Monday, 21 March 2016
Extensive Upgrades Makes Automotive Refinish Coating A $11.3 billion Industry
Automotive refinish coating market is at its all-time peak in 2016! World’s largest chemical manufacturers like BASF, Sherwin Williams, 3M Co. and Matrix System Automotive Finishes among other are focusing on increasing their expertise to remain competitive in the coatings industry. Car color! It’s always the first thing a buyer notices. Furthermore, end – users such as body shops and vehicle repair shops are counting heavily on finest coating for commercial fleet, automotive specialty and collision repair industry. A popular name in the coating industry AKZONOBEL (N.L.) had garnered $ 17.746 billion in 2014. Second in the row PPG Industries (U.S) generated a stood proud at $ 15.44 billion in 2014. Recent study by Allied Market Research, which analyses factors like industry share and size, trends, opportunities, growth, drivers etc., reveals the sector would research $11.3 billion for the period 2014 – 2021.
From trend color to color trend see what keeps BASF competitive in the ‘Automotive OEM Coatings’
Paint companies are constantly launching fresh and technologically advanced range in the sector. From formulating their products for specific applications, serving delivery needs and offering technical assistance, automotive refinish coating market players to succeed. PPG, Sherwin – Williams, Diamond Paints and SACAL are some of the prominent companies in these areas. Paint manufacturers are focusing more on 0 volatile organic compounds (VOC). Besides this, Green paints are particularly in great demand among the end- users. Waterborne coating is the most consumed paints and coatings and accounted for approximately 40 percent of the global demand in 2014. Second largest used paints and coatings; solvent based technologies are still favored by many car makers. SO while waterborne coatings receive the entire buzz, there are many solvent based paints that are used in restrictive locations such as East and West Coast in the United States. Another entrant; powder coatings are likely to be the rapidly growing segment by 2021 owing to the increasing need from automotive industry.
Resins are an important segment of automotive refinish coating market. Essential part of the automobile sector they contribute to a greater extent to the quality of our vehicles. Furthermore, due to the increasing scope of application and magnitude of the industry resins are now a focal area for environment friendly solutions. Therefore, many companies are focusing on powder, UV systems and water –based products. Paint companies are also taking necessary measures modify solvent – borne systems into solution with low solvent content. Prominent player DSM has generated Euro 8 million in 2014. About 25 percent of the total sales were realized by the company’s cluster performance materials. The cluster consisted of many business groups including DSM Resins.
Today, rapid rate of advance is propelled by robust growth in emerging markets such as the Asia –Pacific regions. Consumption volume in the region, mainly India and China, has increased and is over 50 percent in pounds. The region is followed by LAMEA, North America and Europe. Demographically, Asia – Pacific regions accounts for about 35 percent of the consumption worldwide. The second largest consumer, Europe accounts for over 25 percent of the global sales. This mature growth is contributed by countries including Turkey and other nations located in Eastern Europe.
Observing the rapid surge in the coating market, researchers at Allied Market Research (AMR) have published a report titled “World Automotive Refinish Coatings Market - Opportunities andForecast, 2014 – 2021.” The study analyses the market dynamics of the industry. Statistics on the increasing scope of different segment such as product types, resin and technology across different regions form an important part of the research. Research analysts at AMR are confident that report would enable business owners access new opportunities, make smarter decisions and get maximum ROI.