LONDON, Jan. 23, 2019 /PRNewswire/ -- Automotive Coatings Market - Overview
Automotive coatings are applied on the surface of automotive or vehicles to improve their durability and resistance to dust, high temperature, foreign particles, corrosion, and rusting.These coatings are applied by Original Equipment Manufacturers (OEMs) during the manufacture of vehicles.
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Automotive coatings are applied in the following order over substrates: E-coat or electro-coat, primer, base coat, and clear coat.Rise in demand for automotive coatings in Asia Pacific and Latin America is expected to drive the global automotive coatings market during the forecast period.
The automotive industry in Asia Pacific is witnessing high investments.The region is one of the automobile manufacturing hubs across the world.
Growth in economy, improvement in purchasing power parity, and rise in population are positively impacting automotive sales in Asia Pacific. This, in turn, is driving the automotive coatings market in the region.
Based on product type, the global automotive coatings market has been segmented into polyurethane, epoxy, acrylic, and others.Polyurethane is the widely used product type of automotive coatings.
They are polyurethane coatings are extensively used in automotive clear coats.They can be applied as water-borne and solvent-borne formulations.
Thus, polyurethane is estimated to be the dominant segment of the global automotive coatings market during the forecast period.Acrylic automotive coatings are water based and contain lower amounts of volatile organic compounds (VOCs).
This is anticipated to boost the demand for these coatings in the near future. The acrylic segment is projected to expand at a rapid pace during the forecast period.
In terms of technology, the global automotive coatings market can be segregated into solvent-borne, water-borne, powder, and UV-cured.The solvent-borne segment accounts for major share of the market.
However, demand for solvent-borne coatings is gradually decreasing, as they contain volatile organic compounds (VOCs).Increase in awareness about VOCs has led to adoption of water-borne automotive coatings.
Thus, the water-borne segment is projected to expand at a rapid pace during the forecast period.Environmental emission control regulations regarding VOCs from automotive coatings prevail in certain regions of the world, particularly in Europe and North America.
These regulations are leading to wide acceptance of coatings that are environment friendly.
An automotive coating system consists of several layers or coats applied to create a durable and long-lasting finish.In terms of coat, the global automotive coatings market can be divided into e-coat, primer, basecoat, and clear coat.
They are applied in the same order on the automotive surface. In terms of demand, the basecoat segment is projected to lead the market during the forecast period.
In terms of application, the global automotive coatings market can be bifurcated into automotive OEM and automotive refinish.Automotive OEM was the leading application segment in 2017.
It is estimated to maintain its dominance during the forecast period.The global automotive industry is expanding at a significant pace.
The automotive refinish segment constituted key share of the automotive coatings market in 2017.
Based on region, the global automotive coatings market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.In terms of value and volume, Asia Pacific was the leading region of the global automotive coatings market in 2017.
The region is estimated to maintain its dominance during the forecast period.In terms of consumption, North America and Europe follow Asia Pacific.
The automotive coatings market in North America and Europe is expected to expand at a sluggish pace due to the implementation of stringent regulations on VOC emissions in the regions.Demand for automotive coatings is anticipated to rise significantly in Middle East & Africa and Latin America in the near future.
These two regions accounted for small share of the global automotive coatings market in terms of demand in 2017. However, they are projected to create lucrative opportunities for automotive coatings manufacturers in the next few years.
The report analyzes and forecasts the automotive coatings market at the global and regional levels.The market has been projected in terms of volume (kilo tons) and value (US$ Mn) from 2018 to 2026.
The study includes drivers and restraints of the global automotive coatings market.It also covers the expected impact of these drivers and restraints on the demand for automotive coatings during the forecast period.
The report also highlights growth opportunities for the automotive coatings market at the global and regional levels.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global automotive coatings market.Porter's Five Forces model for the automotive coatings market has also been included to help understand the competition landscape.
The study encompasses market attractiveness analysis, wherein product type, technology, coat, and application industry segments have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global automotive coatings market by segmenting it in terms of product type, technology, coat, application, and region.These segments have been analyzed based on present and future trends.
Regional segmentation includes current and future demand for automotive coatings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers individual product type, technology, coat, and application segments of the market in all regions.
The study includes profiles of major companies operating in the global automotive coatings market.The global market for automotive coatings is dominated by large players.
Key players operating in the market are BASF SE, Axalta Coatings, PPG Industries, Valspar Corporation, The Sherwin-Williams Company, Akzo Nobel NV, Nippon Paint Holdings, KCC Corporation, and Jotun. Market players have been profiled in terms of company overview, business strategies, and recent developments.
The report provides the estimated market size (in terms of value and volume) of the global automotive coatings market for the base year 2017 and forecast from 2018 to 2026.Market numbers have been estimated based on product type, technology, coat, application, and region.
The market size and forecast for each product type, technology, coat, and application segment has been provided for the global and regional markets.
Global Automotive Coatings Market, by Product Type
Others (including Melamine, Saturated Polyester Resin, and Alkyds)
Global Automotive Coatings Market, by Technology
Global Automotive Coatings Market, by Coat
Global Automotive Coatings Market, by Application
Global Automotive Coatings Market, by Region
Rest of Latin America
Russia & CIS
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East & Africa
Extensive analysis of market trends from 2017 to 2026 to identify opportunities and market developments
Analysis of various product types, technologies, coat and applications wherein automotive coatings are used
Identification of key factors responsible to build a roadmap for upcoming opportunities for the automotive coatings market at the global, regional, and country levels
Comprehensive analysis with respect to investments and regulatory scenario that would subsequently impact the outlook and forecast for the global automotive coatings market between 2018 and 2026
Detailed competition landscape of key players operating in the market to understand competition level
Porters' Five Forces analysis to highlight the power of buyers and suppliers in the market
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