Growing demand for high-performance and low maintenance vehicle is augmenting the growth of the automotive coatings

 

Automotive Coatings Market

Automotive coatings are used to protect automobiles from damage. The coating is critical in the overall appearance of automobiles and there are different coatings are available in the market. These coatings help in improving the shine and aesthetic appeal of the vehicles and also provide protection from environmental aggressors such as water, rust, moisture, and snow. Automotive coatings can be classified into solvent borne, UV-cured, and waterborne.

Growing demand for high performance & low maintenance vehicles is primarily fueling the growth of the automotive coatings market. Increasing application of long-lasting and economical plastic coatings solutions is also projected to propel the growth of the market. These coatings are used to enhance the shine and aesthetic appeal of the vehicle which is again expected to boost the growth of the automotive coatings market. Shifting consumer preferences towards enhanced protection from environmental aggressors such as rust, water, snow, and moisture is also anticipated to propel the growth of the market. Moreover, the continuous launch of an innovative product by key players is further anticipated to augment the growth of the market. For instance, in September 2020, BASF launches a new waterborne basecoat line, an automotive refinish coating line. It has high efficiency and significantly lowering the environmental impact.

The Asia Pacific is projected to gain significant growth over the forecast period and this is attributed to the increasing production of automobiles in the region. According to the India Brand Equity Foundation, India has displaced Germany with about 3.99 million units sold in the passenger and commercial vehicles categories in 2019. The country is expected to displace Japan as the third-largest auto market by 2021. Domestic automobiles production increased at 2.36% CAGR between FY16-20 with 26.36 million vehicles being manufactured in the country in FY20

Key Developments:

1.    1. In June 2020, BASF and Guangzhou Automobile Group New Energy Co. Ltd. (GACNE), a subsidiary of GAC, have entered into a partnership to further strengthen their strategic partnership to explore digital coatings solutions for the automotive industry.

2.     2. In September 2020, PPG announced the launch of a new waterborne coating system consisting of an epoxy primer, primer surfacer, and clearcoat. The new waterborne system offers extremely low VOC content while meeting or exceeding the properties of traditional systems

3.  3. In December 2017, BASF’s Coatings division inaugurated a new automotive coatings plant at its Bangpoo manufacturing site, Samutprakarn province in Thailand. The new plant is the first BASF automotive coatings manufacturing facility in ASEAN to produce solvent-borne and waterborne automotive coatings to meet growing market demand in the region.


Location: India

Comments

Post a Comment

Popular posts from this blog

Fitness Equipment Market is doing warm-ups to pull growth-rich opportunities from the growing obesity rates accompanied by the sedentary lifestyles

Image
  Fitness equipment is any mechanical device or equipment used in sport or exercise to improve the physical performance or strength of that activity by providing either adjustable or constant levels of force, either of dynamic nature that is immediately available to exert (such as running) or of a static type that requires adjustments (such as a bicycle). Some common types of equipment are treadmills, elliptical machines, step machines, exercise bicycles, recumbent bikes, treadmill monitors, rowing machines, and many more. Fitness equipment is used in gyms and private home fitness facilities as well as public parks and recreational facilities. Fitness equipment for the home is designed to provide low-impact aerobic workouts. Some items are available for rent or sale on the Internet. Rowing machines and exercise bicycles can give an all-over body workout, while Schwinn exercise bicycles can be used to target specific muscles. Fitness equipment for home gyms can be classified into ...
Read more

The market for ureteral stents would benefit from the rising prevalence of urological diseases

Image
  A ureteral stent is a slender adaptable cylinder embedded straightforwardly into the ureter to forestall or cure block of the urinary entry from the ureter. The length of these stents utilized for grown-up quiet's reaches somewhere in the range of 30 and 24 inches. Furthermore, various distances across or sizes of stents are accessible, to suit distinctive ureter sizes. This permits treatment choices to be customized to the person, just as to the degree of obstacle. Urinary stents are made of either metal silicone or plastic. They are set straightforwardly into the bladder through the urethra valve. Ureteral stents can either be made percutaneously, through medical procedure or by methods for an outpatient strategy. Contingent upon the sort of ureter that is influenced, the technique can be either a solitary needle or numerous needles. The developing commonness of urological illnesses around the world is driving the development of the ureteral stents market . Development in t...
Read more

Increased Prevalence of Chronic Diseases and Stem Cell Therapy R&D to Drive Stem Cell Assay Market Growth

Image
  Stem cells are another age of specific cells which dislike the remainder of your body cells. A stem cell is an undifferentiated mass of tissue which has the astounding ability to increase uncertainly without separating as other body cells do. It is additionally recognized into various particular cells like bone cells (osteocytes), skin cells (melanocytes), platelets (leukocytes), nerves, and heart cells. Market Dynamics Expanding predominance of persistent infections is required to impel development of the worldwide stem cell assay market. For example, as indicated by the American Cancer Society, in 2019, there will be an expected 1,762,450 new malignancy cases analyzed and 606,880 disease passings in the U.S. In addition, adequacy of autologous hematopoietic stem cell relocate in treatment of different sicknesses is additionally expected to help in development of the market. For example, in November 2020, the National MS Society expressed that autologous hematopoietic stem c...
Read more