Advancements in powder coating technology owing to the high volatile organic compound (VOC) content in solventborne coatings will also have a positive influence on the global automotive coatings market.
Sellbyville, DE -- (SBWIRE) -- 05/14/2019 -- Asia Pacific automotive industry growth is the major driving factor for the rise in automotive coatings market. Recent infrastructural developments including road connectivity, coupled with growing PPP of emerging countries of East and South East Asia will have a positive impact on the market in the next few years. China controls over a quarter of the global automotive market, both in terms of demand as well as supply.
Global Market Insights, Inc. has released a new study based report on the Global Automotive Coatings Market size, projected to hit USD 28.3 billion by 2022. The report is a comprehensive analysis of market size and growth prospects. It offers strategic analysis of the factors influencing the market, including drivers, impediments, challenges and opportunities and emerging industry trends.
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Solventborne automotive coatings market size predicted to experience sluggish growth due to strict norms over VOC emission in the atmosphere. The waterborne segment is tipped to exhibit high gains at above 5% in the next few years. The growth is attributed to factors like low flammability, air emission reduction, and less toxicity.
The majority of the materials used in passenger cars is metallic. The coating is essential to protect them from degradation and rust. The report segments the automotive coatings market trends by application, product, technology, end-use, and region.
Solventborne automotive coatings market led the global share accounting to more than USD 7.9 billion in 2014. However, it is losing share to other technologies such as waterborne and powder coatings because of its high VOC content and strict environmental regulations imposed by EPA, REACH, and other regulatory bodies against it.
Basecoat is estimated to hold sway the product segments for providing the desirable color and effects on the vehicle body. In 2014, it registered more than USD 8 billion and is expected to have the fastest growth rate. It is followed by electrocoat type which was valued over USD 4 billion in 2014.
On account of abundance of metal parts in a standard automobile, metal based application accounted for over 70% of the global automotive coatings market share and was valued at over USD 13 billion in 2014.
Light weight OEMs are the largest end-user segment with more than 40% of the overall automotive coatings market share as light-weight personal cars are prevailing the global automotive market. It accounted for more than USD 7.5 billion in 2014 and is expected to have a healthy growth on the account of increasing personal cars demand.
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Asia Pacific, driven by China, India, and Japan, is a significant consumer region with over 50% of the global automotive coatings market size. This dominance is on the account of developing infrastructure and increasing purchasing power of the people of the emerging countries.
Sherwin-Williams, Berger Paints, KCC Paint, Arkema SA, Valspar Corporation, Beckers Group, Cabot Corporation, Clariant AG, Eastman Chemical Company, Lord Corporation, Solvay SA and DSM are other prominent names in the industry. BASF is expanding automotive coating production in Thailand.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology