Automotive Specialty Coatings Market Worth 3.75 billion USD by 2025
PUNE, India, July 12, 2018 /PRNewswire/ --
According to a new market research report "Automotive Specialty Coatings Market by Application (Engine Exhaust, Interior, Transmission, Wheels), Technology (Solvent-borne, Water-borne, Powder), Resin (PU, Epoxy, Acrylic), Substrate, ICE, Electric & Hybrid Vehicle & Region - Global Forecast to 2025", published by MarketsandMarkets(TM), the global market is estimated to be USD 3.02 billion in 2018 and is projected to reach USD 3.75 billion by 2025, at a CAGR of 3.12%, from 2018 to 2025.
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Polyurethane resin type is projected to have the largest demand in the Automotive Specialty Coatings Market
The Hybrid type segment is estimated to witness the highest growth in the Automotive Air Purifier Market due to the rise in public awareness related to healthcare and environmental effects of air pollution. Rapid urbanization and industrialization have also fueled the growth of hybrid air purifier systems that are equipped with more than one type of purification system and provide better output compared to other systems.
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Transmission segment is estimated to have the fastest growth in the Automotive Specialty Coatings Market
The transmission application segment is projected to grow at the fastest growth rate during the forecast period. The amount of coating required for transmission in Europe and North America is higher as Dual Clutch Transmission (DCT) and Automatic Transmission (AT) are preferred in these regions. So, the number of components that require coating also increases. The amount of coating required for transmission in Asia Oceania and RoW is less as manual transmission is mostly used in these regions, which has less number of components. However, due to the shifting preference toward AMTs all over the world, the amount of coating required for transmission is also expected to increase due to which transmission is the fastest Automotive Specialty Coatings Market.
Increasing vehicle production and improving economy would drive the Asia Oceania Automotive Specialty Coatings Market
The Asia Oceania region comprises emerging economies such as China and India, along with developed nations such as Japan and South Korea. The automotive industry in the Asia Oceania region has been dynamic over the past few years and has seen an increase in the annual production and sales of vehicles. According to OICA, Asia Oceania has the largest share of global vehicle production, which was approximately 54% in 2017 and is expected to grow in the future. With such a large market share, Asia Oceania has witnessed a substantial growth in the demand for automotive specialty coatings. With an increase in disposable income, China has emerged as a key market for premium vehicles, which in turn would boost the demand for innovative and advanced automotive specialty coatings. Hence, Asia Ocean is projected to be the largest Automotive Specialty Coatings Market.
Furthermore, the report encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, and product upgradations, adopted by major players to increase their share in the Automotive Specialty Coatings Market. Some of the major technology vendors include PPG (US), Axalta (US), AkzoNobel (Netherlands), BASF (Germany), Sherwin Williams (US), Kansai (Japan), Covestro (Germany), Solvay (Belgium), DOW Chemical (US), Nippon Paint (Japan), and KCC (South Korea).
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