Facts in five: The automotive coatings market

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New materials, developments in car-producing markets and autonomous driving as a future technology  at the horizon – there is a lot of change ahead in the automotive coatings sector. How is the market situation for automotive coatings at the moment? European Coatings has gathered five facts.
The global demand for automotive coatings is estimated to have been over three million tonnes, which accounts to 2.4 billion litres, in 2016. In the five-year period between 2016 and 2021, coatings demand is expected to increase at 2.3% CAGR in Europe.
In the Americas region growth is expected to be 1.6% CAGR over the same period. In Asia Pacific, the rate of growth will be 4.6% CAGR. Currently, the Asia Pacific region account for the largest share of consumption of coatings for automotive OEM.

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Currently, the Asia Pacific region account for the largest share of consumption of OEM automotive coatings.

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Cars and colours

Being the world’s second most important region for automotive manufacturing after Asia Pacific, Europe produced close to 21.5 million passenger cars and LCVs in 2016 based on OICA data, an 8% annual increase over 2015. However, this positive trend is not expected to continue and growth in 2017 is projected to be lower.

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As far as colours go, the traditional colours continue to go strong and are more popular than the “more colourful” options. White remains at first place, way ahead of black that is followed by silver, gray and red.

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A look at the refinishes market

Refinish formulations are becoming increasingly global. It is expected that the repainted areas of a private vehicle will have the same high quality finish as the original coating.

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More about automotive coatings
These facts and statements are based on a comprehensive market report on the global automotive coatings market. The report is part of the September issue of the European Coatings Journal that offers a full package on automotive coatings also including focus paper, product overview and expert interview.
Continue at: http://www.european-coatings.com/Markets-companies/Coatings-market/Facts-in-five-The-automotive-coatings-market
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