- The key vendors in the automotive OEM coatings market in Europe 2015-2019 are Axalta Coating Systems LLC, BASF SE, and PPG Industries Inc.
London, 1 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the automotive OEM coatings market in Europe 2015-2019. The rapid adoption of integrated coating processes is a key trend observed in this market. Integrated coating processes reduce the number of coating layers and help to bring down the cost of manufacturing. Integrated coating processes involve the use of a special basecoat that eliminates the need for a primer. This process offers greater customer value by reducing capital investments and savings in energy and material costs. This market is expected to grow at a CAGR of 4.89% during the forecast period of 2014-2019.
The widespread availability of advanced, eco-friendly coating technologies augment the prospects of growth in this market. The increase in disposable income of consumers from the Central and Eastern European region has led to a high demand for passenger cars, which in turn facilitates growth in the coatings market. Coating technologies that involve a unique mix of functionalities and properties also augment the prospects of growth in this market.
“Vendors in the market have introduced innovative UV-cure products such as clearcoats. This coating technology exhibits higher performance and offers faster assembly line benefits compared to other coatings,” says Faisal Ghaus, Vice President of Technavio Research.
“UV-cure automotive OEM coatings currently account for less than 3% of the market, an increase in revenue share is projected over the next 10 years with an increasing number of automotive OEMs adopting this technology.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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