Global Automotive Coating Market by Product (Primer, Basecoat, Electrocoat), Substrate (Metal, Plastic, Composite), Technology (Water-Borne, Solvent-Borne, Powder Coating), Resin Type (Polyurethane, Epoxy, Acrylic) and Region till 2023
Pune, India -- (SBWIRE) -- 10/02/2018 -- Industry Updates
In May 2018, AkzoNobel, a leading manufacturer of Automotive Coatings, announced the beginning of production of new powder coatings in its plant in Changzhou, China. Nearly 40 million euro has been invested in the plant, and this new plant will help the company to attain a substantial edge in the Global Powder Coatings Market.
In May 2018, Nippon Paints, a global leader in Automotive Coatings, announced its base expansion to Australia. The company has entered into a partnership with AHG, Australia's largest automotive group and the collaboration will Nippon Paints to present its products to the Australian market.
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The global automotive coatings market has been studied with respect to five regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is the largest market on account of the rapid industrialization in the region during recent years. India, China, South Korea, Japan, and Malaysia are the major contributors to the growth of this regional market. The factors driving market growth in the region are growing urbanization, changing lifestyles, increasing purchasing power of people, and rising consumer awareness in favor of the protection and maintenance of vehicles. North America is the second-largest global automotive coatings market. The U.S is the largest market in this region due to the growing demand for passenger cars in the country. Europe is another important region in the global automotive coatings market. The U.K., France, Germany, Italy, and Belgium are the major contributors to this regional market. Europe is a prominent market for automotive coatings as the majority of the key players have production facilities in the region. Additionally, the region is home to some of the world's largest automotive manufacturers. The markets in the Middle East & Africa and Latin America are expected to contribute substantially to the growth of the global automotive coatings market due to stabilizing political and economic conditions and increasing industrialization.
The global automotive coating market has been segmented on the basis of product, substrate, technology, resin type, and region.
On the basis of product, the market has been segmented into primer, basecoat, electrocoat, and clearcoat, and others.
Based on substrate, the market has been categorized into metal, plastics, composites, and others.
By technology, the market has been classified into water-borne, solvent-borne, powder, and radiation curable.
On the basis of resin type, the market has been segmented into polyurethane, epoxy, automotive, and others.
The market has been studied in five key regions—Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America
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