The global automotive coatings market is expected to reach
USD 36.31 billion by 2025, according to a new report published by Grand View
Research, Inc. Surging demand for both passenger and commercial automobiles in
emerging countries including China, India, Mexico, Brazil, and South Africa on
account of population growth and developing living standards is expected to
augment market size over the forecast period. Moreover, increasing requirement
of protection against harsh climate, dust, dirt, UV radiation, and acid rain is
expected to aid in industry expansion.
Growing number of accident in
countries including India and Brazil owing to adverse road conditions in mountainous
areas is anticipated to fuel the demand for these products over the upcoming
years. Moreover, increasing requirement of maintenance, repair, and
refurbishing work of old vehicles is expected to stimulate growth.
Rising consumption of powder
coatings in light of its superior properties, such as near zero volatile
organic compound emissions and thicker layer compared to conventional coatings,
is expected to increase market size. Furthermore, continuous investments by
manufacturers along with increasing number of manufacturing facilities in
Brazil and China will drive growth over the forecast period.
Browse full research report on Automotive Coatings Market: http://www.grandviewresearch.com/industry-analysis/automotive-coatings-market
Further key findings from
the report suggest:
- The global automotive coatings industry demand was
5,902.7 kilo tons in 2015 and is expected to grow significantly on account
of increasing vehicle production in rapidly emerging countries including
China, Japan, India, Mexico, Brazil, South Korea, Brazil, and South Africa
- Waterborne coatings market demand is anticipated to
witness strong growth in light of stringent regulations pertaining to the
usage of solvent borne technology. In addition, superior properties, such
as corrosion resistance, flexibility, hardness, stain resistance,
adhesion, low flammability, and toxicity, are expected to surge product
demand over the next nine years.
- North America contributed to 22.7% of the overall
revenue share in 2015 and is estimated to witness growth on account of rising
demand for pickup trucks and utility vehicles in the region
- Central and South America is expected to see
substantial revenue rise at a CAGR of 5.4% from 2016 to 2025 owing to
increasing small car production in Brazil. Furthermore, large automobile
manufacturers including General Motors, Volkswagen, and Hyundai have been
shifting their base to the region owing to lower operation costs, which is
likely to aid in market expansion.
- The industry is highly competitive in nature, and
manufacturers are involved in continuous product development and R&D
activities. Manufacturers including Axalta Coating Systems, PPG
Industries, BASF, Nippon Paint, AkzoNobel, and Kansai Paint are some of
the key players in the market.
- In April 2015, Axalta established a new R&D technology
center in Shanghai to develop new products for the global commercial
vehicle, light vehicle OEM, refinish and industrial customers
Grand View Research has segmented the global automotive
coatings market on the basis of product, technology, application, end-use, and
region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million;
2014 - 2025)
- Primer
- Electro
coat
- Basecoat
- Clear
coat
Technology Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014 - 2025)
- Waterborne
Coatings
- Solvent
borne Coatings
- Powder
Coatings
- UV-cured
Coatings
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014 - 2025)
- Metal
Parts
- Plastic
Parts
End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million;
2014 - 2025)
- Light
Vehicle OEM
- Commercial
Vehicle OEM
- Automotive
Refinish
Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014 - 2025)
- North
America
- U.S.
- Europe
- Germany
- Asia
Pacific
- China
- India
- Central
& South America
- Brazil
- MEA
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
No comments:
Post a Comment