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(I-AutoNewsWire.com, August 20, 2018 ) Industry Outlook and Trend Analysis
The global Automotive Coatings Market was worth USD 15.62 billion in the year of 2012 and is expected to reach approximately USD 31.39 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 6.48% during the forecast period. The global automotive coatings market is anticipated to encounter significant growth due to increasing production of vehicles. The market is anticipated to encounter huge development as these items improve the strength and appearance of autos and shield them from cruel natural conditions including acid rain, outrageous temperature, UV radiation, and foreign particles. Expanding production of automobile in developing nations including Brazil, China, South Africa, India, South Korea, and Mexico because of populace development and rising levels of income is anticipated to help in market development. In addition, developing demand of automotive resurface attributable to vehicle repair and maintenance will fortify the requirement for paints and coatings over the following years. The major boosting factor for this market is developing requirement for powder coatings. Powder coatings are a dissolvable free process for layering surfaces and don't discharge volatile organic compounds. They are anticipated to witness ascend by virtue of natural and financial advantages. Also, expanding requirement for hybrid and electric vehicles in light of carbon outflows is relied upon to fuel the business measure over the following years. Raw materials utilized for the production of coatings incorporate added substances, fasteners, colors, and solvents. Volatile prices of titanium dioxide, which is a standout amongst the most generally utilized raw materials, is foreseen to hinder the development. Besides, trouble in sourcing raw materials is relied upon to be a noteworthy hurdle for makers over the gauge time frame.
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Product Outlook and Trend Analysis
The global market was dominated by basecoats that represented a share of 42.9 percent in terms of revenue in 2015. These costs are anticipated to encounter significant growth in the following years as they offer preferred color and exterior aesthetics to automobiles. Electrocoating makes the use of electrical current for the removal of a natural covering from a paint shower onto a section or gathered item. Electrocoats are anticipated to witness extensive development over the figure time frame inferable from preferences, for example, high operation speed, pertinence to an extensive variety of materials and uniform covering.
Technology Outlook and Trend Analysis
The most extensively utilized technology was solvent borne and is anticipated to encounter slow growth in the upcoming years. Strict directions relating to unpredictable natural mixes emanations and dangerous air pollutants, for example, xylene, methyl ethyl ketone, ethylbenzene and toluene is foreseen to inhibit product requirement. Moreover, high combustibility and lethality of these items are anticipated to hamper the development later on. Powder coatings are anticipated to encounter the quickest volume development because of condition cordiality and excellent completions. Outstanding properties, for example, high protection from chipping, corrosion and abrasion alongside protection from chemicals, heat, and moisture, are probably going to boost item demand throughout the following years.
Application Outlook and Trend Analysis
In 2015, the biggest segment was the metal surfaces that represented a share of 69.54 percent in terms of revenue. Prevalent utilization of metals for the production of vehicles is anticipated to positively affect the market. Nonetheless, unpredictability in metal costs alongside the developing use of lightweight materials is anticipated to limit the utilization of coatings on metal surfaces. Application on plastic parts and surfaces is relied upon to pick up significance attributable to lightweight, flexibility of design, erosion protection, cost lessening, more prominent sturdiness, and recyclability. Moreover, expanding use of carbon fiber and composites in vehicle production will empower the demand of the industry over the figure time frame.
End Use Outlook and Trend Analysis
The biggest end-use segment of this market was the Light vehicle OEM and was esteemed at USD 9.4 billion of every 2015 and is anticipated to predict noteworthy development by virtue of developing interest for passenger cars in developing nations including Singapore, India, China, Brazil and Thailand. Also, populace development, fast urbanization and expanding per capita salary will help in market development. Automotive refinish market is expected to encounter swift growth due to increasing requirement for used vehicles. Additionally, growing number of accidents in Central & South America and Asia Pacific is anticipated to boost the growth of the industry.
Regional Outlook and Trend Analysis
In 2015, Asia Pacific was the biggest market with a volume share of 56.5 percent and the pattern is relied upon to proceed because of expanding manufacturing of vehicle in the area. The automotive division of Asia Pacific is driven by rising deals and manufacturing base in nations including Thailand, Japan, South Korea, India and China. China is relied upon to anticipate solid development inferable from its extensive vehicle manufacturing base. China was the biggest maker of automobiles and is probably going to remain the main producer by virtue of economic labor in the nation. In addition, the migration of production bases by organizations, for example, Audi, Volkswagen, Honda, Toyota, Hyundai, Nissan, Fiat, and Skoda to China attributable to the accessibility of reasonable workforce is foreseen to drive the market development. Europe is anticipated to encounter substantial growth due to increasing production of vehicle in countries like France, Germany, Czech Republic, Italy, United Kingdom and Sweden. Moreover, rising population combined with increasing level of income is anticipated to boost the demand in the upcoming years.
Competitive Insights
The business is very aggressive in nature with leading manufacturers engaged with persistent R&D exercises and product advancement. The major players in the market are BASF, Kansai Paint, Sherwin-Williams Company, Valspar Corporation, Lord Corporation, Wilh Becker Holding Gmbh, Berger Paints, Bayer Cropscience Limited, Cabot Corporation, Clariant, Solvay S.A and DSM.
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The global Automotive Coatings Market is segmented as follows:
By Product:
Basecoat Clearcoat Primer Electrocoat
By Technology:
Waterborne Coatings Solventborne Coatings UV-cured Coatings Powder Coatings
By Application:
Plastic Parts Metal parts
By End User:
Light Vehicle OEM Commercial Vehicle OEM Automotive Refinish
By Region
North America U.S Canada Mexico
Europe Germany France UK Italy Spain Rest of Europe
Asia-Pacific Japan China Australia India South Korea Rest of Asia Pacific
Rest of the World Brazil South Africa Saudi Arabia United Arab Emirates Others
Some of the key questions answered by the report are:
What was the market size in 2012 and forecast from 2013 to 2022? What will be the industry market growth from 2013 to 2022? What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast? What are the major segments leading the market growth and why? Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
Source: EmailWire.Com
Source: EmailWire.com
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