicles might decrease the use of automotive coating needed. Additionally, societal and governmental environmental concerns relating to volatile organic compounds, hazardous air pollutants and other potentially toxic substances contained in automotive coatings might restrict the growth of the market. The global automotive coatings market is undergoing a period of change. The conventional market is shifting its base from the developed to the developing regions which have their own set of challenges.
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The growth of the automotive coatings in projected to vary largely by regions. The key markets of the global automotive coatings are North America, Europe, Asia-Pacific and rest of the World. Robust economic conditions and advanced technological facilities, and free trade agreement with a large number of countries favor the growth of the market in North America. The automotive market in North America is also on its way to an upturn which is further augmenting the growth of the automotive coatings market in the region. Opportunities exist in Europe for market consolidation, however, changing market dynamics within the region such as shifting and migration of industries to Asia-Pacific region might hinder the growth of the market. The automotive coatings market growth is well established in the Asia-pacific region and is emerging. Most of the demand for automotive coatings is generated from China owing to significant sales of cars in the region. The Rest of the World is trying to catch up with the leading markets and have a lot of unrealized potential for automotive coatings.
The global automotive coatings market seems to be highly competitive and fragmented. Nippon Paint holdings, Kansai Paint, Royal DSM, BASF SE, DuPont, Arkema, PPG Industries, Bayer AG, and AkzoNobel among others are the key players operating in the market. Many new vendors are keen on entering the market space to compete against the existing vital players.
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The global automotive coatings market is segmented based on product type, technology, and material. By product type, it is segmented into basecoat, primer, electrocoat, and clearcoat. By technology, it is segmented into waterborne coatings and solventborne coatings. By material, it is segmented into metallic and plastic.
• In May 2018, AkzoNobel, a leading manufacturer of automotive coatings, announced the beginning of production of new powder coatings in its plant in Changzhou, China. Nearly 40 million euro has been invested in the plant, and this new plant will help the company to attain a substantial edge in the global powder coatings market.
• In May 2018, Nippon Paints, a global leader in automotive coatings, announced its base expansion to Australia. The company has entered into a partnership with AHG, Australia's largest automotive group and the collaboration will Nippon Paints to present its products to the Australian market.
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