Automotive Coatings Market Is Projected To Be Around $31.39 Billion By 2022
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A research study titled, “Automotive Coatings Market by Product, Technology, Application and End User - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the Automotive Coatings Market Is Projected To Be Around $31.39 Billion By 2022.
The global Automotive Coatings Market was worth USD 15.62 billion in the year of 2012 and is expected to reach approximately USD 31.39 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 6.48% during the forecast period. An automotive coating is paint utilized on vehicles for both security and beautification purposes. Enamel paint is at present the most generally utilized paint for reasons including lessening paint's ecological effect. Modern automobile coating is put in a few layers, with an aggregate thickness of around 100 µm (0.1mm). Coating application requires arrangement and preliminary strides to guarantee legitimate application. A basecoat is connected after the groundwork paint is connected. Following this, a clearcoat of paint might be connected that structures a transparent and polished covering. The clearcoat layer must have the capacity to withstand UV light. Powder coatings are a solvent free process for layering surfaces and do not emit volatile organic compounds (VOC).
The global automotive coatings market is expected to encounter significant development due to growing manufacturing of vehicles. The market is anticipated to witness major development as these items enhance the stability and appearance of autos and protect them from harsh natural conditions including outrageous temperature, foreign particles acid rain, and UV radiation. Increasing manufacturing of automobile in emerging nations including South Africa, China, Brazil, India, Mexico and South Korea because of surging population and rising levels of income is foreseen to supplement the market development. Furthermore, rising requirement of automotive resurface due to vehicle maintenance and repair will fortify the demand for paints and coatings over the upcoming years. The key boosting factor for this market is increasing demand for powder coatings.
On the basis of product the Automotive Coatings market is segmented into clearcoat, primer, basecoat and electrocoat. On the basis of technology the market is segmented into Powder Coating, Waterborne Coatings, UV-cured Coatings and Solventborne Coatings. On the basis of application the market is segmented into metal parts and plastic parts. On the basis of end user the market is segmented into Commercial Vehicle OEM, Light Vehicle OEM and Automotive Refinish. The major players in the market are Wilh Becker Holding Gmbh, Kansai Paint, Lord Corporation, BASF, Berger Paints, Cabot Corporation, DSM, Williams Company, Bayer Cropscience Limited and Valspar Corporation. Geographically, the market is segmented into Asia Pacific, North America, Europe and Rest of the world.
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Key findings of the Automotive Coatings market
- Waterborne coatings market requirement is expected to witness solid development in light of stringent controls relating to the utilization of solvent borne innovation. Furthermore, outstanding properties, for example, stain resistance, corrosion resistance, adhesion, flexibility, low flammability, and toxicity and hardness are relied upon to surge item requirement throughout the following years.
- In 2015 North America added to 22.7 percent of the general income share and is assessed to witness development because of rising requirement for utility vehicles and pickup trucks in the area.
- Central and South America is anticipated to see significant income development inferable from expanding little auto creation in Brazil. Besides, major automobile producers including Hyundai, General Motors and Volkswagen have been moving their base to the district inferable from less operation costs, which are anticipated to boost in market development.
- Axalta established a new R&D technology center in Shanghai In April 2015 with the aim to create new items for the global light vehicle OEM, commercial vehicle, refinish and industrial consumers.