Product Code: 51942
The automotive coatings market is expected to register a CAGR of around 4% during the forecast period. 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 market growth.
- Growing demand for water-borne technology is also likely to boost the demand for automotive coatings.
- Investment opportunities in the 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.
Key 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 are 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, ethylbenzene, 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 the highest growth rate for water-borne technology during the forecast period.
Asia-Pacific is Expected to Witness the Highest Growth Rate
- Asia-Pacific was the largest market for automotive coatings, followed by North America and Europe.
- The 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.
- Coming into 2019, the automotive production in China was affected and automotive sales declined in India. This trend continued throughout 2019 and is also likely to be the same over the firsst half of 2020. However, the automotive industry is projected to recover by second half of 2020.
- Moreover, 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 Ltd, BASF SE, Akzo Nobel NV, The Sherwin-Williams Company, and PPG Industries Inc., among others.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Growing Demand for Water-borne technology
- 4.1.2 Others
- 4.2 Restraints
- 4.2.1 Stringent Environmental Regulations Regarding VOC Emissions
- 4.3 Industry Value-Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Resin Type
- 5.1.1 Polyurethane
- 5.1.2 Epoxy
- 5.1.3 Acrylic
- 5.1.4 Other Resin Types
- 5.2 Technology
- 5.2.1 Solvent-borne
- 5.2.2 Water-borne
- 5.2.3 Powder
- 5.3 Layer
- 5.3.1 E-coat
- 5.3.2 Primer
- 5.3.3 Base Coat
- 5.3.4 Clear Coat
- 5.4 Application
- 5.5 Geography
- 5.5.1 Asia-Pacific
- 220.127.116.11 China
- 18.104.22.168 India
- 22.214.171.124 Japan
- 126.96.36.199 South Korea
- 188.8.131.52 Australia & New-Zealand
- 184.108.40.206 Indonesia
- 220.127.116.11 Malaysia
- 18.104.22.168 Thailand
- 22.214.171.124 Rest of ASEAN
- 126.96.36.199 Rest of Asia-Pacific
- 5.5.2 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Mexico
- 5.5.3 Europe
- 18.104.22.168 Germany
- 22.214.171.124 France
- 126.96.36.199 United Kingdom
- 188.8.131.52 Italy
- 184.108.40.206 Spain
- 220.127.116.11 Russia
- 18.104.22.168 Rest of Europe
- 5.5.4 South America
- 22.214.171.124 Brazil
- 126.96.36.199 Argentina
- 188.8.131.52 Rest of South America
- 5.5.5 Middle East & Africa
- 184.108.40.206 Saudi Arabia
- 220.127.116.11 South Africa
- 18.104.22.168 Egypt
- 22.214.171.124 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 NV
- 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
- 6.4.9 Jotun
- 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