Industry Press Releases

Automotive Paints Market projected to reach $11.7 Billion by 2018

Monday, Dec 29, 2014
Pressreleases

The report “Automotive Paints Market - Global Trends and Forecast to 2018”, defines and segments the automotive coating market with analysis and forecasting of the global volume and revenue.

Due to aforementioned reasons, the automotive OEM coating market is estimated to grow from $8.7 billion in 2013 to $11.7 billion by 2018, growing at a CAGR of 6.06%.

Asia-Oceania: Largest Market for Automotive Coating with Highest Revenues

Asia-Oceania is the region which produces maximum number of vehicles as compared to other geographies. It is estimated that more than 47.2 million vehicles would be produced in 2013, growing with a CAGR of 7.85% for the next five years. The increasing numbers of vehicle production makes Asia-Oceania the most important market for the automotive coating industry. In addition, the strong presence of many local automotive coating companies, such as Nippon Paint (Japan), Kansai Paint (Japan), KCC Paint (South Korea), etc. would help to fuel the market growth for coatings in this region. Other than local players, many key global automotive coatings companies such as PPG Industries (U.S.), BASF (Germany), Axalta Coating Systems (U.S.), and others have their presence in the Asia-Oceania region, which would also influence the total market demand for automotive coatings. Some of the above players have set up joint ventures with local manufacturers to enhance their presence on the country level.

North America: Automotive Coatings Growing at Promising Rates

North America is the third largest vehicle producer in the world and it is anticipated that about 17.9 million units of vehicles would be produced in North America in 2013. It is projected that by 2018, it will bypass Europe and will become the second largest vehicle producer in the world growing with a CAGR of 7.50%. This increased growth rate is due to the rapid boost in the production of vehicles across North American countries. The market for eco-friendly coatings such as waterborne and powder coating is expected to grow at a promising rate for the next five years. The reason behind this growth is the concerns regarding the environmental hazards caused by solvent-borne coating, due to which environmental agencies and governmental institutions have issued regulations and guidelines to minimize the use of automotive coatings which contain high VOCs content. The major key local automotive coatings companies are PPG Industries (U.S.), Axalta Coating Systems (U.S.), Eastman Chemical (U.S.), Sherwin-Williams (U.S.), etc. and they have major presence in the North American market.

Europe: Stable Growth Rate

The automotive industry in Europe is recovering from the slowdown it faced in 2009 and it is anticipated that it will grow with a steady rate for the period under study. Europe is the second largest vehicle producer in the world and it is estimated that about 18.4 million units would be manufactured in 2013, which would grow with a CAGR of 4.15% for the next five years. The automotive coating market is projected to grow with a steady growth rate but the eco-friendly coatings would be growing with a promising CAGR for the period under study. The norms and regulations regarding the content of VOCs have also enhanced the growth for eco-friendly coatings in Europe. The key automotive coating players in Europe are BASF (Germany), AkzoNobel (The Netherlands), Bayer (Germany), Beckers (Germany), Royal DSM (The Netherlands), etc.

The report covers the global automotive paints market in terms of volume of consumption (million gallons) and revenue ($ million) across regions such as Asia-Oceania, Europe, North America, and Rest of the World (ROW). It explains qualitative and quantitative aspects of automotive coatings with respect to its types and technologies used. The report briefly explains the automotive coating market on the basis of geography, vehicle type, coat types, technology, and texture type from 2013 to 2018.

The report also shows an overview of the technical as well as other important aspects of the automotive coating market. It includes an analysis of the value chain, Porters’ five forces analysis, PESTLE analysis, the competitive landscape, and company profiles. In addition to this, 22 key players in the market have also been profiled.

 

Source:http://www.prweb.com/