North America Automotive Paints and Coatings Market 2017 - Current and Future Plans

North America Automotive Paints and Coatings Market Outlook
Market Overview
The car painting industry has undergone several changes in recent years, in terms of solvents used, manufacturing technology, corrosion resistance and durability of colors. In North America, the industry has witnessed significant growth owing to consumer trends like demand based customized made paints and metallic coatings on vehicles. Contemporary automotive paint manufacturers are continuously striving towards providing efficient and cost effective solutions to consumers’ demands. Reducing the number of coats has also been a trend in recent times.

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Rising research and development expenditure leading to product diversification and innovation are the key reasons for the growth of the market in recent years. For instance, Cathodic Electro Deposition (CED) is one of the latest developed technologies in automotive paints, enabling better resistance against corrosion. North America automotive paint and coating market also witnessing shift towards Nano paints to provide protection from minute scratches, also rising demand for custom made paints and coatings may also enlarge the scope of automotive paints and coating market. For instance, Mercedes-Benz is the first automobile manufacturer to provide this advance technology paint in its cars. Mercedes-Benz also developed new chemical and scratch resistance clearcoat with ceramic particles that provide scratch-healing properties to the paint.

Key Players
• Axalta Coating Sytems
o Synopsis
o Business Strategy
o Product Portfolio
o SWOT Analysis
• Nippon
• BASF Coatings
• PPG Industries
• DuPont
• Akzo Nobel Coatings
• Kansai Paint Co. Ltd.
• The Sherwin-Williams
• RPM International

Key Drivers and Restraints
Technological advancements, regional government stimulus packages for clean energy technologies and high incomes in the region are the key factors driving the market for automotive paints and coatings in North America. Strict government regulations against pollution and environmental concerns have increased the demand for low VOC (Volatile Organic Compounds), water based paints. Innovations in powder coating technology and the relatively niche application of UV technology in automotive paints and coatings are other factors bolstering demand. Moreover, rising aftermarket automotive and coating market owing to maintenance, repair and refurbishing of older vehicles still on the road are expected to impel the growth of market. Additionally, growing number of road accidents in North America is also anticipated to drive the growth of these products over the upcoming years. According to Insurance Institute for Highway Safety (IIHS) there were more than 30,000 fatal car crashes in 2015 across United States. Major market players are acquiring various companies around the world to sustain market competition and to hold strong position in automotive paints and coatings market. For instance, Axalta Coating Systems, a global supplier of liquid and powder coatings has acquired Plascoat Systems Limited, a leading supplier of thermoplastic powder coatings in August 2017.
However, growth in the market may be restricted by declining auto sales in the region. Auto sales in the US reported a decline for the fourth month in a row in June 2017. Since the largest application of automotive paints and coatings is in passenger cars, these downward trends can adversely affect the market demand for automotive paints and coatings. The coatings industry in Canada continues to be heavily government regulated, further adding to market challenges.
Market Size and Forecast (2016-2024)
The market for automotive paints and coatings in North America was valued at USD 4.85 Billion for 2016. It is expected to register a CAGR of 4.75% during the forecast period and reach a market sized of USD 7.0 Billion by the end of the forecast period.
Basecoat accounts for the largest share of demand among all coat types, since it is the layer that gives visual appeal to the paint. By technology, solvent based products enjoy the highest demand. Aftermarket of automotive paints and coatings in North America is expected to bolster owing to growing trend of refurbishing and customization of old vehicles.
Porter’s Five Force Model
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
…Continued

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