New York, NY -- (SBWIRE) -- 11/21/2014 -- Global automotive coatings market is being driven by the increasing vehicle population due to increasing per capita income. The per capita passenger car ownership has been increasing globally and they are becoming one of the common modes of personal conveyance. The increasing industrialization on the other hand is boosting the commercial vehicles market. Vehicle manufacturers are now focusing more on improving looks of the vehicle to remain competitive in the market which has been benefitting the automotive coatings market.

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Over 80% of the materials used in passenger cars are metals. Most of these metals are coated to protect from rust and degradation. The emergence of ultraviolet curing coating is presenting growth opportunities for global automotive coatings market. Based on application, automotive coatings market can be segmented into two broad categories namely OEM (Original Equipment Manufacturing) and aftermarket or refinish. The major end-users of automotive refinish market are collision repair centers and automotive body shops. Based on product segments, the global automotive coatings market can be segmented into four categories namely electro-coats, primer coats, basecoats and clear-coats. Based on formulation, automotive coatings market can be classified into four categories namely water based, solvent based powder based and UV based coatings.

Brazil, Russia, India and China (BRIC countries) are expected to be the major growth drivers of the automotive industry. Improving economy, advancements in the road infrastructure and increasing inclination of individual’s towards personal conveyance are the key factors augmenting the growth of automotive industry. According to Organization Internationale des Constructeurs d’Automobiles (OICA), the global motor vehicle production increased from 77.6 million in 2010 to 87.3 million in 2013. The increasing raw material prices are emerging as a major challenge for the automotive coatings market as the profit margins of the coatings manufacturers are reducing. Leading producers of titanium dioxide (one of the common pigments used in the manufacturing of coatings), such as Kronos Inc., Tronox Limited, and E. I. du Pont de Nemours and Company, announced a price increase of USD 300/tons, USD 400/tons and USD 500/tons respectively in 2011 in the Asia Pacific region. Their American and European counterparts also announced the increase in prices for the same year.

North America was the third largest vehicle producer globally in 2013 after Asia Pacific and Europe and it is bypass Europe to become the second largest vehicle producer in the world by 2020. The automotive coatings market in Europe has suffered due to the Euro zone crisis which has impacted the automotive industry. The market for eco-friendly coatings such as waterborne and powder coating are growing at a high rate due to the government and public concerns regarding the environmental hazards caused by solvent-borne coating, Several environmental agencies and governmental institutions have formed regulations and issued guidelines to minimize the use of high VOC (Volatile Organic Compound) automotive coatings. Asia Pacific automotive coatings market is dominated by China and India due to their large fleet of vehicles.

The key automotive coating players include BASF, AkzoNobel, PPG Industries, Axalta Coating Systems, Bayer, Sherwin-Williams, Beckers, Royal DSM and Eastman Chemical. Most of the key players in the automotive coatings industry are U.S. and Germany based.

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