Sellbyville, DE -- (SBWire) -- 01/15/2019 --Automotive Coatings market may surpass USD 28 billion by 2022 according to this new research report. Increasing vehicle production coupled with economic development of South Asian countries may drive automotive coatings market. Growing demand for luxury cars with protective and lustrous coatings, to protect the automobiles from extreme temperature variations, ultra violet rays and foreign particles may stimulate product demand.
Primer automotive coatings market may surpass USD 3.5 billion by 2022. Primer acts as protector and leveler for automobiles and other components as it is the first layer of coating applied. It protects from heat differences, stone-chips, bumps, UV-light and corrosion and makes easier for paints to stick to the surface.
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Light weight OEMs may surpass USD 11.5 billion by 2022. It is the major end-user segment with over 40% of the total automotive coatings market share. Light weight OEMs includes personal car along with tracking devices, automatic lights and other sophisticated technologies may boost product demand.
REACH and EPA regulations regarding volatile organic compounds will hinder the automotive coatings market growth in Europe and North America. Waterborne, powder and UV-cured coatings may replace solvent-borne coatings in these regions due to stringent regulations. Fluctuating prices of the raw materials including binders, titanium oxide, pigments, resins and additives may hamper industry growth.
Increased usage of powder coating technology due to its superior properties such as flexibility of color changes, high utilization efficiency, durability, easy customization and lesser volatile organic compounds (VOC) than solvent-based liquid coatings may boost automotive coatings market. This technology has a wide range of application in engine and accessories, basecoat and primer for external body, dashboard, steering wheels, luggage racks and battery tray.
Basecoat automotive coatings market should witness over 5% gains by the end of forecast period. It is applied after primer to provide exact color and effects as desired on components. Basecoat is categorized into metallic, solid and pearlescent paints. Solid paints provide only color, metallic paint creates a sparkling effect with color and pearlescent paints contain special pigment called as pearls to provide sparkle to the finished work.
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Asia Pacific, driven by India, Japan and China automotive coatings market may surpass USD 14.5 billion by the end of projected period. Changing lifestyle and development of road network in India and China may fuel regional industry growth. Shift in preference towards long lasting products with superior look and rising vehicle production in South East Asian market may boost product demand.
Global automotive coatings market share is competitive and consolidated with prominent players including AkzoNobel, PPG Industries, BASF and Axalta Coatings. Other key manufacturers include Nippon Paint, Kansai Paints, Berger Paints, Sherwin-Williams, DSM, Arkema, KCC Paint, Lord Corporation, Valspar Corp, Beckers Group, Clariant, Eastman Chemical Company, Solvay and Cabot Corporation.
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$28bn Opportunity by 2022 in the Automotive Coatings Market : Clariant, Eastman Chemical Company, Jotun, LORD Corporation, DSM, Solvay, Axalta, PPG Industries, Bayer
Asia Pacific, driven by India, Japan and China automotive coatings market may surpass USD 14.5 billion by the end of projected period.