Automotive Coatings Market to Exceed $28 Billion by 2024

22/mag/2018 08:35:57 susan hill Contatta l'autore

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The global  Automotive Coatings Market  is anticipated to surpass. USD 28 billion by 2024. The rising demands for coatings on acid rain, harsh weather, and UV radiation are projected to market growth. Increasing consumption of UV-cured coatings, as well as high-strength, solvent-free formulations, and low-temperature processing. However, fluctuating raw material prices are likely to pose a challenge for market growth. The global market is categorized as technologies, products, applications, end-uses, and regions.

The technology sector includes waterborne, solvent-borne, powder coatings, UV-cured. The solvent-borne sector led the industry in the past few years. It is likely to drop its share drastically since it releases high levels of Hazardous Air Pollutants (HAP) and Volatile Organic Compounds (VOCs). Powder coatings are said to have the fastest growth two to their various properties such as superior finish, high corrosion resistance, etc. Waterborne coatings are also likely to experience huge growth on their properties such as heat resistance, adhesion etc.

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The product sector of the automotive coatings market includes electrocoat, primer, clearcoat, and basecoat. The basecoat sector led the market and is projected to have a significant growth during the forecast period (from 2016 to 2024). Since they are anti-corrosion and anti-rust agents. Protection for sun and UV rays.

Application-wise, the metal sector dominated the industry Plastic coatings are projected to be the fastest-growing application sector due to its increasing usage in automobile manufacturing as it is flexibility, lightweight, corrosion-resistant, durable, cost-effective, and recyclable.

Light vehicle OEM led the end-use sector in 2015 and it is said to experience growth in the next few years. The automotive refinish sector is likely to have rapid growth on the development of the APAC region.

Asia-Pacific was the dominant regional market in 2015. The region is projected to experience rapid growth with a CAGR of over 6% over the estimated years. Europe is likely to drop its market share in the automotive refineries sector to the APAC two to lesser accident levels in the region. The Middle East & Africa will also have huge growth as a result of rising production facilities in the region.

The key players of the automotive coatings market include Axalta Coating Systems; PPG Industries; Jotun A / S; BASF SE; AkzoNobel NV; and Kansai Paint Co. Ltd.

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