DALLAS, July 23, 2015 /PRNewswire/ --
The report "Automotive Paints Market by Coat Type (Electrocoat, Primer, Basecoat & Clearcoat), Technology (Solvent-borne, Waterborne & Powder Coatings), Texture (Solid & Metallic), Content Type, & by Region - Global Forecast & Analysis to 2020" published by MarketsandMarkets, Automotive Paints: The market size, in terms of value, is projected to grow at a promising CAGR of 5.15% to reach $11,340.7 Million by 2020.
Browse 70 market data Tables and 71 Figures spread through 174 Pages and in-depth TOC on "Automotive Paints Market"
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The market report classifies and defines the Automotive Paints Market in terms of value and volume. The report highlights potential growth opportunities in the coming years as well as reviews the market drivers, restraints, growth indicators, challenges, legislation trends, market dynamics, competitive landscape, and other key aspects with respect to the Automotive Paints Market. It identifies the key market trends for new technologies and their adoption scenario for the next five years. It also focuses on key market players and their strategies along with recent developments.
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Asia-Oceania: High Volume Market
The Asia-Oceania region includes developing countries such as China, India, Japan, and South Korea with the majority of the global vehicle production concentrated in this region. Customers demand environment-friendly paints and reduced emissions in the wake of rising pollution levels; this acts as a driver for automotive paints in this region. Technologies such as the waterborne coatings are being adopted slowly in cost-sensitive countries, such as India owing to the health concerns tackled by these paints. However, waterborne paints have been adopted to a large extent in technologically advanced countries such as Japan and South Korea. Manufacturers such as Kansai Paint Co. Ltd. (Japan) and Nippon Paint Holdings Co. Ltd. (Japan) are some of the dominant players in this region that are anticipated to drive the development in the Automotive Paints Market.
Waterborne and Powder Coatings: Adoption Rapidly Increasing in Developed Regions
The penetration of waterborne and powder coatings is estimated to be higher in North America and Europe. Both Europe and North America are projected to witness high growth for waterborne coatings and powder coatings due to the concerns regarding the environmental hazards caused by solvent-borne coatings, which environmental agencies and governmental institutions issuing regulations and guidelines to minimize the use of automotive coatings that have high VOCs content. The market is further estimated to increase with the rising production levels after the economic downturn of 2008. Key automotive paints suppliers in Europe and North America are PPG Industries (U.S.), Axalta Coating Systems LLC (U.S.), and BASF SE (Germany).
Reducing the Number of Coats
Tier-I suppliers and OEMs are working towards paints with lesser number of coats as compared to the conventional four coats. For instance, BASF introduced its "integrated coating" technology to the market, which reduces the primer surface layer as the functionality of two coats is integrated in one functional layer. These developments have enabled to reduce costs, paint cycles, and losses related to automotive paints.
The report covers the Automotive Paints Market in terms of volume and value. The market size in terms of volume, from 2013 to 2020, is provided in terms of million gallons, whereas the value of the market is provided in terms of $million. The Automotive Paints Market is broadly classified into technology, coat type, texture types, and paint contents focusing on key region-wise markets of the world. Comprehensive data has been provided by classifying market by vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles.
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