Automotive Coatings Market To Witness Growth Based On Increasing Requirement Of Maintenance, Repair, & Refurbishing Work Of Old Vehicles Till 2025:Grand View Research,inc.

The global automotive coatings market is expected to reach USD 36.31 billion by 2025, according to a new report published by Grand View Research, Inc. Surging demand for both passenger and commercial automobiles in emerging countries including China, India, Mexico, Brazil, and South Africa on account of population growth and developing living standards is expected to augment market size over the forecast period. Moreover, increasing requirement of protection against harsh climate, dust, dirt, UV radiation, and acid rain is expected to aid in industry expansion.

Growing number of accident in countries including India and Brazil owing to adverse road conditions in mountainous areas is anticipated to fuel the demand for these products over the upcoming years. Moreover, increasing requirement of maintenance, repair, and refurbishing work of old vehicles is expected to stimulate growth.

Rising consumption of powder coatings in light of its superior properties, such as near zero volatile organic compound emissions and thicker layer compared to conventional coatings, is expected to increase market size. Furthermore, continuous investments by manufacturers along with increasing number of manufacturing facilities in Brazil and China will drive growth over the forecast period.

U.S. automotive coatings market revenue, by product, 2014 – 2025 (USD Million)

us-automotive-coatings-market

 Browse full research report on Automotive Coatings Market Analysis:

Further key findings from the report suggest:

  • The global automotive coatings industry demand was 5,902.7 kilo tons in 2015 and is expected to grow significantly on account of increasing vehicle production in rapidly emerging countries including China, Japan, India, Mexico, Brazil, South Korea, Brazil, and South Africa
  • Waterborne coatings market demand is anticipated to witness strong growth in light of stringent regulations pertaining to the usage of solvent borne technology. In addition, superior properties, such as corrosion resistance, flexibility, hardness, stain resistance, adhesion, low flammability, and toxicity, are expected to surge product demand over the next nine years.
  • North America contributed to 22.7% of the overall revenue share in 2015 and is estimated to witness growth on account of rising demand for pickup trucks and utility vehicles in the region
  • Central and South America is expected to see substantial revenue rise at a CAGR of 5.4% from 2016 to 2025 owing to increasing small car production in Brazil. Furthermore, large automobile manufacturers including General Motors, Volkswagen, and Hyundai have been shifting their base to the region owing to lower operation costs, which is likely to aid in market expansion.
  • The industry is highly competitive in nature, and manufacturers are involved in continuous product development and R&D activities. Manufacturers including Axalta Coating Systems, PPG Industries, BASF, Nippon Paint, AkzoNobel, and Kansai Paint are some of the key players in the market.
  • In April 2015, Axalta established a new R&D technology center in Shanghai to develop new products for the global commercial vehicle, light vehicle OEM, refinish and industrial customers

For more information: http://www.grandviewresearch.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s