Industry Overview
Global automotive coatings market size is expected to reach 5.5
million tons by 2022, growing at a CAGR of 4.8% from 2015 to 2022.
Factors such as enhance durability, vehicle appearance and protection
from foreign particles, UV radiation, acid rain & extreme
temperatures are likely to drive automotive coatings market growth.
Increasing automobile production particularly in Asia Pacific countries
such as China, Thailand, Indonesia, India, Taiwan and Japan are
anticipated to propel the demand.
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In 2013, the Chinese demand for passenger and commercial vehicles was
22 million units. Chinese automotive industry grew at a compounded rate
of 24% from 2005 to 2011. Increased urbanization along with high demand
for SUVs and sedans may fuel the demand. India is expected to witness
high demand growth for automobiles due to industrialization coupled with
government support for manufacturing vehicles.
In India, The Automobile Mission Plan for the period 2006–2016,
designed by the government is aimed at accelerating and sustaining
growth in this sector. Thailand is expected to increase its share as it
produced 2.75 million vehicles in 2012, with the presence of various
players including Toyota Motors, Honda Automobile, Nissan Motors, Hino
Motor and General Motors.
Increasing focus towards adoption of power coatings owing to its
properties such as non-VOC contents, low operational costs, high texture
variation along with color thickness and durability is anticipated to
drive growth.
Global powder coatings market was valued at USD 8.12 billion in 2014
and is estimated to reach a value of USD 14.45 billion by 2022, growing
at a CAGR of 7.5% from 2015 to 2022. As they are non-flammable, these do
not cause any hazards such as fire accidents and damage to human health
or environment on exposure.
Volatility in raw material prices such as pigments, additives,
solvents and binders are likely to challenge industry growth. Increasing
prices of titanium dioxide, which is one of the common pigments used in
manufacturing, is expected to hamper growth. However, increasing
investments in research to develop products to improve performance is
anticipated to provide opportunities.
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Technology Overview
Solvent-borne coatings dominated the demand with a market valuation
of over USD 7.5 billion in 2014. Majorly used solvent products include
aliphatic hydrocarbons, aromatic hydrocarbons (trimethyl benzene,
toluene and xylene), methyl isobutyl ketone (MIBK), glycol ethers and
methyl ethyl ketone (MEK). High market visibility in light of low price
is expected to result in high demand in the near future.
Waterborne coatings market accounted for more than 35% of total share
in 2014 and is likely to witness significant growth rates of over 5.5%
up to 2022. Gaining popularity of eco-friendly paints in light of
regulatory inclination towards restricting green house gas emissions is
likely to have a positive influence on demand.
Product Overview
Basecoat was the leading product for consumption in automobile
industry with an estimated revenue generation of over USD 4 billion in
2014. Majorly used product forms of basecoat include solid paints,
metallic paints and pearlescent paints. These are used in automotive
industry to impart color and metallic finishes to ancillary parts.
Clearcoat coatings accounted for more than 20% of the demand and are
anticipated to grow at an estimated CAGR of over 4.5% from 2015 to 2022.
Clearcoat is applied on top of the basecoat and forms a glossy and
transparent interface. These are used for providing UV protection and
excellent abrasion and corrosion resistance to automotive parts.
Application Overview
Key applications include metal parts of vehicles, valued at over USD
13 billion in 2014. Majorly used metals in automotive industry include
steel and aluminium, where they are applied to impart corrosion and heat
resistance. Automobile industry growth in the U.S., Mexico and China is
expected to directly fuel growth in metals.
Plastic applications accounted for more than 25% of the total volume
in 2014 and are expected to witness highest growth rates over the
forecast period. Shifting preference of vehicle manufacturers to deploy
plastics over metals in light of properties offered by former’s
including lightweight, corrosion resistance, greater durability and
recyclability is likely to drive demand.
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End-Use Overview
Light vehicle OEM dominated the end-use segment with valuation of
over USD 7.5 billion in 2014. Increasing penetration of OEMs for light
vehicles in light of rising sales of cars in China and India is expected
to fuel demand. Rising R&D expenditure by light vehicle OEMs
towards product innovation is anticipated to positively influence
automotive coating market in the near future.
Automotive refinish accounted for more the 35% of the total volume in
2014 and is likely to witness significant growth rates at a CAGR of
over 5% up to 2022. Rising importance of preventive maintenance over
breakdown failures is expected to increase the penetration of services
stations for maintenance, repair and overhaul. This factor is
anticipated to promote demand for automotive refinish segment.
Regional Overview
Asia Pacific automotive coatings market was the dominant region, with
revenue generation estimated at over USD 9 billon in 2014. Expansion of
road networks in China, India and Malaysia amid the commitment of
governments towards infrastructure improvement is expected to increase
vehicles sales in the region and have a favourable influence on
automotive coating market.
North America accounted for more than 18% of the total demand in 2014
and is anticipated to grow at below average growth rates of over 4% up
to 2022. Emergence of Mexico as an automotive manufacturing hub in light
of vicinity to the U.S. along with growing domestic consumption is
expected to fuel automotive coatings demand.
Competitive Market Share
The global automotive coatings market share is moderately
consolidated with major players present across the value chain. PPG
Industries was the largest company accounting for more than 20.0% of
global share in 2014. The company’s product portfolio consists of
various cathodic electrocoat and powder clearcoat which imparts
corrosion resistance properties and improves design characteristics of
the vehicle.
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