- The key vendors in the automotive OEM coatings market in APAC 2015-2019 are Axalta Coating Systems LLC, BASF SE, Kansai Paint Co. Ltd., Nippon Paint Holding, PPG Industries Inc. and Shinto Paint Co. Ltd.
London, 16 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 APAC 2015-2019. Adoption of integrated processes is one of the major trends upcoming in this market. Vendors are increasingly working toward eliminating the primer layer by introducing integrated coating solutions. BASF is at the forefront of this trend, with the introduction of an innovative basecoat that eliminates need for a primer. The automotive OEM coatings market in APAC is expected to grow at a CAGR of 5.52% during the forecast period of 2014-2019.
Advanced, eco-friendly coating technologies are contributing to revenue growth with an increasing number of automotive OEMs in APAC preferring such technologies. Moreover, automotive OEMs are establishing manufacturing facilities in APAC to gain low cost advantages. The introduction of new products with a unique mix of functionalities and properties by vendors is expected to be a key market driver.
“While alternative sources of fuel to power automobiles are available, automobile manufacturers worldwide are increasingly exploring solutions that can reduce the weight of automobiles, thereby enhancing fuel efficiency,” says Faisal Ghaus, Vice President of Technavio Research.
“Moreover, vendors in the market have introduced innovative UV-cure products such as clearcoats. PPG is involved in R&D of a UV-cure scratch-resistant clearcoat.”
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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