Global Automotive Paints Market - Forecasts and Trends (2015 - 2020)
The automotive paints market is expected to register a revenue worth $18 billion by the end of 2020, growing at a CAGR of 4.5% during the forecast period. The market is driven by the paint manufacturers striving to offer cost-efficient and varied effective solutions without compromising on the performance of the paints through their wide portfolio product offerings. Suppliers are emphasising on developing products to comply with the regulatory norms as well as catering to the changing preferences and needs of the consumers to remain competitive in the market. The growth of the market is also further characterized by increasing vehicle production and growing demands for carbon footprint technologies in the automotive paints market. Nippon Paint, one of the leaders in automotive paints market devised and developed a polarised paint, Maziora recently, which changes colour depending on the angle from which it is viewed or from where the light highlights it. The paint is suitably used to re-paint automobiles or for a high-design paint for new vehicles and designer racing cars. Asia-Pacific is expected to be the largest market for automotive coatings, by 2020 owing to the large base of automotive industries in that region. It is also the fastest growing market during the forecast period, owing to the growing technological advancements and for recording the maximum number of vehicles produced coupled with the demand-driven dynamics within the region. The automotive industry is expected to become an excellent opportunity and growth area for thermal spray especially in the powder coating technology. There is increased emphasis towards the reduction of harmful gases like carbon dioxide, particulate-matter, and nitrogen oxide emissions, along with the growing focus on enhancing fuel economy- as per Corporate Average Fuel Economy standards of the vehicle. As a result, they are consistently putting pressure on engine and automobile manufacturers to develop and utilize technologies, which aid in reducing emissions and improve the fuel economy of vehicles. Thereby, engine manufacturers are looking at thermal spray protective surface coatings for cylinders. In addition, powder coatings are a non-toxic, dry-finishing process used to provide a protective finish, primarily used for metals and aluminum products in automobile and motorcycle parts. The process creates a hard finish tougher than that of conventional paints. The powder coating process is a harmless process used to protect from rust and provide great amount of chemical resistance. Powder coatings are an increasingly popular finish for many automotive components, primarily for being solvent-free. The automotive industry coats springs, bumpers, wheel, louvers and frames, and some manufacturers are increasingly using powder coatings for primer and final body finish. In the technology segment, waterborne and powder coatings segments will show the maximum growth rate, with waterborne solvent leading the market comprehensively by 2020. This is largely due to the reason that solvent-based coatings are banned in most countries, and is ecologically proven to be harmful. The market is segmented on the basis of vehicle type (passenger, commercial, 2-wheelers) coat type (electro coat, primer, clear coat, basecoat and others), technology type (solvent-borne, water-borne, UV curing, powder coatings and others) , by vehicle application (Powertrain and Chassis, automotive Under-the-hood- Applications, automotive upholstery and interiors, Body Panels and others) and by geography (North America, Asia-Pacific, Europe, Middle-East and Africa, and Latin America). Cathodic Electrodeposition (CED) paint is one of the latest developments to provide the vehicle utmost protection against diverse climatic conditions. This electro deposition system acts as an anti-rust primer, and also works effectively as an anti-corrosion agent. The key players in the automotive market include BASF SE, Bayer AG, Berger Paint, Cabot Corporation, Clariant AG, Nippon Paint Co. Ltd., Sherwin-Williams Company, Solvay SA, Valspar Corporation, 3M. The market is expected to remain competitive with the presence of many players in the market. WHAT THE REPORT OFFERS Market Definition along with identification of key drivers and restraints for the market. Market analysis with country specific assessments and competition analysis on the market Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies, which can influence the market. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. Identification and analysis of the Macro and Micro factors that affect the industry in the regions as well as in the countries.