New York City, NY, Nov. 21, 2017 (GLOBE NEWSWIRE) -- An up-to-date market intelligence report by Persistence Market Research (PMR) has projected the demand in the global automotive paint market to expand at a notable CAGR of 5.7% during the forecast period of 2017 to 2022. The study, developed by a group of professional research analysts, aspires to serve as a credible business tool for its targeted audiences. It estimates that the opportunities in the automotive paint market, worldwide, will translate into a revenue of US$11,966.1 mn by the end of the forecast period, which is 2022.
As per the findings of the PMR report, the market for automotive paint is driven by a number of factors such as increasing vehicle production in emerging economies, development of infrastructure, particularly roadways, and impact of GDP on commercial vehicle sales. The report notes that disposable income among urban populations in several emerging economies such as India, China, Japan, and South Korea has increased multiple fold and they are willing to pay for high quality products. In addition to that, the awareness regarding ecofriendly paints that are produced using reduced emissions is increasing and favoring the automotive paint market. The advent of technologies such as waterborne coatings are gaining adoption in cost-sensitive regions but developed regions such as North America and Europe are foreseen to feed-off this factors.
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Reduction in the number of coats compared to conventional four coating process is another key factors augmenting the demand in the global automotive paint market. Tier-1 suppliers and original equipment manufacturers (OEMs) are preferring this technology as it helps in reducing production cost, paint cycles, and loss of paint during the process. BASF can be one such example, which has recent unveiled its integrated costing technology that can reduce the premier surge layer as the functionality of two costs in one functional layer.
On the other hand, fluctuations in the prices of raw materials, reduction in cycle time with lower energy costs and reduced environmental footprint in the paint shop are a few obstructions that will mitigate the prosperity of the global automotive paint market. Nevertheless, the vendors operating in this market are expected to gain new opportunities from partnerships between tier-1 suppliers and OEMs and research and develop advanced and innovative paint technologies.
Based on coating type, the PMR report segments the market for automotive paint into electrocoat, premier, clearcoat, and basecoat. Among these, electrocoat segment is estimated to produce a demand worth of US$3,865.2 mn by 2022, continuously improving on its 30% demand share in the overall market in 2017. Based on finish, the market has been bifurcated into metallic, solid, pearlescent, and others including matte finish. On the basis of vehicle type, the market for automotive paint has been classified into compact passenger cars, mid-sized passenger cars, premium passenger cars, luxury passenger cars, light commercial vehicles, and heavy commercial vehicles. On the basis of paint base, the market has been categorized into solvent-borne and waterborne, which currently provides for more than half of the revenue in this market and is expected to remain most profitable throughout the forecast period, by the end of which it will attain a valuation of US$5,800 mn.
The report has strongly emphasized on providing an elaborated overview of the current competitive landscape of the global automotive paint market, and hence profiles players such as Axalta Coating Systems Ltd., Akzo Nobel NV, BASF SE, DuPont Coatings & Color Technologies Group, Clariant AG, Kansai Paint Co., Ltd, The Sherwin Williams Company, Nippon Paint Holdings Co Ltd, and The Valspar Corporation.
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