Press release
CAGR 5.5% Analysis and Future Outlook of Global Automotive Coatings Market by 2023
Automotive Coatings Market
Automotive coatings are applied to automobiles to improve their aesthetics, toughness, and resilience to a variety of environmental conditions like rust, UV rays, and temperature changes. Automobile coatings extend the lifespan of the vehicles while also enhancing their appearance and protecting them from the elements.
Market Overview:
The global automotive coatings market is projected to reach USD 35.82 billion by 2023, growing at a CAGR of 5.5% during the forecast period. The growing demand for automobiles, rising environmental awareness, and the increasing need for vehicle maintenance and repair are the major factors driving the growth of the automotive coatings market.
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Metals make up more than 80% of the components in passenger cars. The majority of these metals are coated to prevent rust and deterioration. The worldwide automotive coatings market is seeing development prospects due to the emergence of UV curing coating. The automotive coatings industry can be divided into Original Equipment Manufacturing (OEM) and aftermarket or refinish based on application.
The major end-users of the automotive refinish market are collision repair centers and automotive body shops. Based on product segments, the global automotive coatings market can be divided into four categories: electro-coats, primer coats, basecoats, and clear-coats. Based on formulation, this market can be classified into four categories: water-based, solvent-based, powder-based, and UV-based coatings.
Brazil, Russia, India, and China (BRIC countries) are expected to be the major countries contributing to the growth of the automotive industry. Improving economies, advancements in the road infrastructure, and increasing inclination of individuals towards personal conveyance are the key factors augmenting the growth of the automotive industry.
According to the Organization Internationale des Constructeurs d'Automobiles (OICA), the global motor vehicle production increased from 77.6 million in 2010 to 87.3 million in 2013. The increasing raw material prices are emerging as a major challenge for the automotive coatings market as the profit margins of the coatings manufacturers are reducing.
Leading producers of titanium dioxide (one of the common pigments used in the manufacturing of coatings), such as Kronos, Inc., Tronox Limited, and E. I. du Pont de Nemours and Company, announced a price increase of USD 300/tons, USD 400/tons, and USD 500/tons respectively in 2011 in Asia Pacific. Their American and European counterparts also announced the increase in prices from the same year.
North America was the third-largest vehicle producer globally in 2013, after Asia Pacific and Europe, and it is in the process of bypassing Europe to become the second-largest vehicle producer in the world by 2020. The automotive coatings market in Europe has suffered due to the Euro zone crisis which impacted the automotive industry heavily.
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The market for eco-friendly coatings, such as waterborne and powder coating, are growing at a high rate owing to the growing government and public concern regarding the environmental hazards posed by solvent-borne coatings.
Several environmental agencies and governmental institutions have formulated regulations and issued guidelines to minimize the use of high Volatile Organic Compound (VOC) automotive coatings. The Asia Pacific automotive coatings market is dominated by China and India due to the large fleet of vehicles in the countries.
The key automotive coatings players include BASF, AkzoNobel, PPG Industries, Axalta Coating Systems, Bayer, Sherwin-Williams, Beckers, Royal DSM, and Eastman Chemical. Most of the key players in the automotive coatings industry are U.S.- and Germany-based.
This report covers a thorough analysis of:
• Market segment
• Market dynamics
• Market size
• Supply demand
• Current Trends/Issues/Challenges
• Competition and related companies
• Technology
• Value chain
Regional analysis includes:
• North America (USA, Canada)
• Latin America (Mexico, Brazil)
• Western Europe (Germany, Italy, France, UK, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia and New Zealand)
• Japan
• Middle East and Africa (GCC countries, South Africa, North Africa)
Report highlights:
• Detailed overview of the top markets
• Changing market dynamics of the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• competitive landscape
• Strategies of major players and products provided
• Potential and niche segments, areas showing promising growth
• A neutral view of market performance
• Essential information for market participants to maintain and strengthen their market footprint
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The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on 'green alternatives', recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing - 'The Way Forward'.
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