LONDON, Dec. 18, 2014 /PRNewswire/ -- The rapidly
emerging markets of China and
India in terms of both economy and
infrastructure, have significantly increased the demand for
automotive coatings over the last five years. The mature markets
have provided an enormous opportunity for the developing markets
worldwide, by outsourcing their manufacturing requirements and
setting up plants in the developing countries. This BCC Research
report provides an up-to-date analysis of recent developments and
current trends in the global automotive coatings marketplace. The
market is broken down by major types of automotive coatings,
technology, region, layer, and car age. Revenue forecasts from 2013
to 2018 are given for each major type of automotive coating,
technology, layer, and regional market.
Use this report to:
- Receive an overview of the market for automotive coatings and
technologies.
- Receive an analysis of recent developments and current trends in
the global automotive coatings marketplace.
- Learn about the major types of automotive coatings, by
technology, by region, by layer, and by car age.
- Identify significant drivers of revenue growth in specific
categories.
Highlights
-The global market for automotive coatings l reached $17 billion in 2012 and $18 billion in 2013. This market is expected grow
to $23.1 billion in 2018, a compound
annual growth rate (CAGR) of 5.2% from 2013 to 2018.
- The Asia-Pacific region reached
$8.4 billion in 2013. This market is
expected to grow to $11.7 billion in
2018, with a CAGR of 6.8%.
- The North American market reached $4.2
billion in 2013. This market is expected to grow to
$4.9 billion in 2018, with a CAGR of
3.2%.
INTRODUCTION
The global market for automotive coatings has undergone many
changes in the past decade due to the decline in the global
economy, which in turn impacts the automotive
industry, of which automotive coatings are an integral part. In
addition, the industry has experienced many changes in materials
and process development, from conventional solvent coatings in the
past decades to the present greener coatings and from hand spraying
to robotic spraying. To assess the market, automotive coatings are
broadly divided into two types, automotive original equipment
manufacture (OEM) coatings and automotive refinish coatings, based
on the nature of the vehicles on which the coating is used.
Automotive OEM coatings are used mostly by automotive manufacturers
in new passenger cars, light commercial vehicles, and heavy
commercial vehicles. Automotive refinish coatings are used only for
aftermarket purposes, where coating is applied to any vehicle after
the initial manufacturing process. The demand for refinish coating
may arise due to accident or aging of the vehicle.
Based on the coating layer, automotive coatings are also classified
into the categories of electrocoat (or e-coat), primer, base coat,
and clear coat. All the four layers are used
in the automotive OEM market, while e-coat is not used in the
refinish market. With the advent of integrated processes, primer
coating is being eliminated to reduce the
number of steps in coating a vehicle; but this phasing out will
take time to implement in all of the regions by all of the
players.
Automotive coatings are further classified by coating technology
into the categories of solvent coatings, waterborne coatings, and
powder coatings. Among these, powder
coatings are not applied to the e-coat layer in the OEM segment.
The demand for solvent coatings is declining due to the volatile
organic compound (VOC) content present in these coatings, which
poses environmental concerns. The waterborne and powder coatings
are gaining popularity due to the low-VOC or zero-VOC content.
Globally, the demand for automotive coatings is driven by increases
in automotive sales, accidents, and aging vehicles. Additionally,
increasing OEM demand for greener coatings is due to increasing
production needs to meet the growing demand for new vehicles.
The global market for automotive coatings is growing steadily,
driven primarily by the North American and Asia-Pacific markets. However, the mature
markets have provided
an enormous opportunity for the developing markets, by outsourcing
their manufacturing requirements and setting up plants in the
developing countries. Although Western markets remained flat due to
economic uncertainties, they are expected to grow enormously at a
five-year compound annual growth rate (CAGR) of 2.9% from 2013 to
2018.
This report also highlights the vendor landscape with a focus on
major companies and provides detailed profiles. PPG Industries,
BASF, Axalta, Kansai Paint, Nippon Paint,
AkzoNobel, and Valspar are the major global manufacturers of
automotive coatings. BASF, Axalta, PPG, Kansai, and Nippon will account for 66% of the
total automotive
OEM coatings market. BASF, Axalta and PPG will account for 51% of
the total automotive refinish coating market.
STUDY GOALS AND OBJECTIVES
The goal of this report is to provide an up-to-date analysis of
recent developments and current trends in the global automotive
coatings marketplace. Identifying significant
drivers of revenue growth in specific categories is an additional
aim. The objective of this kind of systematic research is to
quantify the projected impact of both internal and
external forces that are affecting the global automotive coating
industry today and that will affect the industry for many years
into the future.
REASONS FOR DOING THE STUDY
The rapidly growing emerging economies, which are mainly
China and India in terms of both economy and
infrastructure, have significantly increased the demand for
automotive coatings over the past five years. In addition, the
Asia-Pacific region has become the
hub for Western markets to outsource the manufacture of their
automotive
coatings. With the recovery of the global economy, vehicle sales
activities have geared up globally, as in the North American
countries, which have seen increased, pent-up
demand for new vehicles on account of the recession; this has also
resulted in increased demand for automotive coatings.
Increasing raw material prices and stricter environmental
regulations on VOC levels in automotive coatings have forced
companies to focus on development of coatings with
advanced technologies that will comply with current and future
environmental regulations. The pressure to use environmentally
friendly automotive coatings is increasing even in the Asia-Pacific and other developing regions.
This poses a threat to the small domestic players in the emerging
markets, who are struggling to ensure that their products meet
global standards.
SCOPE OF REPORT
The scope of this report is broad and covers many different types
of automotive coatings used globally in various types of vehicles.
The market is broken down by major types of automotive coatings, by
technology, by region, by layer, and by car age. The market for
automotive coatings is also estimated by layer, regional market,
and technology. Revenue forecasts from 2013 to 2018 are given for
each major type of automotive coating, technology, layer, and
regional market.
The report also includes a discussion of the major players in each
of the regional markets for automotive coatings. It explains the
major market drivers of the global automotive coatings industry,
the current trends within the industry, major industry challenges,
and the regional dynamics of the global automotive coating market.
The
report concludes with a special focus on the vendor landscape. It
includes detailed profiles of the major vendors in the automotive
coatings industry globally, and discusses the market share of the
major players by automotive coating type.
INTENDED AUDIENCE
This report is intended especially for manufacturers, suppliers,
end users, and others with a vital interest in specific automotive
coatings. The report should also be of
interest to those in industries such as coating raw materials
(manufacturers and suppliers), automobiles, and chemicals. In
addition, because of this report's business focus, it will be
useful to sales executives and business managers as an up-to-date
guide on the challenges, drivers and trends that are expected to be
significant factors in the current and future market.
INFORMATION SOURCES
The findings and conclusions of this report are based on
information gathered from a variety of primary and secondary
sources. Sources of information included Internet
searches, industry association data, and interviews conducted with
automotive manufacturing companies, distributors, and automotive
coating companies. In addition,
other secondary sources were consulted for the report, such as
industry journals and publications, product literature, white
papers and technical journals, and financial
reports from industry suppliers.
The base year for analysis and projection is 2012. With 2012 as a
baseline, market projections were developed for 2013 to 2018. These
projections are based on a consensus among the primary contacts
combined with our understanding of the key market drivers and their
impact from historical and analytical perspectives. The analytical
methodologies used to generate the market estimates are described
in detail in the market analyses. All dollar projections presented
in this report are in 2012
constant dollars.
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