Zion Market Research, the market research group announced the analysis report titled ‘Automotive Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024‘
Global Automotive Coatings Market: Overview
The automotive coating is used on automobiles for both protection and to enhance the look of the vehicle. Every automobile company has its own inbuilt paint shop in the factory premises, where various coatings processes are carried out. However, the daily routine on-road, there are lots of external factors affecting the outer body of the vehicle such as temperature, road mishaps and accidents due to various unexplainable faults, natural or human disasters. The recoating is done at the repair center and body shops to retain its original visuals.
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Global Automotive Coatings Market: Segmentation
On the basis of product, the global automotive coatings market is segmented as the primer, electro-coat, base coat, and clear coat. Based on the technology, the global automotive coatings market is segmented as waterborne, solvent bore, UV-cured, and powder coatings. As the automotive structure of the vehicle is majorly built of two materials metal and various types of plastic, this type is classified respective to application type. Each and every specific process and it types have various parameters depending on the classification.
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Global Automotive Coatings Market: Growth Factors
Factors such as considerable growth due to increasing various enhancements and protective features such as UV radiation protection, protection from extreme temperature acid rain, and others provided by the manufacturer as well the body shop post sales of the vehicle are the major factors driving the global automotive coatings market growth all over the world. High demand for ecological coatings such as waterborne coatings, powder coatings, and UV-cured coatings boosts the growth of automotive coatings market. In addition, economic growth, advanced development of infrastructure, increasing government spending, rising consumers opting for personal transportation, and convenience is the factors impacting the growth of the automotive coatings market in a positive way. Moreover, end-user rising preference towards pre-owned vehicles, private cab services, and increasing accidents are augmenting the market growth. On the other hand, instability in the cost of raw materials, which include pigments, resins, titanium oxides, and additives, are the factors hampering the automotive coatings market growth.
Global Automotive Coatings Market: Regional Analysis
Asia Pacific is anticipated to be the dominant player and it is expected to be the rapid growing market owing to its increasing vehicle production and simultaneous rapid economic growth. This trend is followed by Europe. North America is also anticipated to experience considerable growth as it has significantly increased the production of the vehicle.
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Global Automotive Coatings Market: Competitive Players
Some of the major players dominating the global automotive coatings market are BASF SE, Kansai Paint Co. Ltd., Axalta Coating Systems, Mitsui Chemicals, Nippon Paints, Sherwin Williams, PPG Industries, Inc., 3M Co, KCC Paint, Beckers Group, Jotun A/S, and Arkema SA. Other key players influencing the global market are Bayer AG, Clariant AG, Valspar Corporation, Berger Paints, Cabot Corporation, DSM, Solvay, Lord Corporation, and Matrix System Automotive Finishes.
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