Automotive Coating Market Projected to Grow 16.24 Billion USD by 2021
Asia-Pacific is the fastest-growing automotive coatings market, in terms of both value and volume. Countries such as China, South Korea, India, Indonesia, and Thailand are witnessing a gradual increase in the use of automotive coating in end-use industries.
Seattle, United States – October 31, 2016 /MarketersMedia/ —
The report “Automotive Coating Market by Resin Type (Polyurethane, Epoxy, Acrylic), Technology (Solvent-Borne, Water-Borne, Powder Coating), Coat Type (Clearcoat, Basecoat, Primer, E-Coat) – Global Forecast to 2021″.
The market size of automotive coating is estimated to grow from USD 11.57 Billion in 2016 to USD 16.24 Billion by 2021, at a CAGR of 7.02% between 2016 and 2021. Demand from consumers for different color & texture, sales supportive policies, increasing purchasing power parity (PPP), and purchasing power of people in emerging economies is driving the automotive coating market.
Browse 101 market data Tables and 50 Figures spread through 149 Pages and in-depth TOC on “Automotive Coating Market”.
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Clearcoat is the largest coat type in the automotive coating market
Clearcoat is the fourth and the last layer applied to a car’s body after basecoat, e-coat, and primer. This coat accounted for the maximum market share in 2015. It conveys no color to cars body, but only a transparent coat. It helps protect basecoat from ultraviolet rays, sun, and extreme environmental conditions.
Water-borne is the fastest-growing technology segment in the automotive coating market
The major advantage of water-borne technology is low toxicity and flammability. This technology has low VOC and HAP emissions. It also has excellent adhesion and greater heat resistance compared to other technologies.
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Rising demand in Asia-Pacific is the major driver of the automotive coating market
In 2015, Asia-Pacific was estimated to be the fastest-growing market, in terms of both volume and value, and is projected to continue so during the forecast period. Emerging markets in Asia-Pacific such as China, India, South Korea, and Southeast Asian countries are attracting global players to set up their manufacturing base in this region. In countries such as China and India, the wide customer base is pulling manufacturers to provide for the increasing demand of advance technology and quality products. Increased investments in various technological, infrastructural, and R&D sectors is driving the automotive coating market in the Asia-Pacific region.
The players profiled in the automotive coating market report are BASF SE (Germany), Axalta Coating Systems (U.S.), PPG Industries, Inc. (U.S.), Kansai Paint Co., Ltd (Japan), Nippon Paint Holdings Co., Ltd. (Japan), The Valspar Corporation (U.S.), KCC Corporation (South Korea), Sherwin-Williams (U.S.), AkzoNobel (Netherlands), Jotun A/S (Norway), and other regional players.
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