Global Automotive Coatings Market – Driven by Increasing Automobile Sales: PMR Report
New York, NY (PRUnderground) October 12th, 2015
According to a new report published by Persistence Market Research, the global automotive coatings market is expected to grow rapidly during the period from 2015 to 2021 due to an increase in the number of vehicles across the globe. The report, titled ‘Automotive Coatings Market: Global Industry Analysis and Forecast to 2015 to 2021’, highlights the estimates and forecast of the global automotive coatings market along with market dynamics.
The global automotive coatings market is segmented on the basis of geography, product, formulation, and application. By geography, the global automotive coatings market is divided into North America, Europe, Asia Pacific, and Latin America. Asia Pacific led the global automotive coatings market in 2013, followed by Europe and North America. North America is predicted to overtake Europe to become the second largest vehicle producer, and thus the second largest consumer of automotive coatings, by 2020. BRIC countries are predicted to be the major contributors to the rapid development of the global automotive coatings market by 2021. As per the Organization Internationale des Constructeurs d’Automobiles (OICA), the global production of vehicles was 77.6 mn in 2010 and reached 87.3 mn in 2013.
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By application, the global automotive coatings market is divided into original equipment manufacturing (OEM) and refinish. The global automotive coatings market is primarily driven by growth in the number of vehicles across all regions. Increasing industrialization and growth in per capita passenger car possession have boosted the global automotive coatings market in the recent past. Auto manufacturers aim to improve the vehicles by adding new looks and features to stay competitive in the market, which is beneficial for R&D channels of the automotive coatings market.
80% of the raw materials used in manufacturing passenger vehicles are metallic. The introduction of ultraviolet coatings is expected to create growth opportunities for the global automotive coatings market during the forecast period. Some of the prominent players in the global automotive coatings market are BASF, PPG Industries, Bayer, AkzoNobel, Axalta Coating Systems, Sherwin-Williams, Royal DSM, Eastman Chemical, and Beckers.
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