DUBLIN--(BUSINESS WIRE)--The "Automotive Coatings Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The automotive coatings market is expected to register a CAGR of around 4% during the forecast period, 2019-2024.
One of the major factors driving the market growth is increasing production from the automotive industry in Asia-Pacific. However, stringent regulations regarding VOC emissions are likely to restrict the market growth.
- Growing demand for powder coatings is also likely to boost the demand for automotive coatings.
- Investment opportunities in Middle East & Africa are expected to provide opportunities for market growth in the future.
- Asia-Pacific is expected to account for the fastest growth rate during the forecast period.
Major Market Trends
Water-borne Technology is Expected to Witness the Highest Growth Rate
- Though solvent borne technology is currently accounted for the major market share, it is expected to witness a sluggish growth rate during the forecast period.
- One of the key reasons that is restraining the growth of solvent-borne automotive coatings is the regulations regarding the VOC emissions from hazardous air pollutants present in them like toluene, xylene, ethyl benzene, and methyl ethyl ketone.
- The constantly evolving environmental standards are resulting in an increasing demand for water-based automotive coatings. Meanwhile the water-based coatings are identical to the solvent-based coatings, in terms of pigments and binders, they differ in carrying agent.
- Over the last few years, mild co-solvent reducers and additives are being introduced to improve performance and drying times of water-based coatings.
- Hence, the aforementioned reasons are likely to result in highest growth rate for water-borne technology during the forecast period.
Asia-Pacific is Expected to Witness the Highest Growth Rate
- In 2018, Asia-Pacific was the largest market for automotive coatings, followed by North America and Europe.
- The growing automotive production in India and ASEAN countries is likely to boost the demand for automotive coatings in Asia-Pacific.
- Increasing sales of pre-owned vehicles, growing cab services, and increasing vehicle repair and body shops in Asian countries are also likely to boost the demand for automotive coatings.
- In 2018, the Chinese automotive production reached 27.81 million units, with a growth rate of -4.2% over 2017. However, the market is projected to recover over the forecast period.
- Hence, the Asia-Pacific region is likely to witness the highest growth during the forecast period.
The automotive coatings market is consolidated, as the majority of the market share is divided among a few of the companies. Some of the key players of the market include Axalta Coating Systems, BASF, Akzo Nobel, and PPG Industries, among others.
Key Topics Covered
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Production from the Automotive Industry in Asia-Pacific
4.1.2 Growing Demand for Powder Coatings
4.2.1 Stringent Environmental Regulations Regarding VOC Emissions
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Resin Type
5.1.4 Other Resin Types
5.3.3 Base Coat
5.3.4 Clear Coat
22.214.171.124 South Korea
126.96.36.199 Australia & New-Zealand
188.8.131.52 Rest of ASEAN
184.108.40.206 Rest of Asia-Pacific
5.5.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.5.4 South America
126.96.36.199 Rest of South America
5.5.5 Middle East & Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa (MEA)
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 Akzo Nobel N.V.
6.4.3 Axalta Coating Systems Ltd.
6.4.4 Beckers Group
6.4.5 Bollig & Kemper
6.4.6 Cabot Corporation
6.4.7 Eastman Chemical Company
6.4.8 HMG Paints Limited
6.4.10 Kansai Nerolac Paints Limited
6.4.11 KCC Corporation
6.4.12 Lord Corporation
6.4.13 Nippon Paint Holdings Co. Ltd.
6.4.14 PPG Industries Inc.
6.4.15 Shanghai Kinlita Chemical Co. Ltd.
6.4.16 The Sherwin-Williams Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growth in Investment Opportunities in Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/8amnzj