DUBLIN, Ireland – Research and Markets announced an addition to its product offering. The report, Concise Analysis of the International Automotive Paints Market – Forecast to 2018, is now available.
The automotive coatings industry has evolved to meet the changing demands from the automotive industry. Both industries are continuously progressing to provide advanced technologies and eco-friendly products to their buyers. Along with the appearance of the vehicle, automotive coatings play an important role in the protection of the metal surfaces from rust, damages and external factors. Colors, textures and patterns can act as a key decision-making factor for buyers. The demand for these coatings is highly influenced by demand trends in the automotive industry, environmental regulations, health and safety norms, buyer's preferences, lifestyle, and a growing economy. These factors should positively affect the automotive coatings industry and help to grow demand in the next five years.
The automotive coatings industry has progressed from solvent-borne coatings to waterborne coatings and powder coatings through intense research and development. The main aim behind these advancements is to minimize the hazards caused by the high-VOC solvent-borne coatings. Waterborne and powder coatings are gaining popularity owing to their eco-friendly tag with low or zero-VOC content. North American and European countries have issued regulations regarding the contents of VOCs, which have positively influenced the demand for waterborne and powder coatings. Developing countries such as China, South Korea, India, Brazil and Russia, among others, have also begun the application of waterborne and powder coatings in the conventional paint processes. Considering increasing vehicle demand and upcoming environmental regulations in the next five years, the demand for eco-friendly coatings is likely to grow at a substantial rate.
The report predicts that the automotive OEM coating market is estimated to grow from $8.7 billion in 2013 to $11.7 billion by 2018, growing at a CAGR of 6.06 percent. China, the United States, Japan, Germany, India and South Korea are anticipated to be the largest consumers of automotive paints in 2013. In terms of growth rate, South Korea, India, the United States, China, the UK and Mexico are expected to show the highest growth rate for automotive coatings demand from 2013 to 2018. As of 2012, the key players such as PPG Industries, BASF, Axalta Coating Systems, Kansai Paint and Nippon Paint dominated the global market for automotive coatings. According to the report, these five players together held about 75 percent of the total market in 2012.
For additional information about the report, visit http://www.researchandmarkets.com/research/sv996p/automotive_paints.