Automotive Coatings Market Forecasted to Reach $11.7 Billion
DALLAS – According to a new report released by research and consulting company MarketsandMarkets, the global market for automotive coatings is projected to total 998.7 million gallons by 2018 with revenue of $11.7 billion. The report, Automotive Paints Market by Coat Type (Electrocoat, Primer, Basecoat, & Clearcoat), by Technology (Solvent-borne, Waterborne, & Powder Coating), Texture Type (Metallic & Solid), Vehicle Type & Geography - Global Trends & Forecast to 2018, defines and segments the automotive coating market with analysis and forecasting of global volume and revenue.
Asia-Oceania is the region that produces the maximum number of vehicles as compared to other geographies. It is estimated that more than 47.2 million vehicles will be produced in 2013, growing at a CAGR of 7.85 percent for the next five years. Increasing vehicle production makes Asia-Oceania the most important market for the automotive coating industry. In addition, the strong presence of many local automotive coating companies, such as Nippon Paint (Japan), Kansai Paint (Japan) and KCC Paint (South Korea) will help fuel the market growth for coatings in this region. Other than local players, many key global automotive coatings companies, such as PPG Industries (United States), BASF (Germany), Axalta Coating Systems (United States) and others, have a presence in the Asia-Oceania region, which will also influence the total market demand for automotive coatings. Some of these players have set up joint ventures with local manufacturers to enhance their presence on the country level.
North America is the third-largest vehicle producer in the world, and it is anticipated that about 17.9 million units will be produced in North America in 2013. It is projected that by 2018, North America will bypass Europe and become the second-largest vehicle producer in the world, growing at a CAGR of 7.5 percent. This increased growth rate is due to the rapid boost in the production of vehicles across North American countries. The market for eco-friendly coatings such as waterborne and powder coating is expected to grow at a promising rate for the next five years, as concerns about the environmental hazards caused by solvent-borne coatings increase. According to the report, the major North American automotive coatings companies are PPG Industries, Axalta Coating Systems and Sherwin-Williams, which have a major presence in the North American market.
The automotive industry in Europe is recovering from the slowdown it faced in 2009, and it is anticipated that it will grow with a steady rate for the period covered by the market study. Europe is the second-largest vehicle producer in the world, and it is estimated that about 18.4 million units will be manufactured in 2013, which would grow with a CAGR of 4.15 percent for the next five years. The automotive coating market is projected to grow at a steady growth rate, with eco-friendly coatings growing at a promising CAGR for the period under study. The norms and regulations regarding the content of VOCs have also enhanced growth for eco-friendly coatings in Europe. The key automotive coating players in Europe are BASF (Germany), AkzoNobel (The Netherlands), Bayer (Germany), Beckers (Germany) and Royal DSM (The Netherlands).
The report covers the global automotive coatings market in terms of volume of consumption (million gallons) and revenue ($million) across regions such as Asia-Oceania, Europe, North America and Rest of the World (ROW). It explains qualitative and quantitative aspects of automotive coatings with respect to types and technologies used. The report briefly explains the automotive coating market on the basis of geography, vehicle type, coat types, technology and texture type from 2013 to 2018.
The report also shows an overview of the technical as well as other important aspects of the automotive coatings market. It includes an analysis of the value chain, Porters’ five forces analysis, PESTLE analysis, the competitive landscape and company profiles. In addition, 22 key players in the market have also been profiled.
MarketsandMarkets is a global market research and consulting company based in the United States. The company publishes market research reports and serves as a business intelligence partner to Fortune 500 companies across the world.