Market Overview: Automotive Coatings Market
The growing car population, which is a result of the rising per capita income, is what is driving the global market for automotive coatings. Globally, the percentage of people who own a passenger car has been rising, and these vehicles are increasingly being used for personal transportation.
On the other side, growing industrialization is stimulating the market for commercial cars. To keep their edge in the market, automakers are increasingly putting more of an emphasis on upgrading the aesthetics of their automobiles. Overall, this has helped the market for automobile coatings.
Metals make up more than 80% of the components in passenger cars. The majority of these metals are coated to prevent rust and deterioration. The worldwide automotive coatings market is seeing development prospects due to the emergence of UV curing coating. The automotive coatings industry can be divided into Original Equipment Manufacturing (OEM) and aftermarket or refinish based on application.
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The major end-users of the automotive refinish market are collision repair centers and automotive body shops. Based on product segments, the global automotive coatings market can be divided into four categories: electro-coats, primer coats, basecoats, and clear-coats. Based on formulation, this market can be classified into four categories: water-based, solvent-based, powder-based, and UV-based coatings.
Brazil, Russia, India, and China (BRIC countries) are expected to be the major countries contributing to the growth of the automotive industry. Improving economies, advancements in the road infrastructure, and increasing inclination of individuals towards personal conveyance are the key factors augmenting the growth of the automotive industry.
According to the Organization Internationale des Constructeurs d’Automobiles (OICA), the global motor vehicle production increased from 77.6 million in 2010 to 87.3 million in 2013. The increasing raw material prices are emerging as a major challenge for the automotive coatings market as the profit margins of the coatings manufacturers are reducing.
Leading producers of titanium dioxide (one of the common pigments used in the manufacturing of coatings), such as Kronos, Inc., Tronox Limited, and E. I. du Pont de Nemours and Company, announced a price increase of USD 300/tons, USD 400/tons, and USD 500/tons respectively in 2011 in Asia Pacific. Their American and European counterparts also announced the increase in prices from the same year.
North America was the third-largest vehicle producer globally in 2013, after Asia Pacific and Europe, and it is in the process of bypassing Europe to become the second-largest vehicle producer in the world by 2020. The automotive coatings market in Europe has suffered due to the Euro zone crisis which impacted the automotive industry heavily.
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The market for eco-friendly coatings, such as waterborne and powder coating, are growing at a high rate owing to the growing government and public concern regarding the environmental hazards posed by solvent-borne coatings.
Several environmental agencies and governmental institutions have formulated regulations and issued guidelines to minimize the use of high Volatile Organic Compound (VOC) automotive coatings. The Asia Pacific automotive coatings market is dominated by China and India due to the large fleet of vehicles in the countries.
The key automotive coatings players include BASF, AkzoNobel, PPG Industries, Axalta Coating Systems, Bayer, Sherwin-Williams, Beckers, Royal DSM, and Eastman Chemical. Most of the key players in the automotive coatings industry are U.S.- and Germany-based.
Key geographies evaluated in this report are:
- North America
- U.S
- Canada
- Europe
- France, Germany, Italy, Spain, and the UK
- Eastern Europe
- CIS
- APAC
- China
- India
- Japan
- Australia
- Others
- Latin America
- Argentina
- Brazil
- Others
Key features of this report
- Drivers, restraints, and challenges shaping the Automotive Coatings market dynamics
- Latest innovations and key events in the industry
- Analysis of business strategies of the top players
- Automotive Coatings market estimates and forecasts(2015 -2021)
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