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 .