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Synthetic & Bio-Based Coatings For Automotives - Global Industry Size, Market Share, Trends, Analysis And Forecast, 2012 - 2018
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The synthetic and bio based coating market was valued at USD 7.5 billion in 2011 and is expected to grow at a CAGR of 2.5% from 2012 to 2018 . The Asia-Pacific region is the largest and accounts for 47% of the market, followed by Europe which has 23% of the market and North America 16%.
The primary drivers for the growth of the market are the increased automotive production which is growing at 23% annually, increase in the household income levels, the ease of financing and awareness about the various forms of coating. To compliment the above drivers is the physiological aspect which sees an automotive as a necessity more than a luxury. This is also impacting the growth of the market in a positive way.
The synthetic and bio-based coating industry has some serious competition from newer technologies, which are being developed to make it more cost effective and would save time. The bio based coating market is not as well developed as compared to the synthetic market because of the inferior quality of finish provided by bio based coating. The opportunities in this market are to be attributed to the research and development that is being done to improve the present coating components and up gradation of the technology used in the process of coating of automotives.
Browse Industry Research Report with free Analysis: http://www.transparencymarketresearch.com/synthetic-bio-based-coatings-automotives.html
Some of the key players in this market are BASF, Nippon Paints, Nooro Paints and Coating, KCC Paints and others.
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