Automotive Specialty Coating Market to offer a healthy CAGR of 3.2% during 2020-25
February 11, 2020
Automotive Specialty Coating Market Overview:
Automotive specialty coatings market is likely to witness a healthy CAGR of 3.2% during the forecast period. Mounting automotive production across the world, rising temperature of the vehicle due to engine downsizing, increasing number of applications of specialty coatings, trends towards the development of advanced transmission systems, such as automated manual transmission (AMT), are the major factors driving the specialty coatings market in the automotive industry.
Report Overview:
This report from Stratview Research studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Automotive Specialty Coatings Market Segment Insights:
Transmission Segment: The growth engine
Based on the application type, the market has been segmented into engine & exhaust, interior, transmission, wheel rims, and others. The transmission segment is estimated to grow at the highest rate over the next five years, driven by a host of factors including increasing acceptance of advanced dual-clutch transmission system in the developed economies, such as the USA. The number of components requires coatings on the dual-clutch transmission system and the automatic transmission is more as compared to a manual transmission. Further, trends towards the acceptance of AMTs assure the growth of specialty coatings in the transmission segment in the foreseen future.
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Dominance of: Solvent Based Coating and Plastic
Based on the technology type, the market is segmented as solvent-borne, waterborne, and powder coatings. Solvent-borne coatings hold the largest share in the market, whereas waterborne coatings are the fastest-growing segment. Low-cost and quick drying properties of solvent-borne coatings have led their dominance in the global automotive specialty coatings market. However, stringent regulations towards VOC emission during coating production and application are compelling the industry players to switch towards alternative technologies, mainly waterborne and powder coatings.
Based on the substrate type, the market is segmented as metals, plastics, and others. The plastics segment is expected to witness the highest growth during the forecast period. Automakers’ push towards the development of lightweight parts in order to make overall vehicle lightweight to address stringent regulations regarding fuel efficiency enhancements and carbon emission reductions is driving a greater usage of plastic parts in almost all the major sections including automotive body closures. This is corresponding to a greater demand for specialty coatings on these plastic parts.
A highly/moderately/fragment consolidated Market
Some of the major automotive specialty coating manufacturers are PPG Industries, Inc., BASF SE, Axalta Coating Systems, Akzo Nobel N.V., The Sherwin-Williams Company, Solvay S.A., The Dow Chemical Company, Nippon Paint Holdings Co., Ltd., Clariant, and Hexion Inc. The development of high-temperature-resistant coatings and formation of strategic alliances are the major strategies adopted by the industry players in order to remain competitive in the market.
Regional Hegemony of Asia-Pacific
Asia-Pacific is expected to remain the largest as well as fastest-growing automotive specialty coatings market during the forecast period. The market is driven by the growing vehicle production in the developing countries such as, India and China. Rising disposable income of consumers and the growing presence of OEMs in the region are likely to boost the demand for automobiles in Asia-Pacific, which, in turn, will stimulate the demand for specialty coatings.
Europe and North America are also likely to generate favorable growth opportunities over the next five years. The USA is likely to remain the largest market in North America over the next five years, whereas Mexico is likely to be the new growth engine of the region. Similar to North America, Germany and France are likely to be the major markets in Europe in the coming years, propelled by the presence of major automakers in these countries.
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