MRFR Press Release/- Market Research Future Published a Half Cooked Research “Global Automotive Coatings Market Research Report – Forecast to 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2022.
BASF SE (Germany), Bayer AG (Germany), DuPont (United States), Solvay S.A. (Belgium), Arkema (France), Nippon Paint Holdings (Japan), PPG Industries (United States), Kansai Paint Co.Ltd. (Japan), AkzoNobel N.V. (the Netherland) and Royal DSM (the Netherland) among others are some of the prominent players at the forefront of competition in the Global Automotive CoatingsMarket and are profiled in MRFR Analysis.
Automotive Coatings Market – Market Overview
Automotive Coatings Industry is witnessing significant growth on account of its properties such as excellent UV radiation, extreme temperature resistance and durability. Automotive Coatings produced based on technology as water borne and solvent borne. The future of Automotive Coating Industry is based on water borne automobile coatings. Water borne Automotive Coatings has replaced the solvent borne coatings owing to low volatile organic content (VOC) emission and posses resistance to heat and abrasion. Moreover, cost advantage and excellent chemical and physical properties over solvent based coatings is anticipated to drive the water based Automobile Coating Market.
Major material used in Automotive Industry are metal which needs to be coated in order to protect the material from rust, wear and tear. The increasing consumption of passenger cars to meet growing demand is anticipated to drive the Automotive Coatings Market. Automotive refinishing industry is growing significantly due to rising vehicle collisions along with proneness of consumer to repair vehicles are expected to augment the market growth. Primer, basecoat, and E-coat are trending in the market owing to its superior properties. Basecoat is expected to dominate in the market as they are capable to provide desired color and aesthetics to automobiles. E-coat or electric coat is expected to grow at considerable market share over the forecast period. This is due to equal deposition of coating on metal part with high operation speed.
Growing demand of plastic parts in Automotive Industry on account of lightweight, design flexibility and cost effective is driving the product in automotive industry. Plastic parts are resistance to corrosion, durable and easily recyclable. Additionally, rising consumption of carbon fiber and composites material in vehicle manufacturing will stimulate the market growth. Apart from growing consumption of plastics, metal consumption in Automotive Industry has been reduced down from 80% to around 60%. However, volatile in steel prices and growing usage of composites materials is projected to hamper the market growth.
The Global Automotive Coatings Market are dominated by Asia Pacific region owing to rising production of vehicle along with increasing consumer preference for domestic transport. Changing trend of lightweight components in vehicle parts in order to improve fuel efficiency in various regions is expected to complement demand growth. China witnessed strong growth owing to large production base and economic labor. Moreover, countries like Japan, India and South Korea are leading countries in automotive industries and manufacturer are relocating base owing to lenient government regulations and easy availability of resources. Europe is second largest automotive coating market followed by North America. Strong consolidation and favourable economic conditions are likely to boost the product demand in regional market.
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Automotive coatings Market – Competitive Analysis
Automotive coatings market is fragmented market with tier 1 and tier 2 players dominating the overall market. The key strategies adopted by key players are expansion, collaborations or partnerships, acquisition and product launch. In order to meet regulations, set by various bodies of respective regions, manufacturer is entering into agreement with raw material supplier to reduce the cost. Auto manufacturers are focusing more on performance of vehicle by lowering of greenhouse gases with significant reduction in weight of vehicle. In highly competitive market, companies are investing more in innovations and brand building thereby, fostering the strong relationship with customer.
Industry/ Innovation/ Related News:
June 20, 2017 – BASF is expanding its Automotive Coatings production in North America. The company is investing USD 40 million in next two years to add production capacity in Greenville and Tultitlan. Waterborne basecoat capacity in Tultitlan and E-coat capacity in Greenville enables BASF to capture the demand in North America region. This would also help the company to innovate more product offering in automotive coatings.
January 20, 2017–PPG industries acquired automotive refinish coatings company named Futian Xinshi (Futian) based in China. The acquired company has 200 distribution networks in China along with low cost proven technology. This would help the company to grow at rapid pace in China market.
March 01, 2017 – PPG industries completed production facility of high performance waterborne coatings at its Wuhu facility in Anhui province, China. With increasing regulations in automotive coatings markets to lower emission of VOC, manufacturer is increasing production in line with environmental friendly coatings across China.
April 20, 2016 –BASF signed agreement to acquire the automotive refinishes coating business of Guangdong Yinfan Chemistry Co., Ltd. Through this acquisition, BASF would be able to enhance its position in China along with gain access to Asia Pacific market.
December 14, 2016 – BASF acquired Chemetall a leading producer of surface treatment coating. The merger of these companies would benefit the growing opportunities in coatings industry. This coating are used to protect metal from corrosion and adhere to optimally used in various industries like automotive, aerospace, and metal finishing industries.
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