Automotive coatings are used to coat the surfaces of automobiles and exemplify the futuristic technologies, which are capable of manufacturing durable surfaces, maximizing overall efficiency while meeting environmental norms. Moreover, they enhance the overall durability and appearance of a vehicle and also safeguard it from UV radiation, extreme temperature, and foreign particles.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- Automotive OEM Coatings Market Report, published by Allied Market Research, stats that the Global Market was valued at $6,426 million in 2015, and is expected to reach $9,379 million by 2022, growing at a CAGR of 5.6% from 2016 to 2022. The solvent-borne segment held nearly half of the total market in 2015.
The global automotive OEM coatings market is segmented based on type, layer, vehicle type, and geography. The type segment is categorized into solvent-borne, waterborne, powdered, and others. Based on layer, the market is divided into primer, basecoat, electrocoat, and clearcoat. On the basis of vehicle type, the market is divided into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. The light commercial vehicles segment is anticipated to register a significant CAGR during the forecast period. Geographically, the market is analyzed across market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The basecoat layer segment accounted around three-fourths share, in terms of volume, in 2015. In response to the perennial modifications in the automotive industry, efficient paints and coatings solutions are in demand globally. Thus, increase in requirement of high-tech automotive OEM coatings solutions and rise in adoption of new vehicles fuel the demand for automotive OEM coatings globally.
Key Findings of the Automotive OEM Coatings Market:
- The electrocoat segment is anticipated to grow at the highest CAGR of 5.9% during the analysis period.
- Asia-Pacific is projected to maintain its lead position from 2016 to 2022 and will grow at a CAGR of 4.7%, in terms of volume.
- Passenger cars segment occupied around half of the total market in 2015.
- China occupied around one-third of the total Asia-Pacific market in 2015.
- In terms of value, India is expected to grow at the highest CAGR of 6.7% from 2016 to 2022.
The European region accounted for more than 30% share of the total revenue in 2015, followed by Asia-Pacific and North America. Developing countries in the Asia-Pacific region are anticipated to register steady growth rates owing to increase in growth of the overall economy. Moreover, rise in investments by key manufacturers in the region is another key aspect that fuels the growth in the market.
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