Synthetic coating refers to the use of synthetic compounds in the coating of an automobile. Bio based coating involves the use of biodegradable and organic compounds for the process of coating. The synthetic and bio based coating market can be classified based on the composition of the coating and the technology used in the coating process. Automotive coating can either comprise of synthetic material or bio-based material. Also the coating process involves different technologies for the electrocoat, primer surface and top coat.
Apart from the above classification, coating can be done on the interior as well as the exterior of the automotive. Synthetic coating is used for the internal surface of automotives due to its superior luster and appearance. The synthetic and bio based coating market can be classified geographically into four regions namely, North America, Europe, Asia Pacific and Rest of the world.
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.
Some of the key players in this market are BASF, Nippon Paint, Nooro Paint and Coating, KCC Paints and others.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a technological growth map over time to understand the industry growth rate
- It provides a seven-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides an overview of the pricing trend and its impact on the market