Market research organization IRL released an in-depth analysis report of the world's top automotive coatings market.
According to the report, the global automotive OEM coatings and plastic parts coatings market was estimated at 1.97 million metric tons in 2015, while automotive OEM production in Asia and South America declined slightly. The market is expected to pick up by 2020 and should reach 2.28 million metric tons. In 2015, the global automotive refinish market continued to grow to 770,000 metric tons. In the next five years, the Asia-Pacific region will account for the largest sales share and the fastest growing region.
In terms of application systems, water-based coatings already account for the majority of automotive OEM coatings sold, mainly due to local European and North American legislation for these markets. In the automotive refinish market, solvent-based coatings still dominate. The global automotive coatings market value is estimated at approximately 19.5 billion euros (approximately 21.5 billion US dollars), while automotive OEM coatings account for the largest share of the market value.
The report states that for the major resins, pure acrylics account for the largest share of the OEM and refinish market. Epoxy coatings account for the second largest share of the automotive OEM coatings market, while polyurethane is the second largest resin type in the refinish market.
Major global automotive coatings manufacturers include: Akzonobel, Axalta, BASF, Jotun, KCC, Kansai Paint, Nippon Paint, PPG Industries, Sherwin-Williams and Valspar.