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Technavio Presents Research Analysis on Automotive Coatings, Adhesives & Sealants Market

Published on 2016-08-15. Author : SpecialChem

Technavio’s market research analysts predict the global automotive coatings, adhesives, and sealants market to grow at a CAGR of around 6% between 2016 and 2020. The growth of this market is fueled by the availability of coatings that are specific for fuel efficient vehicles. Many countries are enforcing regulations to improve efficiency and reduce carbon emissions of vehicles.

APAC to Dominate Global Automotive Adhesive, Sealant & Coatings Market

Technavio Presents Research Analysis
on Automotive Coatings, Adhesives & Sealants Market

Established vendors are offering products that meet the three major performance parameters – unique coating formulations for plastics that match the rest of the vehicle, durability, and adequate flow and leveling of the plastic-coated automotive part that does not result in imperfections such as air bubbles. During 2015, the global automotive coatings, adhesives, and sealants market was dominated by the APAC region with a market share of approximately 47%. The presence of many established manufacturing facilities, especially in India and China, will propel the growth of the market in this region during the forecast period.

The new market research report from Technavio presents a breakdown and analysis of the automotive coatings, adhesives and sealants market based on the end-user.

“Vendors in the market are currently focusing on UV-curable coatings. UV-curable coatings exhibit high performance and offer faster assembly line benefits. Vendors are developing and offering innovativeUV-cure products such as clearcoats. PPG is involved in the R&D of a UV-curable clearcoat that offers scratch and mar resistance. UV-cure automotive OEM coatings currently account for less than 3% of the market,”

says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.

By 2020, the OEMs segment will continue its market dominance with a market share of around 53%. The growth of this segment of the market can be attributed to the increased production of automobiles in APAC. The increase in the production of smaller vehicles such as microcars, subcompacts, and superminis is likely to provide prospects for the growth of the OEM coatings market. The introduction of innovative products is also expected to impact the growth of the automotive coatings, adhesives, and sealants for the OEM market over the next four years.

The key vendors in the market include AkzoNobel, Axalta Coating, Henkel, PPG, and Sherwin-Williams. The global automotive coatings, adhesives, and sealants market is fragmented and extremely competitive due to the presence of several international and regional vendors. The market is driven by technology and is easily affected by macroeconomic factors and raw material costs. The strong position of international players will limit the entry of new players in the market during the forecast period.

About Technavio

Technavio is a leading market research company with global coverage. Technavio’s research and analysis focuses on emerging market trends to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

Technavio models the market trends using a mix of quantitative and qualitative tools in its proprietary research methodologies. Technavio’s team of over 300 specialized analysts continuously monitors and evaluates the market landscape and builds forecasts across market segments and geographical regions based on the trends identified.

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Source: Technavio
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