Albany, NY -- (SBWIRE) -- 02/28/2019 -- Automotive Coatings Market – Snapshot
Automotive coatings are applied on the surface of automotive or vehicles to improve their durability and resistance to high temperature, dust, foreign particles, corrosion, and rusting. These coatings are applied by Original Equipment Manufacturers (OEMs) during the manufacture of vehicles. Automotive coatings are applied in the following order over substrates: E-coat or electro-coat, primer, base coat, and clear coat. Growth in economy, improvement in purchasing power parity, and rise in population are positively impacting the automotive sales in Asia Pacific. This, in turn, is driving the automotive coatings market in the region.
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.
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High Degree of Competition among Market Players
The market is dominated by large players. Presence of large numbers of small- and medium-sized players makes the market highly competitive. Key players operating in the market are BASF SE, Axalta Coatings, PPG Industries, Valspar Corporation, The Sherwin-Williams Company, Akzo Nobel NV, Nippon Paint Holdings, KCC Corporation, and Jotun.