Automotive Coatings Market Growth Forecast Shows USD 28 billion Revenue by 2022

Automotive Coatings Market Size By Product (Heavy Duty, Aeroderivative), By Capacity (- 70 MW, 70-300 MW, -300 MW), By Technology (Open Cycle, Combined Cycle), By Application (Power Generation, Oil & Gas, Other Manufacturing), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Russia, Italy, Germany, France, China, India, Japan, South Korea, Saudi Arabia, UAE, Egypt, Algeria, Brazil, Argentina), Price Trends, Competitive Market Share & Forecast, 2016 - 2022

Asia Pacific automotive industry growth is the major driving factor for the rise in automotive coatings market. Recent infrastructural developments including road connectivity, coupled with growing PPP of emerging countries of East and South East Asia will have a positive impact on the market in the next few years. China controls over a quarter of the global automotive market, both in terms of demand as well as supply.

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Vehicle production in the country recorded a volume of over 23.7 million units in 2014, while around 23.5 million vehicles were sold in the same year. Japan and India followed with sales of over 5.5 million and 3 million vehicles respectively in 2014. Attractive and protective coatings are gaining popularity for protecting the vehicles from corrosion or decolorization due to harmful ultraviolet rays, atmospheric acidity, highly inconsistent climate, extreme temperature variation, etc. while enhancing the aesthetic features.

Advancements in powder coating technology owing to the high volatile organic compound (VOC) content in solventborne coatings will also have a positive influence on the global automotive coatings market. Superior features of powder coatings include easy customization, high efficiency, durability, easy application, and minimum wastage. Increasing application of this technology in primer and basecoat for external body, engine and accessories, interior parts such as steering wheels, dashboard, ashtray, battery tray, luggage racks, etc. will catalyze the global automotive coatings market in the next eight years.

EPA and REACH regulations pertaining to the VOC amount in solventborne coatings will hamper the automotive coatings market growth in North America and Europe. Powder, UV-cured, and waterborne coatings may, however, substitute solventborne coatings in these regions in the upcoming years. Global automotive coatings market will also be restrained due to fluctuating prices of the raw materials for the coatings production which includes titanium oxide, binders, pigments, additives, and resins.

Solventborne automotive coatings market led the global share accounting to more than USD 7.9 billion in 2014. However, it is losing share to other technologies such as waterborne and powder coatings because of its high VOC content and strict environmental regulations imposed by EPA, REACH, and other regulatory bodies against it.

Basecoat is estimated to hold sway the product segments for providing the desirable color and effects on the vehicle body. In 2014, it registered more than USD 8 billion and is expected to have the fastest growth rate. It is followed by electrocoat type which was valued over USD 4 billion in 2014.

On account of abundance of metal parts in a standard automobile, metal based application accounted for over 70% of the global automotive coatings market share and was valued at over USD 13 billion in 2014.

Light weight OEMs are the largest end-user segment with more than 40% of the overall automotive coatings market share as light-weight personal cars are prevailing the global automotive market. It accounted for more than USD 7.5 billion in 2014 and is expected to have a healthy growth on the account of increasing personal cars demand.

Asia Pacific, driven by China, India, and Japan, is a significant consumer region with over 50% of the global automotive coatings market size. This dominance is on the account of developing infrastructure and increasing purchasing power of the people of the emerging countries.

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