Automotive coatings are applied on the outside of automotive or vehicles to improve their toughness and protection from high temperature, dust, remote particles, consumption, and rusting. These coatings are applied by Original Equipment Manufacturers (OEMs) during the assembling of vehicles. Automotive coatings are applied in the accompanying request over substrates: E-coat or electro-coat, groundwork, base coat, and clear coat. Development in economy, improvement in acquiring power equality, and ascend in populace are emphatically affecting the automotive deals in Asia Pacific. This, thusly, is driving the automotive coatings advertise in the area.
Based on product type, the global automotive coatings market has been segmented into polyurethane, epoxy, acrylic and others. Polyurethane is the widely used product type of automotive coatings. Polyurethane coatings provide resistance against corrosion and abrasion. They are extensively used in automotive clear coats and can be applied as water-borne and solvent-borne formulations. The polyurethane segment is estimated to dominate the automotive coatings market during the forecast period. Epoxy is another key segment of the global automotive coatings market. Acrylic automotive coatings are water-based and contain lower amounts of volatile organic compounds (VOCs). The segment is estimated to expand at a rapid pace during the forecast period.
In terms of technology, the global automotive coatings market can be divided into solvent-borne, water-borne, powder, and UV-cured. The solvent-borne segment accounts for major share of the market. However, demand for solvent-borne coatings is gradually decreasing, as they contain volatile organic compounds (VOCs). The water-borne segment is projected to expand at a rapid pace owing to its low VOC content and environment friendly nature. Powder and UV-cured segments are also anticipated to expand at rapid pace during the forecast period due to their excellent chemical resistance and high speed of curing.
In terms of coat, the global automotive coatings market can be classified into e-coat, primer, basecoat, and clear coat. These coats are applied in the same order on automotive surfaces. Clear coat is likely to dominate the market during the forecast period. However, the basecoat segment is estimated to lead in terms of demand.