—
Factors such as enhance durability, vehicle appearance and protection from foreign particles, UV radiation, acid rain & extreme temperatures are likely to drive automotive coatings market growth. Increasing automobile production particularly in Asia Pacific countries such as China, Thailand, Indonesia, India, Taiwan and Japan are anticipated to propel the demand.In 2013, the Chinese demand for passenger and commercial vehicles was 22 million units. Chinese automotive industry grew at a compounded rate of 24% from 2005 to 2011. Increased urbanization along with high demand for SUVs and sedans may fuel the demand. India is expected to witness high demand growth for automobiles due to industrialization coupled with government support for manufacturing vehicles.
Browse Detail Report with TOC @
http://www.hexaresearch.com/research-report/automotive-coatings-market/
In India, The Automobile Mission Plan for the period 2006–2016, designed by the government is aimed at accelerating and sustaining growth in this sector. Thailand is expected to increase its share as it produced 2.75 million vehicles in 2012, with the presence of various players including Toyota Motors, Honda Automobile, Nissan Motors, Hino Motor and General Motors.
Increasing focus towards adoption of power coatings owing to its properties such as non-VOC contents, low operational costs, high texture variation along with color thickness and durability is anticipated to drive growth.
Global powder coatings market was valued at USD 8.12 billion in 2014 and is estimated to reach a value of USD 14.45 billion by 2022, growing at a CAGR of 7.5% from 2015 to 2022. As they are non-flammable, these do not cause any hazards such as fire accidents and damage to human health or environment on exposure.
Volatility in raw material prices such as pigments, additives, solvents and binders are likely to challenge industry growth. Increasing prices of titanium dioxide, which is one of the common pigments used in manufacturing, is expected to hamper growth. However, increasing investments in research to develop products to improve performance is anticipated to provide opportunities.
Request a Sample copy of This Report @
http://www.hexaresearch.com/sample/299
Technology Overview
Solvent-borne coatings dominated the demand with a market valuation of over USD 7.5 billion in 2014. Majorly used solvent products include aliphatic hydrocarbons, aromatic hydrocarbons (trimethyl benzene, toluene and xylene), methyl isobutyl ketone (MIBK), glycol ethers and methyl ethyl ketone (MEK). High market visibility in light of low price is expected to result in high demand in the near future.
Waterborne coatings market accounted for more than 35% of total share in 2014 and is likely to witness significant growth rates of over 5.5% up to 2022. Gaining popularity of eco-friendly paints in light of regulatory inclination towards restricting green house gas emissions is likely to have a positive influence on demand.
Product Overview
Basecoat was the leading product for consumption in automobile industry with an estimated revenue generation of over USD 4 billion in 2014. Majorly used product forms of basecoat include solid paints, metallic paints and pearlescent paints. These are used in automotive industry to impart color and metallic finishes to ancillary parts
Clearcoat coatings accounted for more than 20% of the demand and are anticipated to grow at an estimated CAGR of over 4.5% from 2015 to 2022. Clearcoat is applied on top of the basecoat and forms a glossy and transparent interface. These are used for providing UV protection and excellent abrasion and corrosion resistance to automotive parts.
Application Overview
Key applications include metal parts of vehicles, valued at over USD 13 billion in 2014. Majorly used metals in automotive industry include steel and aluminium, where they are applied to impart corrosion and heat resistance. Automobile industry growth in the U.S., Mexico and China is expected to directly fuel growth in metals.
Plastic applications accounted for more than 25% of the total volume in 2014 and are expected to witness highest growth rates over the forecast period. Shifting preference of vehicle manufacturers to deploy plastics over metals in light of properties offered by former’s including lightweight, corrosion resistance, greater durability and recyclability is likely to drive demand.
For More Reports on "Bulk Chemicals" Visit @
http://www.hexaresearch.com/research-category/bulk-chemicals-industry/
About Us:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Contact Info:
Name: Michelle
Email: Send Email
Organization: Hexa Research
Address: Felton Office Plaza 6265 Highway 9 Felton, California 95018
Phone: +1-800-489-3075
Website: http://www.hexaresearch.com/research-report/automotive-coatings-market/
Release ID: 123250