The global Automotive Coatings Market is expected to reach USD 36.31 billion by 2025, according to a new report published by Grand View Research, Inc. Surging demand for both passenger and commercial automobiles in emerging countries including China, India, Mexico, Brazil, and South Africa on account of population growth and developing living standards is expected to augment market size over the forecast period. Moreover, increasing requirement of protection against harsh climate, dust, dirt, UV radiation, and acid rain is expected to aid in industry expansion.
A
growing number of accidents in countries including India and Brazil owing to
adverse road conditions in mountainous areas is anticipated to fuel the demand
for these products over the upcoming years. Moreover, increasing requirement of
maintenance, repair, and refurbishing work of old vehicles is expected to
stimulate growth.
Rising
consumption of powder coatings in light of its superior properties, such as
near-zero volatile organic compound emissions and thicker layer compared to
conventional coatings, is expected to increase market size. Furthermore,
continuous investments by manufacturers along with an increasing number of
manufacturing facilities in Brazil and China will drive growth over the
forecast period.
Related Press Release@ Automotive Coatings Market
Report
Further key findings from the report suggest:
- The global
automotive coatings industry demand was 5,902.7 kilo tons in 2015 and is
expected to grow significantly on account of increasing vehicle production
in rapidly emerging countries including China, Japan, India, Mexico,
Brazil, South Korea, Brazil, and South Africa
- Waterborne
coatings market demand is anticipated to witness strong growth in light of
stringent regulations pertaining to the usage of solvent-borne technology.
In addition, superior properties, such as corrosion resistance,
flexibility, hardness, stain resistance, adhesion, low flammability, and
toxicity, are expected to surge product demand over the next nine years.
- North
America contributed to 22.7% of the overall revenue share in 2015 and is
estimated to witness growth on account of rising demand for pickup trucks
and utility vehicles in the region
- Central and
South America is expected to see substantial revenue rise at a CAGR of
5.4% from 2016 to 2025 owing to increasing small car production in Brazil.
Furthermore, large automobile manufacturers including General Motors,
Volkswagen, and Hyundai have been shifting their base to the region owing
to lower operation costs, which is likely to aid in market expansion.
- The industry
is highly competitive in nature, and manufacturers are involved in
continuous product development and R&D activities. Manufacturers
including Axalta Coating Systems, PPG Industries, BASF, Nippon Paint,
AkzoNobel, and Kansai Paint are some of the key players in the market.
- In April
2015, Axalta established a new R&D technology center in Shanghai to
develop new products for the global commercial vehicle, light vehicle OEM,
refinish and industrial customers
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Grand
View Research has segmented the global automotive coatings market on the basis
of product, technology, application, end-use, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million;
2014 - 2025)
- Primer
- Electro coat
- Basecoat
- Clearcoat
Technology Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014 - 2025)
- Waterborne
Coatings
- Solvent-borne
Coatings
- Powder
Coatings
- UV-cured
Coatings
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014 - 2025)
- Metal Parts
- Plastic
Parts
End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million;
2014 - 2025)
- Light
Vehicle OEM
- Commercial
Vehicle OEM
- Automotive
Refinish
Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014 - 2025)
- North
America
- The U.S.
- Europe
- Germany
- Asia Pacific
- China
- India
- Central
& South America
- Brazil
- MEA
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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