Global automotive coatings market size is likely to be valued at USD 27.7 billion by 2022; as per a new research report by Radiant Insights, Inc. Vehicle aesthetics, UV radiation and temperature variation protection and enhance durability are certain factors likely favor market growth. Growth in automobile production particularly in Thailand, Indonesia, China and India is likely to drive automotive coating market demand. Increasing focus towards adopting powder coatings in order to reduce VOC content emissions coupled with low operational expenses is likely to act in favor for market growth. Volatile raw material prices of additives, pigments, binders and solvents are anticipated to hamper industry profitability.
Solvent-borne technology dominated the overall demand and accounted for 43.5% of the total volume in 2014. Waterborne coatings technology are expected to witness significant gains at an estimated CAGR of 5.3% up to 2022 owing to adherence of regulations imposed in the U.S. and Europe concerning VOC content.
Basecoat automotive coatings dominated the product segment and accounted for over 35% of the total demand in 2014. It are also likely to witness highest gains over the forecast period as it is widely preferred for imparting metallic finishes and colors to ancillary parts. Electrocoat products are anticipated to witness steady gains at an estimated CAGR of 4.7% up to 2022.
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Key report insights suggest:
• Global automotive coatings market size was estimated 3.77 million tons in 2014 and may register 5.5 million tons by 2022 growing with an estimated CAGR of 4.8% from 2015 to 2022.
• Metal applications were the leading consumers for this market and accounted for 71.1% of the total demand in 2014. Factors such as importance of heat & corrosion resistance for steel and aluminium used in vehicles are expected to drive demand. Plastic applications are likely to be the fastest growing with an estimated CAGR of 5.1% up to 2022.
• Light vehicle OEMs were the leading end-users and accounted for 41.1% of the total demand in 2014. Automotive refinish are anticipated to witness steady growth rates at an estimated CAGR of 4.8% from 2015 to 2022.
• Asia Pacific dominated the regional market and accounted for 56.3% of the total volume in 2014. Increasing consumer spending coupled with population expansion in countries such as India and China are expected to drive this regions demand. Central & South America are likely to witness significant gains of 5.0% up to 2022.
• This industry is moderately consolidated with key players such as PPG Industries, Kansai Paint, BASF, Nippon Paint, Axalta Coating Systems and Jotun A/S. Other prominent companies include Arkema SA, Berger Paints, KCC Paint, Eastman Chemical Company, Solvay SA and Bayer AG.
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Global Automotive Coatings Technology Overview (Kilo Tons; Revenue, USD Million, 2012 – 2022):
• Powder coatings
Global Automotive Coatings Product Overview (Kilo Tons; Revenue, USD Million, 2012 – 2022):
Global Automotive Coatings Application Overview (Kilo Tons; Revenue, USD Million, 2012 – 2022):
Global Automotive Coatings End-Use Overview (Kilo Tons; Revenue, USD Million, 2012 – 2022):
• Light Vehicle OEM
• Commercial OEM
• Automotive Refinish
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