Automotive Coatings Market Research Report, 2016 to 2024A Chapter by Markets InsightsThe growth of automobile market in China, Japan, India, Germany, Mexico, and Indonesia along with the growth of aging vehicles is driving the market. Increasing demand for eco-friendly coatings suchThe global automotive coatings market is anticipated to
surpass USD 28 billion by 2024. The rising demands for coatings on account of
its ability to protect vehicles against acid rain, harsh weather, and UV
radiation are projected to propel market growth. Increasing consumption of UV-cured
coatings due to their properties such as high chemical resistance, solvent-free
formulations, and low-temperature processing is expected to boost the product
demands. However, fluctuating raw material prices are likely to pose a
challenge for market growth. The global market is categorized as technologies,
products, applications, end-uses, and regions.
The technology sector includes waterborne, solvent-borne, powder
coatings, UV-cured. The solvent-borne sector led the industry in the past few
years. However, it is likely to drop its share drastically since it releases
high levels of Hazardous Air Pollutants (HAP) and Volatile Organic Compounds
(VOCs). Powder coatings are said to have the fastest growth due to their
various properties like superior finish, high corrosion resistance, etc.
Waterborne coatings are also likely to experience huge growth on account of
their properties such as heat resistance, adhesion etc.
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The product sector of the automotive coatings market comprises
electrocoat, primer, clearcoat, and basecoat. The basecoat sector led the
market and is projected to have significant growth during the forecast period
(from 2016 to 2024). Electrocoats are likely to drive the market since they are
anti-corrosion and anti-rust agents. The demands for clearcoat are estimated to
grow as it provides protection against sun and UV rays. Application-wise, the metal sector dominated the industry and it is
further expected to witness huge growth in the near future. Plastic coatings
are projected to be the fastest-growing application sector due to its
increasing usage in automobile manufacturing as it is flexibility, lightweight,
corrosion-resistant, durable, cost-effective, and recyclable. Light vehicle OEM led the end-use sector in 2015 and it is said to
experience a considerable growth during the next few years. The automotive
refinish sector is likely to have rapid growth on account of growing consumer
spending levels in developing economies of the APAC region.
Asia-Pacific was the dominant regional market in 2015. The region is
projected to experience rapid growth with a CAGR of over 6 % over the
estimated years. Europe is likely to drop its market share in the automotive
refinishes sector to APAC due to lesser accident levels in the region. The
Middle East & Africa will also have huge growth as a result of rising
production facilities in the region.
The key players of the automotive coatings market include Axalta Coating
Systems; PPG Industries; Jotun A/S; BASF SE; AkzoNobel N. V.; and Kansai Paint
Co. Ltd.
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Added on November 8, 2016 Last Updated on November 8, 2016 Tags: automotive coatings market, automotive coatings market size, automotive coatings market share, automotive coatings market analy AuthorMarkets InsightsFelton, CAAboutAbout Us: Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer c.. more..Writing
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