Automotive coatings improve the durability and looks of vehicles. Theyalso protect the latter from external and cruel climatic conditions. These conditions may vary from ultra violet radiations and extreme temperatures to foreign particles. Some of the primary clients of the automotive coatings market include automotive body shops and collision repair centers. Rising demand for automotive coatings from both these clients is estimated to drive the demand for the market.Automotive refinish coatings are utilized in the market of automotives for vehicle refinishing and repair. The worldwide automotive coatings market is growing speedily in relation to color alternatives, products and durability.
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As mentioned above, automotive coatings offer sophisticated looks and protection to vehicles. One of the vital propellers of the market is the continual supply of operating vehicles. The greater the vehicle production, the greater is the demand for the automotive coatings market. Amplified demand for bio-friendly coatings duringincreased pollution also serves as a driver of the market. The market is predicted to attain a size of about USD 27.7 billion by 2022. The capability of these coatings to protect vehicles from acid rains, ultra violet radiations and cruel climatic conditions also propels further demand for the automotive coatings market.
Intensified production of vehicles in China, Mexico, India, Germany, Japan, United States, together with vehicle aging is also a significant driver of the market. The other prominent drivers of the automotive coatings market include quick fiscal development, innovations in road infrastructure and augmented governmental funds. Conventional solvent borne coatings are injurious to ecology. This factor is projected to restrict further growth of the market. The worldwide automotive coatings market is divided into five categories. These are consumers, applications, products, technologies and geographies.
Light vehicle OEMs were the biggest consumer sector in 2014. They are anticipated to experience significant growth over the forecast phase. This is due to superior lifestyles and accelerated demand for cars in the U.S., India and China. The sector of automotive refinish is projected to undergo fast expansion in the coming seven years. This is on account of magnified client investment power in the developing nations of India, China and Thailand.
Metal coatings and plastic coatings are the two application sectors of the automotive coatings market. Metal coatings were the biggest sector and are estimated to expand in the future. Plastic coatings are anticipated to notice maximum growth in the seven years ahead.
Basecoat was the biggest product sector. It is estimated to experience considerable growth over the forecast phase. Electrocoat is predicted to steer the sales of the global automotive coatings market.
Solvent borne coatings leaded the worldwide automotive coatings market with regard to income. The revenue generated by them is likely to reduce in the seven years to come. Water borne coatings are estimated to observe fast growth.
Asia Pacific leaded the market in 2014. It is estimated to be the most rapidly developing region in the future. India, China and Japan add most of the revenue to the Asian Pacific automotive coatings market.
Information Source: Grand View Research