Automotive Coatings Market to Record Sturdy Growth by 2022

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The global Automotive Coatings Market was worth USD 15.62 billion in the year of 2012 and is expected to reach approximately USD 31.39 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 6.48% during the forecast period. The global automotive coatings market is anticipated to encounter significant growth due to increasing production of vehicles. The market is anticipated to encounter huge development as these items improve the strength and appearance of autos and shield them from cruel natural conditions including acid rain, outrageous temperature, UV radiation, and foreign particles.Expanding production of automobile in developing nations including Brazil, China, South Africa, India, South Korea, and Mexico because of populace development and rising levels of income is anticipated to help in market development. 


Market Segmentation:
Automotive Coatings Market By Product, Estimates and Forecast, 2012-2022 ($Million)
Basecoat
Clearcoat
Primer
Electrocoat

Automotive Coatings Market By Technology, Estimates and Forecast, 2012-2022 ($Million)
Waterborne Coatings
Solventborne Coatings
UV-cured Coatings
Powder Coatings

Automotive Coatings Market By Application, Estimates and Forecast, 2012-2022 ($Million)
Plastic Parts
Metal parts

Automotive Coatings Market By End User, Estimates and Forecast, 2012-2022 ($Million)
Light Vehicle OEM
Commercial Vehicle OEM
Automotive Refinish

Application Outlook and Trend Analysis
In 2015, the biggest segment was the metal surfaces that represented a share of 69.54 percent in terms of revenue. Prevalent utilization of metals for the production of vehicles is anticipated to positively affect the market. Nonetheless, unpredictability in metal costs alongside the developing use of lightweight materials is anticipated to limit the utilization of coatings on metal surfaces. Application on plastic parts and surfaces is relied upon to pick up significance attributable to lightweight, flexibility of design, erosion protection, cost lessening, more prominent sturdiness, and recyclability. Moreover, expanding use of carbon fiber and composites in vehicle production will empower the demand of the industry over the figure time frame.

End Use Outlook and Trend Analysis
The biggest end-use segment of this market was the Light vehicle OEM and was esteemed at USD 9.4 billion of every 2015 and is anticipated to predict noteworthy development by virtue of developing interest for passenger cars in developing nations including Singapore, India, China, Brazil and Thailand. Also, populace development, fast urbanization and expanding per capita salary will help in market development. Automotive refinish market is expected to encounter swift growth due to increasing requirement for used vehicles. Additionally, growing number of accidents in Central & South America and Asia Pacific is anticipated to boost the growth of the industry.

Regional Outlook and Trend Analysis
In 2015, Asia Pacific was the biggest market with a volume share of 56.5 percent and the pattern is relied upon to proceed because of expanding manufacturing of vehicle in the area. The automotive division of Asia Pacific is driven by rising deals and manufacturing base in nations including Thailand, Japan, South Korea, India and China. China is relied upon to anticipate solid development inferable from its extensive vehicle manufacturing base. China was the biggest maker of automobiles and is probably going to remain the main producer by virtue of economic labor in the nation. In addition, the migration of production bases by organizations, for example, Audi, Volkswagen, Honda, Toyota, Hyundai, Nissan, Fiat, and Skoda to China attributable to the accessibility of reasonable workforce is foreseen to drive the market development. Europe is anticipated to encounter substantial growth due to increasing production of vehicle in countries like France, Germany, Czech Republic, Italy, United Kingdom and Sweden. Moreover, rising population combined with increasing level of income is anticipated to boost the demand in the upcoming years.


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