LONDON, Sept. 27, 2016 /PRNewswire/ -- "Consumer preference for different color, sales supportive policies, and rising purchasing power in emerging economies to drive the automotive coating market"
The global automotive coating market size is estimated to reach USD 16.24 billion by 2021, registering a CAGR of 7.02% between 2016 and 2021. Demand for different color & texture, enhancement of sales supportive policies, and increasing purchasing power parity (PPP) in emerging economies is driving the automotive coating market.
"Basecoat is the fastest-growing segment in the automotive coating market"
Basecoat is the third layer applied to a car's body after e-coat and primer layer. Basecoat is the fastest-growing segment among all the coat type considered. The growth is high as new and innovative technologies are being developed by automotive coating manufacturers. For instance, in new integrated system, the primer layer is omitted and is replace with two layers of basecoat. One layer of basecoat absorbs UV radiation and other is advanced basecoat. This kind of technological developments are expected to drive the basecoat segment in the automotive coating market.
"Epoxy automotive coating segment to witness highest growth"
Automotive coating makes use of various resins such as polyurethane, epoxy, acrylic, and others. These are the major resin type considered in the report. Epoxy resin is projected to be the fastest-growing segment among them, in terms of volume, between 2016 and 2021. This growth is driven by increasing demand of this resin in water-borne and powder coating technologies. End-use industries are demanding environment friendly products as regulatory laws are becoming stringent. Hence, the growth of epoxy resin segment is projected to be high compare to other resins used in the automotive coating industry.
"Rising demand from end users in Asia-Pacific is the key driver of the global automotive coating market"
Asia-Pacific is the fastest-growing market for automotive coating, in terms of both value and volume. High economic growth rate, growing purchasing power, developing infrastructure, increasing demand from end-use industries, and global shift in production capacity from developed markets to emerging markets are the major factors leading to the growth of the automotive coating market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted. The breakdown of primary interviews is given below.
- By Company Type - Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
- By Designation - C level – 55%, D level – 25%, and Others – 20%
- By Region - North America – 35%, Europe – 25%, Asia-Pacific – 15%, South America– 10%, and the Middle East & Africa – 10%
The key companies profiled in this market research report are BASF SE (Germany), Axalta Coating Systems (U.S.), PPG Industries, Inc. (U.S.), Kansai Paint Co., Ltd (Japan), Nippon Paint Holdings Co., Ltd. (Japan), The Valspar Corporation (U.S.), KCC Corporation (South Korea), Sherwin-Williams (U.S.), AkzoNobel (Netherlands), and Jotun A/S (Norway).
Key Target Audience:
- Automotive coating manufacturers
- Raw material suppliers
- Traders, distributors, and suppliers of automotive coating
- Regional manufacturers' associations and general coating associations
- Government and regional agencies and research organizations
- Investment research firms
Scope of the report:
This research report categorizes the global automotive coating market based on resin type, technology type, coat type, and region.
Based on resin type:
Based on technology type:
- Powder coating & others
Based on coat type:
Based on region:
- North America
- Middle East & Africa
- South America
The market is further analyzed for the key countries in each of these regions.
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