Automotive Coatings Market is expected to grow at a healthy rate for the forecasted period owing to the increase in demand of commercial and passenger vehicle, development in transport infrastructure, and supporting government policies and regulations. Latest technology in this industry is water born and powder coatings. Most of the automobile parts are metallic and to improve the life and avoid degradation metal coating is done on it. Growing demand of automobile across global is offering great opportunity for auto coating industry. Innovation in green technology such as making the products eco-friendly will help the industry to grow significantly as it will abide government regulations.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/automotive-coatings-market/request-sample
The key driving factors responsible for the growth of Automotive
Coatings market :
Water borne and powder borne
coatings popularity is increasing as it has longer durability, in line with
government regulations during production, and is cost effective than
conventional solvent borne coatings. These emits hazardous chemical and harms
environment. The market is primarily influenced by the government regulation as
affects the environment. Also the prices of raw material are fluctuating hence
it is emerging as a major challenge for the industry as the profit margins are
reducing.
The automotive coatings industry
is segmented majorly into two categories which includes aftermarket or refinish
and Original Equipment Manufacturing (OEM). The refinish or aftermarket is used
by the vehicle body shops and collision repair centres. On the basic of product
segmentation, the global automotive coatings market can be divided into four
categories namely primer coats, electro-coats, clear-coats, and basecoats.
Based on formulation, this market can be classified into four categories which
includes solvent-based, water-based, UV-based, and powder-based coatings.
Solvay SA has worked on improving
in durability, appearance, and developed new type of finish Basecoat. The upper
coat paint system is divided into an enamel basecoat pigmented, followed by an
enamel clear finish. The main element in this technology is a clear coat which
has longer durability in all weathers. The expense of the Basecoat paint system
was high initially and it was used in top-end auto cars. But with the
advancement in the technology and processing it helped in reducing the overall
costs.
The automotive coating industry
is regionally segmented into 5 regions which includes, North America, Europe,
Asia Pacific, Middle East and Africa, and Latin America. Asia-pacific is
showcasing high potential in automotive aftermarket coating in terms of revenue
due to increase in vehicles production and use of second hand cars. As the
economy of Asia-pacific countries are growing need for automobiles and road
infrastructure is also growing at same pace. Hence Asia-Pacific is most
lucrative market amongst all.
In Asia Pacific region there is
increase in the number of joint venture among key players of automobile
industry, and political policies for development are favorable. Europe is the
second largest market in the world because it is recovering from downturn.
North America is an upcoming market, predicted to surpass it in future
considering the increase in the industrial production. Europe and North America
are anticipated to benefit from stringent environmental regulations that drive
the demand for powder and waterborne coatings considering they are
eco-friendlier. However economic slowdown is a major challenge in Europe and
North America.
India, China, Brazil, and Russia
or the BRIC are growing rapidly and the sale of automotive are expected to grow
in coming years. These countries are considered to be major contributor towards
growth of auto coating industry. Developing economies, improvement in the road
infrastructure, and increase in use of individual personal conveyance are the
key factors for the growth of the automotive industry. In the competitive market scenario, companies
are adopting various business model to exploit the market opportunities and
gain competitive edge. Most of the market leader and challengers are
concentrating on improving their design to have competitive edge.
View Full Table of Contents of This Report @ https://www.millioninsights.com/industry-reports/automotive-coatings-market
No comments:
Post a Comment