Global Automotive Coating Market to Reach $18.2 Billion by 2019
IRVING, TX – Market research firm Lucintel has released a new report that analyzes the global automotive coating industry by segments and region. The report, Global Automotive Coating Industry 2014-2019: Trend, Forecast, and Opportunity Analysis, provides an analysis of the global automotive coating industry including market trends, competitive landscape, company profiles, mergers and acquisitions, emerging trends, and key drivers of industry growth. The study also includes global forecasts for automotive coatings through 2019, segmented by application such as the OEM and refinish markets; by product type such as electro-coats, primer coats basecoats and clearcoats; and by technology such as waterborne coatings and solvent-borne coatings.
Lucintel forecasts that the majority of segments for automotive coatings will grow moderately from 2014 to 2019. Strict environmental laws in North America and Europe will drive the demand for waterborne coatings and UV-cure coatings in the forecast period. BRIC nations are forecast to be the hub of automotive production, favored by proximity to market, easy financing, and low-cost production arbitrage, which, according to the report, will drive the demand for automotive coatings in BRIC nations. Continuous focus on research and development activities by industry players will foster new innovations in the automotive coatings industry, which will ultimately drive industry growth.
The biggest challenge faced by the industry is the increasing cost of crude oil, which raises prices of key raw materials, impacting profit margin. Concerns over the environmental impact of VOCs and pricing pressures from auto manufacturers are other challenges for automotive coatings manufacturers. Continued innovation of products is very important for companies to sustain their successful position in the market.
For additional information about the report, call 972/636.5056, or visit www.lucintel.com.