NEW YORK, Sept. 22, 2016 /PRNewswire/ -- Use this report to:
- Analyze recent developments and current trends in the global automotive coatings industry.
- Identify significant drivers of revenue growth in specific categories of the automotive coatings industry.
- Gain information about the impact of both internal and external forces affecting the global automotive coating industry.
- Gain information about the pipeline architecture for automotive coatings.
Highlights
- The global market for automotive coatings will grow from nearly $21.0 billion in 2016 to nearly $26.0 billion by 2021 with a compound annual growth rate (CAGR) of 4.4% for the period of 2016-2021.
- The solvent market is the largest segment of the overall global market and will grow from nearly $14.7 billion in 2016 to $15.6 billion by 2021, with a CAGR of 1.3%.
- The waterborne market is expected to increase from nearly $5.9 billion in 2016 to nearly $9.7 billion by 2021, with a CAGR of 10.4%.
Introduction & Scope
INTRODUCTION
The global market for automotive coatings has undergone many changes in the past decade due to the decline in the global economy, which in turn impacts the automotive industry, of which automotive coatings are an integral part. In addition, the industry has experienced many changes in materials and process development, from conventional solvent coatings in the past decades to the present greener coatings and from hand spraying to robotic spraying. To assess the market, automotive coatings are broadly divided into two types, automotive original equipment manufacturer (OEM) coatings and automotive refinish coatings, based on the nature of the vehicles on which the coating is used. Automotive OEM coatings are used mostly by automotive manufacturers in new passenger cars, light commercial vehicles and heavy commercial vehicles. Automotive refinish coatings are used only for aftermarket purposes, where coating is applied to any vehicle after the initial manufacturing process. The demand for refinish coating may arise due to accident or aging of the vehicle.
Based on the coating layer, automotive coatings are also classified into the categories of electro coat (or e-coat), primer, base coat and clear coat. All of the four layers are used in the automotive OEM market, while e-coat is not used in the refinish market. With the advent of integrated processes, primer coating is being eliminated to reduce the number of steps in coating a vehicle, but this phasing out will take time to implement in all of the regions by all of the players. Automotive coatings are further classified by coating technology into the categories of solvent coatings, waterborne coatings and powder coatings. Among these, powder coatings are not applied to the e-coat layer in the OEM segment. The demand for solvent coatings is declining due to the volatile organic compound (VOC) content present in these coatings, which poses environmental concerns. The waterborne and powder coatings are gaining popularity due to the low-VOC or zero-VOC content.
Globally, the demand for automotive coatings is driven by increases in automotive sales, accidents and aging vehicles. Additionally, increasing OEM demand for greener coatings is due to increasing production needs to meet the growing demand for new vehicles. The global market for automotive coatings is growing steadily, driven primarily by the North American and Asia-Pacific markets. However, the mature markets have provided an enormous opportunity for the developing markets, by outsourcing their manufacturing requirements and setting up plants in the developing countries. Although Western markets remained flat due to economic uncertainties, they are expected to grow strongly at a five-year compound annual growth rate (CAGR) of 4.4% from 2016 to 2021.
This report also highlights the vendor landscape with a focus on major companies and provides profiles of major players. PPG Industries, BASF, Axalta, Kansai Paint, Nippon Paint, AkzoNobel and Valspar are the major global manufacturers of automotive coatings. BASF, Axalta, PPG, Kansai and Nippon will account for 66% of the total automotive OEM coatings market. BASF, Axalta and PPG will account for 51% of the total automotive refinish coating market.
STUDY GOALS AND OBJECTIVES
The goal of this report is to provide an up-to-date analysis of recent developments and current trends in the global automotive coatings marketplace. Identifying significant drivers of revenue growth in specific categories is an additional aim. The objective of this kind of systematic research is to quantify the projected impact of both internal and external forces that are affecting the global automotive coating industry today and that will affect the industry for many years into the future.
REASONS FOR DOING THE STUDY
The rapidly growing emerging economies, which are mainly China and India in terms of both economy and infrastructure, have significantly increased the demand for automotive coatings over the past five years. In addition, the Asia-Pacific region has become the hub for Western markets to outsource the manufacture of their automotive coatings. With the recovery of the global economy, vehicle sales activities have geared up globally, as in the North American countries, which have seen increased, pent-up demand for new vehicles on account of the recession; this has also resulted in increased demand for automotive coatings. Increasing raw material prices and stricter environmental regulations on VOC levels in automotive coatings have forced companies to focus on development of coatings with advanced technologies that will comply with current and future environmental regulations. The pressure to use environmentally friendly automotive coatings is
increasing even in the Asia-Pacific and other developing regions. This poses a threat to the small domestic players in the emerging markets, who are struggling to ensure that their products meet global standards.
SCOPE OF REPORT
The scope of this report is broad and covers many different types of automotive coatings used globally in various types of vehicles. The market is broken down by major types of automotive coatings, by technology, by region, by layer and by car age. The market for automotive coatings is also estimated by layer, regional market and technology. Revenue forecasts from 2016 to 2021 are given for each major type of automotive coating, technology, layer and regional market.
The report also includes a discussion of the major players in each of the regional markets for automotive coatings. It explains the major market drivers of the global automotive coatings industry, the current trends within the industry, major industry challenges and the regional dynamics of the global automotive coating market. The report concludes with a special focus on the vendor landscape. It includes detailed profiles of the major vendors in the automotive coatings industry globally, and discusses the market share of the major players by automotive coating type.
INTENDED AUDIENCE
This report is intended especially for manufacturers, suppliers, end users and others with a vital interest in specific automotive coatings. The report should also be of interest to those in industries such as coating raw materials (manufacturers and suppliers), automobiles and chemicals. In addition, because of this report's business focus, it will be useful to sales executives and business managers as an up-to-date guide on the challenges, drivers and trends that are expected to be significant factors in the current and future market.
INFORMATION SOURCES
The findings and conclusions of this report are based on information gathered from a variety of primary and secondary sources. Sources of information included Internet searches, industry association data and interviews conducted with automotive manufacturing companies, distributors and automotive coating companies. In addition, other secondary sources were consulted for the report, such as industry journals and publications, product literature, white papers and technical journals, and financial reports from industry suppliers. The base year for analysis and projection is 2015. With 2015 as a baseline, market projections were developed for 2016 to 2021. These projections are based on a consensus among the primary contacts combined with our understanding of the key market drivers and their impact from historical and analytical perspectives. The analytical methodologies used to generate the market estimates are described in detail in the market analyses. All dollar projections presented in this report are in 2015 constant dollars.
Read the full report: http://www.reportlinker.com/p02274677-summary/view-report.html
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
http://www.reportlinker.com
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article