Based on formulation, this market can be classified into four categories which includes solvent-based, waterbased, UV-based, and powder-based coatings. Solvay SA has worked on improving in durability, appearance, and developed new type of finish Basecoat. The upper coat paint system is divided into an enamel basecoat pigmented, followed by an enamel clear finish. The main element in this technology is a clear coat which has longer durability in all weathers. The expense of the Basecoat paint system was high initially and it was used in top-end auto cars. But with the advancement in the technology and processing it helped in reducing the overall costs.
The automotive coating industry is regionally segmented into 5 regions which includes, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia-pacific is showcasing high potential in automotive aftermarket coating in terms of revenue due to increase in vehicles production and use of second hand cars. As the economy of Asia-pacific countries are growing need for automobiles and road infrastructure is also growing at same pace. Hence Asia-Pacific is most lucrative market amongst all.
In Asia Pacific region there is increase in the number of joint venture among key players of automobile industry, and political policies for development are favorable. Europe is the second largest market in the world because it is recovering from downturn. North America is an upcoming market, predicted to surpass it in future considering the increase in the industrial production. Europe and North America are anticipated to benefit from stringent environmental regulations that drive the demand for powder and waterborne coatings considering they are eco-friendlier. However economic slowdown is a major challenge in Europe and North America.
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India, China, Brazil, and Russia or the BRIC are growing rapidly and the sale of automotive are expected to grow in coming years. These countries are considered to be major contributor towards growth of auto coating industry. Developing economies, improvement in the road infrastructure, and increase in use of individual personal conveyance are the key factors for the growth of the automotive industry. In the competitive market scenario, companies are adopting various business model to exploit the market opportunities and gain competitive edge. Most of the market leader and challengers are concentrating on improving their design to have competitive edge.
Key contributors in the market are PPG Industries Inc., BASF SE, Kansai Paint Co., Ltd., Akzonobel N. V. Bayer AG, Solvay SA, Arkema SA, Akzonobel N. V., Ltd., Akzonobel N. V. and Valspar Corporation, Bayer, Sherwin-Williams, Beckers, Royal DSM, and Eastman Chemical, Diamond Paint, Valspar, Sherwin-Williams.