Automotive Coatings Market – Snapshot
Automotive coatings are applied on the surface of automotive or vehicles to improve their durability and resistance to high temperature, dust, foreign particles, corrosion, and rusting. These coatings are applied by Original Equipment Manufacturers (OEMs) during the manufacture of vehicles. Automotive coatings are applied in the following order over substrates: E-coat or electro-coat, primer, base coat, and clear coat. Growth in economy, improvement in purchasing power parity, and rise in population are positively impacting the automotive sales in Asia Pacific. This, in turn, is driving the automotive coatings market in the region.
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Based on product type, the global automotive coatings market has been segmented into polyurethane, epoxy, acrylic and others. Polyurethane is the widely used product type of automotive coatings. Polyurethane coatings provide resistance against corrosion and abrasion. They are extensively used in automotive clear coats and can be applied as water-borne and solvent-borne formulations. The polyurethane segment is estimated to dominate the automotive coatings market during the forecast period. Epoxy is another key segment of the global automotive coatings market. Acrylic automotive coatings are water-based and contain lower amounts of volatile organic compounds (VOCs). The segment is estimated to expand at a rapid pace during the forecast period.
In terms of technology, the global automotive coatings market can be divided into solvent-borne, water-borne, powder, and UV-cured. The solvent-borne segment accounts for major share of the market. However, demand for solvent-borne coatings is gradually decreasing, as they contain volatile organic compounds (VOCs). The water-borne segment is projected to expand at a rapid pace owing to its low VOC content and environment friendly nature. Powder and UV-cured segments are also anticipated to expand at rapid pace during the forecast period due to their excellent chemical resistance and high speed of curing.In terms of coat, the global automotive coatings market can be classified into e-coat, primer, basecoat, and clear coat. These coats are applied in the same order on automotive surfaces. Clear coat is likely to dominate the market during the forecast period. However, the basecoat segment is estimated to lead in terms of demand.
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Based on application, the global automotive coatings market can be bifurcated into automotive OEM and automotive refinish. Automotive OEM is the dominant segment of the global automotive coatings market. India, China, Japan, South Korea, Thailand, and Indonesia are some of the major countries of the global automobile production landscape. China is the leading producer of automobiles in the world. Production of automobiles in India is increasing at a rapid rate. This is expected to drive the demand for automotive OEM coatings during the forecast period.