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The global automotive coatings market is expected to register a moderate CAGR during 2018 to 2023, the forecast period. AsiaPacific accounted for the largest share, accounting to more than 35% of the global market in 2017, while North America is estimated to register the secondfastest CAGR through the forecast period, 20182023.
Rising Demand for Light Vehicles is a Driving Factor for OEM Coatings
The global automotive coatings market is primarily divided into two submarkets OEM coatings and refinish coatings. The OEM coatings segment dominated the global automotive market, with a share of more than 50% in 2017. The OEM market is driven by rising demand for light vehicles, primarily passenger cars. Increasing demand for passenger cars, primarily in Asiapacific, is one of the major factor boosting the demand for OEM coatings. The increasing demand for bus coatings in various developed nations is another factor propelling the demand for OEM coatings.
Increasing Automotive Production in AsiaPacific
In the automotive sector, coatings are used in interior as well as exterior parts of the vehicle, and they impart protection and appeal to vehicles. In AsiaPacific, China is the largest producer of automobiles with more than 28 million vehicles passenger and commercial vehicles combined produced in 2016. Used car sales have also grown significantly in China. In 2016, the exponential growth of 14.5% in automotive production, over 2015, is one of the major driving factors augmenting the automotive coatings market. Countries, such as Thailand, Singapore, and Malaysia, have seen a slower growth rate in automotive production in 2016.
Demand from AsiaPacific to Expand at a Fast Rate
Increasing production in China, India, and other ASEAN countries, is likely to propel the demand for automotive coatings at a high rate. North America is likely to dominate the refinish coatings market, followed by Europe. AsiaPacific is expected to expand at a healthy rate in the automotive refinish coatings market.
Key Developments in the Market
April 2017: Axalta opened regional auto refinish training center in Dubai. This facility is also likely to offer refinish services in the region
March 2017: PPG expanded new waterborne and high solids coating production plant in Wuhu, China
Major Players: PPG INDUSTRIES INC., BASF SE, AXALTA COATING SYSTEMS, SHERWINWILLIAMS COMPANY, AKZONOBEL N.V. amongst others.
Reasons to Purchase this Report
Analyze various subsegments in OEM coatings market
Analyze various perspectives of the market with the help of Porter's five forces analysis
Identify the vehicle type that is expected to dominate the market
Regions/countries that are expected to witness fastest growth rate during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet in excel.
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