Transparency Market Research Report Added "Automotive Coatings Market" to its database.
Albany, NY -- (SBWIRE) -- 01/13/2015 -- Automotive coating products are those, which enhance the appearance and the durability of a vehicle and protect it from harsh weather and other external conditions such as extreme temperatures, UV radiations, foreign particles such as stone and other debris. The major end users of this product include collision repair centers and automotive body shops. Automotive refinish coatings are being made used of in automotive market for vehicle repair and refinishing.
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The automotive paint market is evolving rapidly in terms of products, color options and durability. The paint does not only provide an ambient appearance but also acts as a protective coat for the automobiles. The main application of these coatings lies in the automotive sector where they are used in the refinishing of cars. The automotive coatings market is divided on the basis of their texture, technology and coat type. Coat type involves electrocoat, primer, base coat, clearcoat.
Technology involves solvent-borne, waterborne and power coating while texture type involves metallic and solid. This market is further segmented on vehicle type and geography. These coatings are mostly used on automobiles hence in order for the coatings market to grow the automotive market should be mature.
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One of the key drivers for this market is the constant increase in the number of vehicles in operation. The higher the production of vehicles, the higher will be the market demand for automotive coatings. The recent market is getting rid of the manufacture of coatings which affect the environment. The regulations regarding non-VOC paints have increased the developments in this industry leading to introduction of waterborne coats, which are estimated to replace the solvent-borne coats, play an essential role in the destruction of the environment. Powder and U.V. coats are said to be the future of the automotive coating industry, owing to their environment-friendly nature.
Among all the regions analyzed under this market research report, Asia Pacific manufactures the most amounts of automobiles; hence the market demand for coatings is mature and is expected to rise over the next few years. Europe follows as the second largest automotive manufacturing followed by North America and RoW. North America is anticipated to bypass Europe and become the second largest automobile manufacturer in the world owing to rapid boost in the production of vehicles across North American countries. Additionally, the demand is expected to be very high in the BRIC countries with the increase in number of cars and bumpy road conditions. It is expected that the number of car users in developing countries would increase in the next few years.
However, the North American and European market is expected to be flat due to the economic downtimes and enhanced road safety parameters. The automotive market is not expected to grow in these regions until the recession settles down; therefore, the automotive refinish market is dependent on developing economies. Due to growth in automobile industry in the above regions, the market for automobile coatings is estimated to rise by a huge margin especially the market for eco-friendly coatings. The market for eco-friendly coatings such as waterborne and powder coating is expected to grow at a promising rate for the next five years, as concerns about the environmental hazards caused by solvent-borne coatings increase. Owing to the stringent rules and regulations in Europe and North America the market for eco friendly coatings as opposed to VOCs has enhanced.
Some of the major companies in automotive coatings market are PPG Industries, Axalta Coating Systems, Sherwin-Williams, BASF, AkzoNobel, Bayer, Beckers and Royal DSM.
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