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Automotive Coatings Market Analysis, Share, Regional Outlook, Industry Trends, Competitive Strategies And Segment Forecast, 2012 To 2022

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Global automotive coatings market size is expected to reach 5.5 million tons by 2022, growing at a CAGR of 4.8% from 2015 to 2022.
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Automotive Coatings Market Analysis, Share, Regional
Outlook, Industry Trends, Competitive Strategies And
Segment Forecast, 2012 To 2022
Industry Overview
Global automotive coatings market size is expected to reach 5.5 million tons by 2022, growing at a CAGR
of 4.8% from 2015 to 2022.
Factors such as enhance durability, vehicle appearance and protection from foreign particles, UV
radiation, acid rain & extreme temperatures are likely to drive automotive coatings market growth.
Increasing automobile production particularly in Asia Pacific countries such as China, Thailand,
Indonesia, India, Taiwan and Japan are anticipated to propel the demand.
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In 2013, the Chinese demand for passenger and commercial vehicles was 22 million units. Chinese
automotive industry grew at a compounded rate of 24% from 2005 to 2011. Increased urbanization
along with high demand for SUVs and sedans may fuel the demand. India is expected to witness high
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demand growth for automobiles due to industrialization coupled with government support for
manufacturing vehicles.
In India, The Automobile Mission Plan for the period 2006–2016, designed by the government is aimed
at accelerating and sustaining growth in this sector. Thailand is expected to increase its share as it
produced 2.75 million vehicles in 2012, with the presence of various players including Toyota Motors,
Honda Automobile, Nissan Motors, Hino Motor and General Motors.
Increasing focus towards adoption of power coatings owing to its properties such as non-VOC contents,
low operational costs, high texture variation along with color thickness and durability is anticipated to
drive growth.
Global powder coatings market was valued at USD 8.12 billion in 2014 and is estimated to reach a value
of USD 14.45 billion by 2022, growing at a CAGR of 7.5% from 2015 to 2022. As they are non-flammable,
these do not cause any hazards such as fire accidents and damage to human health or environment on
exposure.
Volatility in raw material prices such as pigments, additives, solvents and binders are likely to challenge
industry growth. Increasing prices of titanium dioxide, which is one of the common pigments used in
manufacturing, is expected to hamper growth. However, increasing investments in research to develop
products to improve performance is anticipated to provide opportunities.
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Technology Overview
Solvent-borne coatings dominated the demand with a market valuation of over USD 7.5 billion in 2014.
Majorly used solvent products include aliphatic hydrocarbons, aromatic hydrocarbons (trimethyl
benzene, toluene and xylene), methyl isobutyl ketone (MIBK), glycol ethers and methyl ethyl ketone
(MEK). High market visibility in light of low price is expected to result in high demand in the near future.
Waterborne coatings market accounted for more than 35% of total share in 2014 and is likely to witness
significant growth rates of over 5.5% up to 2022. Gaining popularity of eco-friendly paints in light of
regulatory inclination towards restricting green house gas emissions is likely to have a positive influence
on demand.
Product Overview
Basecoat was the leading product for consumption in automobile industry with an estimated revenue
generation of over USD 4 billion in 2014. Majorly used product forms of basecoat include solid paints,
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metallic paints and pearlescent paints. These are used in automotive industry to impart color and
metallic finishes to ancillary parts
Clearcoat coatings accounted for more than 20% of the demand and are anticipated to grow at an
estimated CAGR of over 4.5% from 2015 to 2022. Clearcoat is applied on top of the basecoat and forms
a glossy and transparent interface. These are used for providing UV protection and excellent abrasion
and corrosion resistance to automotive parts.
Application Overview
Key applications include metal parts of vehicles, valued at over USD 13 billion in 2014. Majorly used
metals in automotive industry include steel and aluminium, where they are applied to impart corrosion
and heat resistance. Automobile industry growth in the U.S., Mexico and China is expected to directly
fuel growth in metals.
Plastic applications accounted for more than 25% of the total volume in 2014 and are expected to
witness highest growth rates over the forecast period. Shifting preference of vehicle manufacturers to
deploy plastics over metals in light of properties offered by former’s including lightweight, corrosion
resistance, greater durability and recyclability is likely to drive demand.
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End-Use Overview
Light vehicle OEM dominated the end-use segment with valuation of over USD 7.5 billion in 2014.
Increasing penetration of OEMs for light vehicles in light of rising sales of cars in China and India is
expected to fuel demand. Rising R&D expenditure by light vehicle OEMs towards product innovation is
anticipated to positively influence automotive coating market in the near future.
Automotive refinish accounted for more the 35% of the total volume in 2014 and is likely to witness
significant growth rates at a CAGR of over 5% up to 2022. Rising importance of preventive maintenance
over breakdown failures is expected to increase the penetration of services stations for maintenance,
repair and overhaul. This factor is anticipated to promote demand for automotive refinish segment.
Regional Overview
Asia Pacific automotive coatings market was the dominant region, with revenue generation estimated at
over USD 9 billon in 2014. Expansion of road networks in China, India and Malaysia amid the
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commitment of governments towards infrastructure improvement is expected to increase vehicles sales
in the region and have a favourable influence on automotive coating market.
North America accounted for more than 18% of the total demand in 2014 and is anticipated to grow at
below average growth rates of over 4% up to 2022. Emergence of Mexico as an automotive
manufacturing hub in light of vicinity to the U.S. along with growing domestic consumption is expected
to fuel automotive coatings demand.
Competitive Market Share
The global automotive coatings market share is moderately consolidated with major players present
across the value chain. PPG Industries was the largest company accounting for more than 20.0% of
global share in 2014. The company’s product portfolio consists of various cathodic electrocoat and
powder clearcoat which imparts corrosion resistance properties and improves design characteristics of
the vehicle.
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