Global Automotive Paints Market

The automobile industry is estimated to grow at the promising growth rate in next five years, where the developing countries from Asia-Oceania region are anticipated to show highest vehicle production as well as demand. Developed countries from North America and Europe regions will also show an increase in vehicle demand, however, at a steady rate. The demand from developed regions would be more focused on vehicles with advanced technology and safety features, whereas, vehicle demand in developing countries would be more focused on economical and fuel efficient vehicles. The choice of the consumers, when it comes to the appearance or color of their vehicle is quite similar across the globe, which is a trendy color. Earlier times the colors of the vehicle was limited to general shade of white, grey, black and silver. On the contrary, nowadays the buyers are looking for vehicles with unconventional colors such as shades of cobalt blue, green, cyan, red and others. Therefore, the automotive industry has changed not only the trends for colors for vehicles but also added on and given a wide variety to choose from for the buyers.

Factors such as increasing population with improving lifestyle, construction activities & infrastructure in developing countries, increase in the purchase power and governmental initiatives, have together fueled the growth of the total vehicle demand across the globe. In addition, the automobile manufacturers are shifting their focus to developing countries due to lower currency exchange rates, low-priced labor, and mere presence of environmental legislations. This has changed the production pattern from North America and Europe to Asia-Oceania. As the demand for automotive OEM coatings directly influenced by the fluctuations in the automobile industry, the coating manufacturers are also likely to focus on these regions. Expansions of existing plants, acquiring regional coating producers or collaborations with regional players would be the common strategies followed by the automotive coating industries.

The automotive coatings market is valued at $9.06 billion in 2013 and is estimated to grow at 5.5% annually and reach $11.84 billion by 2018.

It is segmented on the basis of applications and geography.