COVID19: Strict Regulations Regarding Volatile Organic Compounds (Voc) Emissions To Boost The Automotive Specialty Coatings Market
Automotive Specialty Coatings Market: Key Highlights
- According to the new market research report “Automotive Specialty Coatings Market by Layer (Primer, Base Coat, Clear Coat, and E-Coat), by Technology (Solvent-Based, Water-Based, Powder Coating and UV Cured Coating), by Resin (Polyurethane, Acrylic, Epoxy, Polyesters, and Others), by Application (Engine & Exhaust, Transmission System, Brake System, Steering System, Suspension System, Wheel Rims and Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the automotive specialty coatings market is estimated to reach around USD 3.8 Billion by 2027 at a CAGR of around 2.8% during the review period
- Regulations regarding volatile organic compounds (VOC) emissions is a key factor to boost the demand for the automotive specialty coatings market
- However, fluctuating raw material prices remain a major restraining factor for the market growth
Automotive Specialty Coatings Market: Key Market Dynamics
- Rising vehicle production has increased the production of coating application
- To control Volatile Organic Compounds (VOCs) emission, the government has implemented regulations for coating manufactures to lower the use of VOCs in their products. Hence, supportive government regulations favoring eco-friendly coatings are expected to drive the market growth during the forecast period
- The growing adoption of high-end vehicles is anticipated to boost the automotive specialty coatings market in the future
- Disadvantages associated with specialty coatings is likely to act as a challenge for market growth
Automotive Specialty Coatings Market: Regional Overview
The growth in the Asia-Pacific region is attributed to the highest production and sales of automobiles and the adoption of premium and smart vehicles will penetrate high usage of powder coating. Moreover, strict government regulations for lowering emission will boost waterborne coating technology as it limits the usage of products that contain harmful chemicals. India and China are projected to account for major share in terms of automotive production in this region.
Europe is expected to emerge as one of the most important regions due to the increasing vehicle production, and customers’ preference towards high-end vehicles have resulted in boosting automotive specialty coatings market growth. Furthermore, stringent regulations for minimal usage of VOC based coating technology will drive the automotive specialty coatings market. Moreover, Germany, UK, and France hold the major share for automobile production which indirectly propels the market growth in this region.
Automotive Specialty Coatings Market: Key Players Overview
- PPG Industries, Inc.:
PPG Industries, Inc. is a US-Based company that supplies products for the automotive, manufacturing, chemical processing, construction, and other industries. The company makes decorative and protective coatings, fabricated glass products, flat glass, continuous-strand fiberglass products, and specialty chemicals. In January 2020, the company signed an agreement to acquire Industria Chimica Reggiana (ICR) S.p.A., a manufacturer of paints and coatings for the automotive refinish and light industrial coatings industries.
- BASF SE:
BASF SE is a German-based chemical company that operates in six segments which include chemicals, performance products, plastics, oil and gas, functional solutions, and agricultural solutions. In December 2019, BASF announced plans for continued investment in coatings site at Jiangmen, China by constructing a new facility for automotive refinish coatings that will start production in the first half of 2022.
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