The Global Automotive Coatings
Market is anticipated to surpass USD 28 billion by 2024. The rising
demands for coatings on account of its ability to protect vehicles against acid
rain, harsh weather, and UV radiation are projected to propel market growth.
Increasing consumption of UV-cured coatings due to their properties such as
high chemical resistance, solvent-free formulations, and low-temperature
processing is expected to boost the product demands. However, fluctuating raw
material prices are likely to pose a challenge for market growth. The global
market is categorized as technologies, products, applications, end-uses, and
regions.
The technology sector includes waterborne,
solvent-borne, powder coatings, UV-cured. The solvent-borne sector led the
industry in the past few years. However, it is likely to drop its share
drastically since it releases high levels of Hazardous Air Pollutants (HAP) and
Volatile Organic Compounds (VOCs). Powder coatings are said to have the fastest
growth due to their various properties like superior finish, high corrosion
resistance, etc. Waterborne coatings are also likely to experience huge growth
on account of their properties such as heat resistance, adhesion etc.
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The product sector of the automotive coatings
market comprises electrocoat, primer, clearcoat, and basecoat. The basecoat
sector led the market and is projected to have significant growth during the
forecast period (from 2016 to 2024). Electrocoats are likely to drive the
market since they are anti-corrosion and anti-rust agents. The demands for
clearcoat are estimated to grow as it provides protection against sun and UV
rays.
Application-wise, the metal sector dominated
the industry and it is further expected to witness huge growth in the near
future. Plastic coatings are projected to be the fastest-growing application
sector due to its increasing usage in automobile manufacturing as it is
flexibility, lightweight, corrosion-resistant, durable, cost-effective, and
recyclable.
Light vehicle OEM led the end-use sector in
2015 and it is said to experience a considerable growth during the next few
years. The automotive refinish sector is likely to have rapid growth on account
of growing consumer spending levels in developing economies of the APAC region.
Asia-Pacific was the dominant regional market
in 2015. The region is projected to experience rapid growth with a CAGR of over
6 % over the estimated years. Europe is likely to drop its market share in the
automotive refinishes sector to APAC due to lesser accident levels in the
region. The Middle East & Africa will also have huge growth as a result of
rising production facilities in the region.
The key players of the automotive coatings
market include Axalta Coating Systems; PPG Industries; Jotun A/S; BASF SE;
AkzoNobel N. V.; and Kansai Paint Co. Ltd.
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