Automotive Coatings Market CAGR of 5.1% up to 2022

Global automotive coatings market size is likely to be valued at USD 27.7 billion by 2022; as per a new research report by Radiant Insights, Inc. Vehicle aesthetics, UV radiation and temperature variation protection and enhance durability are certain factors likely favor market growth. Growth in automobile production particularly in Thailand, Indonesia, China and India is likely to drive automotive coating market demand.
Solventborne technology dominated the overall demand and accounted for 43.5% of the total volume in 2014. Waterborne coatings technology are expected to witness significant gains at an estimated CAGR of 5.3% up to 2022 owing to adherence of regulations imposed in the U.S. and Europe concerning VOC content.
Basecoat automotive coatings dominated the product segment and accounted for over 35% of the total demand in 2014. It are also likely to witness highest gains over the forecast period as it is widely preferred for imparting metallic finishes and colors to ancillary parts. Electrocoat products are anticipated to witness steady gains at an estimated CAGR of 4.7% up to 2022.
Key report insights suggest:
  • Global automotive coatings market size was estimated 3.77 million tons in 2014 and may register 5.5 million tons by 2022 growing with an estimated CAGR of 4.8% from 2015 to 2022.
  • Metal applications were the leading consumers for this market and accounted for 71.1% of the total demand in 2014. Factors such as importance of heat & corrosion resistance for steel and aluminium used in vehicles are expected to drive demand. Plastic applications are likely to be the fastest growing with an estimated CAGR of 5.1% up to 2022.
  • Light vehicle OEMs were the leading end-users and accounted for 41.1% of the total demand in 2014. Automotive refinish are anticipated to witness steady growth rates at an estimated CAGR of 4.8% from 2015 to 2022.
  • Asia Pacific dominated the regional market and accounted for 56.3% of the total volume in 2014. Increasing consumer spending coupled with population expansion in countries such as India and China are expected to drive this regions demand. Central & South America are likely to witness significant gains of 5.0% up to 2022.
About Radiant Insights,Inc
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.

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