ALBANY, New York, December 19, 2018
ALBANY, New York, December 19, 2018 /PRNewswire/ --
Transparency Market Research (TMR) observers the global automotive coatings market has a highly competitive vendor landscape. Thanks to numerous small and mid-scale players, the growing number of new entrants in the market is increasing the level of competition. Some of the prominent players operating in the global automotive coatings market are Axalta Coatings, BASF SE, Akzo Nobel NV, Valspar Corporation, and The Sherwin-Williams Company.
According to the report from TMR, the global automotive coatings market registered revenue of US$19.53 bn in 2017 and the market is anticipated to expand with a CAGR of 6.28% over the forecast period from 2018 to 2026.
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Based on application, the automotive OEM segment accounted for the leading share in the year 2017. Based on product type, the polyurethane segment is accounting for the leading share in the automotive coatings market. Based on the region, the Asia Pacific region is expected to dominate the global automotive coatings market and likely to remain dominant over the forecast period. In terms of consumption, North America is accounting for a second-leading share in the global automotive coating market.
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Growing Preference for Esthetic Appeal to Propel Growth
The ongoing urbanization and swiftly growing purchasing power of consumer are boosting demand for automobiles. Growing sales of the vehicles globally and especially in the developing countries across the Asia Pacific, Latin America, and the Middle East and Africa. The growing sales of automotive are propelling demand for the automotive coatings and likely to boost the growth of the global automotive coatings market. Additionally, production of the automobile in the developing countries such as China and India is boosting sales of the luxurious automotive, which is again boosting the growth of the global automotive coating market.
Some of the advantages of coating such as esthetic appeal, durability, and scratch resistance are influencing positively on the adoption of the automotive coating. In addition, buyers are increasingly looking for attractive texture and vibrant colors which attracts the buyers and enhances the appeal vehicles. The aforementioned factors are propelling the growth of the global automotive coatings market.
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Demand for Environmentally-friendly Products to Propel Growth
The powder coating is a solvent-free method for coating, which does not emit the volatile organic compounds (VOCs). Growing demand for the powder coatings and especially the green coatings are propelling adoption of the powder coating and likely to influence positively on the growth of the global automotive coatings market.
However, volatile prices of raw materials such as pigments, binders, additives, and other solvents are hampering the growth of the global automotive coatings market. Additionally, difficulty in finding sources raw material is restraining the growth of the global automotive coatings market. Nonetheless, growing demand and adoption of electric and hybrid vehicles for lowering carbon emissions is anticipated to fuel the growth of the automotive coatings market over the upcoming years.
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This information is encompassed in the new report by TMR, titled "Automotive Coatings Market (Product Type - Polyurethane, Epoxy, Acrylic; Technology - Solvent-borne, Water-borne, Powder, UV-cured; Coat - Clear Coat, Basecoat, Primer, E-coat; Application - Automotive OEM, Automotive Refinish) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
For the study, the automotive coatings market has been segmented as follows:
By Product Type
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