Coatings World - March 2016

FEATURE Catherine Diamond, Associate Editor

Amultitude of factors – including increased overall ve- hicle demand, aging vehicles, environmental concerns, and increased infrastructure – are all driving forces behind the increasing demand for automotive OEM coatings.

According to a June 2015 report by Grand View Research,
which forecasts the automotive coatings market by segment
through 2022, the global automotive coatings market is expect-
ed to undergo signi;cant growth due to “increasing consumer
preference as it enhances durability and appearance of vehicles
and protects it from UV radiation, extreme temperature, acid
rain and foreign particles.”
The report goes on to state that increasing vehicle produc-
tion in countries including China, Mexico, Indonesia, Japan,
U.S., South Korea, Germany and India along with aging of
vehicles is a major driver for market growth. Accelerated de-
mand for eco-friendly coatings including waterborne coat-
ings, powder coatings and UV-cured coatings in emerging
economies including China and Brazil is expected to propel
automotive coating industry growth. In addition, the authors
note, rapid economic growth, increasing government spending,
advancements in road infrastructure coupled with increasing
inclination of consumers towards personal conveyance are ex-
pected to propel market growth.

Researchers expect that the Asia Paci;c region will lead the automotive coatings market through 2022 due to increasing joint ventures among various key participants and local manufacturers in the region.

“Stringent environmental regulations in North America and Europe are expected to drive demand for waterborne coating and powder coatings which is further anticipated to augment market growth over the forecast period,” the researchers stated. “Favorable economic and political scenario in Latin America has encouraged coating manufacturers to invest in these regions, which is anticipated to propel market growth over the projected period. However, ;uctuation in prices of raw materials including pigments, resins, titanium oxides and additives is expected