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.