Albany, NY -- (SBWIRE) -- 05/07/2019 -- The global automotive coatings market was valued at US$ 19.53 Bn in 2017 and is anticipated to expand at a CAGR of 6.28% from 2018 to 2026, according to a new report titled 'Automotive Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' published by Transparency Market Research (TMR). The global automotive coatings market is driven by the rise in demand for these coatings in the automotive OEM segment. Asia Pacific accounts for major share of the global automotive coatings market, led by the increase in automotive production in the region.
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Increase in Automobile Production, Especially in Asia Pacific, to Boost Automotive Coatings Market
Rise in urbanization and increase in purchasing power are boosting the demand for automobiles. New vehicle sales and number of on-road vehicles are increasing in regions such as Asia Pacific, Latin America, and Middle East & Africa. This is propelling the demand for automotive coatings in these regions. Asia Pacific has become a hub for automotive manufacturing. India, China, Japan, South Korea, Thailand, and Indonesia are some of the major countries in the global automobile production landscape. China is the leading producer of automobiles in the world. Production of automobile in India is increasing at a rapid pace. These factors are projected to drive the demand for automotive coatings in Asia Pacific during the forecast period.
Rise in Consumer Preference for Esthetically Appealing Vehicles
Esthetic appeal, scratch resistance, and durable finish are some of the features of automotive coatings that are influencing vehicle-buying decision of consumers. Buyers are increasingly looking for colors and textures that enhance the esthetic appeal of vehicles. These developments have put clear coat in focus. Clear coat is an exterior coat applied on the automotive body. Rise in disposable income of consumers and increase in GDP of developing countries such as India and China are factors augmenting the automotive coatings market.
Strict Norms Regarding VOC Emissions, Especially in Europe, Hampering Market
Solvent-borne automotive coatings are formulated by using a solvent and base resin. Upon application of this coating, the solvent material evaporates. Solvents contain significant amount of volatile organic compounds (VOCs), which are toxic and responsible for formation of ozone. Ozone at the ground level is a pollutant and can cause breathing issues. The use of solvent-based automotive coatings leads to deterioration of air quality. Its long-term harmful effects on human health are leading to implementation of strict norms on the usage of solvent-based coatings. Agencies and associations in the U.S. and Europe such as the EPA (Environment Protection Agency) and REACH (Registration Evaluation Authorization and Restriction of Chemicals) have enacted stringent rules pertaining to VOC emissions. An apparent shift from solvent-based to water-based coatings has taken place in Europe and North America.
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Polyurethane Segment to Dominate Global Automotive Coatings Market
Based on product type, the global automotive coatings market has been segmented into polyurethane, epoxy, acrylic, and others. Polyurethane is the dominant segment of the automotive coatings market, as it provides resistance against corrosion and abrasion. Coatings made from polyurethane are extensively used in automotive clear coats due to their shiny appearance. They can be applied as water-borne and solvent-borne formulations. Thus, the polyurethane segment is estimated to maintain its dominance in the market during the forecast period. The acrylic segment is projected to expand at a rapid pace during the forecast period. Acrylic automotive coatings are water based and contain lower amounts of VOCs. This is expected to drive the acrylic segment during the forecast period.
Water-borne Segment to Lead in Terms of Demand
In terms of technology, the global automotive coatings market can be divided into solvent-borne, water-borne, powder, and UV-cured. The solvent-borne segment accounts for major share of the market. However, demand for solvent-borne coatings is gradually decreasing, due to presence of VOCs in these coatings. The water-borne segment is estimated to expand at a rapid pace owing to its low VOC content and environment friendly nature. Powder and UV-cured segments are also anticipated to expand at a rapid pace during the forecast period due to their excellent chemical resistance and high speed of curing.
Clear Coat Segment to be Dominate Global Automotive Coatings Market
Based on coat, the global automotive coatings market can be classified into e-coat, primer, basecoat, and clear coat. These are applied in the same order on automotive surfaces. Clear coat is likely to be the dominant segment in the near future. However, the basecoat segment is anticipated to lead in terms of demand during the forecast period.
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Automotive OEM Application Segment to Lead Global Automotive Coatings Market
In terms of application, the global automotive coatings market can be bifurcated into automotive OEM and automotive refinish. Automotive OEM was the leading application segment in 2017. It is estimated to maintain its dominance during the forecast period. This can be ascribed to the growth in the global automotive industry. The automotive refinish segment constituted key share of the global automotive coatings market. Rise in incidence of accidents and increase in preference of esthetically appealing cars are boosting the automotive refinish segment.