Automotive coatings
enhance the overall durability and appearance of a vehicle and also safeguard
it from UV radiation, extreme temperature, and foreign particles such as dust
and soot. Increase in preference of consumers towards high-quality automotive
coatings is a key factor driving the market. These are used to coat the
surfaces of automobiles and exemplify the futuristic technologies, which are
capable of manufacturing durable surfaces, maximizing overall efficiency while
meeting environmental norms.
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The global automotive
OEM coatings market witness vivid opportunities, owing to rise in demand for
recreational vehicles among youngsters, growth in population and rise in income
levels. Moreover, growth of the overall automotive industry globally and rise
in demand for high-quality paints and coatings in automobiles is further
anticipated to boost the overall growth. In addition, rise in consumption of
powder coatings, owing to its superior characteristic properties, such as low
emissions of volatile compounds and relatively thicker layer as compared to
traditional automotive coatings, is anticipated to bring impetus in the global
market. However, volatile prices of raw materials coupled with strict
governmental norms on the use of toxic automotive OEM coatings are some key
factors anticipated to hinder the overall growth.
Automotive OEM
coatings is expected to register the highest growth in passenger cars, owing to
rise in per capita disposable incomes and growth in consumer preference towards
new models with low emissions and high fuel efficiency. Furthermore, rapid
urbanization and upsurge in personal mobility needs are expected to boost the
market growth. Automotive OEM coatings possesses advantages such as higher
reliability, longer equipment life cycle, maintenance cost reduction, and low
on toxic emissions.
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The basecoat layer
segment accounted around three-fourths share, in terms of volume, in 2015. In
response to the perennial modifications in the automotive industry, efficient
paints and coatings solutions are in demand globally. Thus, increase in
requirement of high-tech automotive OEM coatings solutions and rise in adoption
of new vehicles fuel the demand for automotive OEM coatings globally.
Key Findings of the Automotive OEM Coatings Market Study
- The electrocoat segment is
anticipated to grow at the highest CAGR of 5.9% during the analysis
period.
- Asia-Pacific is projected
to maintain its lead position from 2016 to 2022 and will grow at a CAGR of
4.7%, in terms of volume.
- Passenger cars segment occupied
around half of the total market in 2015.
- China occupied around
one-third of the total Asia-Pacific market in 2015.
- In terms of
value, India is expected to grow at the highest CAGR of 6.7%
from 2016 to 2022.
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In
2015, Asia-Pacific and LAMEA collectively accounted for around two-fifths
of the total market, in terms of volume, and are expected to continue this
trend, owing to increase in urbanization, specifically
in China, India, Brazil, and other developing countries.
Moreover, rise in urban population with increased per capita disposable income
and growth in overall consumer spending are the major aspects that boost the
growth of the automotive OEM coatings market in
the Asia-Pacific region.
The major companies
profiled in the report include Axalta Coating Systems, BASF SE, PPG Industries,
Nippon Paint, Kansai Paint, AkzoNobel, Sherwin-Williams Company, KCC Paint,
Bayer AG, and Arkema SA.
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