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Waterborne coatings are also likely to experience huge growth on account of their
properties such as heat resistance, adhesion etc.
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The product sector of the automotive coatings market comprises electrocoat, primer,
clearcoat, and basecoat. The basecoat sector led the market and is projected t o have
significant growth during the forecast period (from 2016 to 2024). Electrocoats are likely to
drive the market since they are anti-corrosion and anti-rust agents. The demands for
clearcoat are estimated to grow as it provides protection against sun and UV rays.
Application-wise, the metal sector dominated the industry and it is further expected to
witness huge growth in the near future. Plastic coatings are projected to be the fastest growing application sector due to its increasing usage in automobile manufacturing as it is
flexibility, lightweight, corrosion-resistant, durable, cost-effective, and recyclable.
Light vehicle OEM led the end-use sector in 2015 and it is said to experience a considerable
growth during the next few years. The automotive refinish sector is likely to have rapid
growth on account of growing consumer spending levels in developing economies of the
APAC region.
Asia-Pacific was the dominant regional market in 2015. The region is projected to
experience rapid growth with a CAGR of over 6 % over the estimated years. Europe is likely
to drop its market share in the automotive refinishes sector to APAC due to lesser accident
levels in the region. The Middle East & Africa will also have huge growth as a result of
rising production facilities in the region.
The key players of the automotive coatings market include Axalta Coating Systems; PPG
Industries; Jotun A/S; BASF SE; AkzoNobel N. V.; and Kansai Paint Co. Ltd.
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