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Asia-Pacific Automotive Coatings Market is set for healthy growth in next few years. China recorded a substantial sales volume of around 23.7 million vehicles sold in 2014, while Japan and India ranked second and third with significant sales of over 5.5 million and 3 million vehicles respectively during the same economic calendar. In addition, India too serves as a strong base for global automotive production owing to high availability of affordable workforce and favoring government initiatives to promote local manufacturing. Therefore, most of the auto giants are relocating to the country which may aid in augmenting the APAC Automotive coatings market share during 2018-2024.The region experiences all variations of the environmental changes throughout the year. Growing demand for luxury vehicles and the need to protect cars from corrosion is expected to boost the automotive coatings market penetration. The product is highly popular among consumers and OEMS as it not only protects automotive structures and paints against corrosive elements and inconsistent climates but also enhances the vehicle aesthetics, which should drive the regional demand over the forecast period.
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The automotive industry of the Asia Pacific is characterized by the contribution of major economies such as China, India, and Japan. Estimates claim that APAC, led by the aforementioned countries, accounted for over 50% of the global automotive coatings market share. The dominance is attributed to the significant increase in purchasing power of the middle class populace, which has been propelling the auto sales in the region.
Growing investments toward infrastructural developments in the region have resulted better connectivity of the roads which has favored the proliferation of the automotive industry. China influences the regional automotive market share to a great extent, owing to the socio economic development, attributed to rapid urbanization and robust industrialization. The country nearly tops the global rank charts in terms of both the automobile manufacturing and sales. Increasingly aware consumers now demand for automobiles with high durability and minimal maintenance, further creating exponential growth opportunities for the market expansion over the forecast timeframe. Ongoing R&Ds to enhance the product aspects along with the upcoming collaborations among the international players to develop new manufacturing techniques will stimulate the automotive coatings market trends.
Moreover, the consistent technological advancements for lowering vehicle weight in order to improve fuel efficiency should also foster product demand, as the lightweight structures will require these products for elongating the structural lifetime and strength. Similarly, growing acceptance of electric vehicles demanding lightweight chassis will have a positive impact on the automotive coatings market outlook.
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The escalating production of automobiles worldwide has led to a surge in the demand for protective agents for the vehicles, thereby driving automotive coatings market outlook. The benefits offered by the product including long term protection against corrosion, chemicals and UV radiation will trigger product consumption across both the OEMs and aftermarket channels. The market has been experiencing a significant rise in auto sales since last few years owing to surge in per capita income and increased preferences for personal mobilities.
With the automotive sector experiencing immense traction on account of global economic development, automotive coatings market is projected to amass tremendous revenues worldwide. Stringent quality tests done at the manufacturer premises will strongly promote product incorporation in the automotive production lines, hence driving the market demand. According to research report by Global Market Insights, Inc., automotive coatings market size will exceed USD 26.5 billion by 2024.
Glimpse of Table of Content (ToC)
Chapter 3 Automotive Coatings Market Insights
3.1 Industry segmentation
3.2 Automotive Coatings Market size and forecast, 2012 – 2022
3.3 Automotive Coatings Market Ecosystem analysis
3.3.1 Vendor matrix
3.4 Raw material trends
3.5 Technology trends
3.6 Regulatory trends
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Growing automotive industry in Asia Pacific
3.7.1.2 Growing demand for powder coatings
3.7.2 Industry pitfalls and challenges
3.7.2.1 Fluctuating raw material prices
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 Company market share analysis, 2014
3.11 PESTEL analysis
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