Stringent Fuel Economy Regulations to Drive the Global Automotive Coatings, Adhesives and Sealants Market Through 2020, Says Technavio
According to the latest market study released by Technavio, the global automotive coatings, adhesives and sealants market is expected to grow at a CAGR of close to 6% during the forecast period.
This research report titled ‘Global Automotive Coatings Adhesives and Sealants Market 2016-2020' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
Automotive coatings are products that enhance the exterior appearance and durability of a vehicle by protecting it from harsh external factors such as UV radiation, heat and cold, and grit from the road. Automotive adhesives and sealants are bonding agents with similar chemical constitutions and different functionalities. The demand for specialized types of coatings such as water-based, powder-based, and radiation-curable coatings is growing due to stringent regulations pertaining to environmental safety, particularly in North America and Europe. Increasing focus on UV-curable coatings is evident in the market as many OEMs are adopting this technology.
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The report categorizes the global automotive coatings, adhesives and sealants market into three main segments based on vehicle type. They are:
- Passenger vehicle
- Light commercial vehicle
- Heavy commercial vehicle
Global passenger vehicle production
The global passenger vehicle production is expected to exceed 83 million units by 2020, growing at a CAGR of close to 4%.
In the automotive industry, the small vehicle segment comprising microcars, superminis, and subcompacts has significant growth opportunities. These vehicles account for approximately 30% of global vehicle sales. "Emerging economies account for nearly 60% of small vehicle car market and have an expected growth of 5%-6% per year till 2020. This augurs well for the growth of this segment," says Chandrakumar Badala Jaganathan, a lead analyst at Technavio for additives, adhesives, and sealants research.
Global light commercial vehicle production
The global light commercial vehicle production is expected to exceed 21 million units by 2020, growing at a CAGR of close to 3%.
Light commercial vehicles, including vans, pick-up vans, and similar vehicles hold the major market share. The segment is followed by light coaches and buses that weigh up to 3.5 metric tons. Light commercial vehicles are mainly used for transportation of property, off-highway and off-street operation, and public transportation.
These vehicles have lower fuel economy standards than passenger cars as they are used for commercial purposes rather than personal purpose. The market for light commercial vehicles is expected to grow considerably during the forecast period. APAC is expected to record a high growth rate for light commercial vehicles that are used in industrial sectors, especially in China and India.
Global heavy commercial vehicle production
The global heavy commercial vehicle production is expected to exceed 4 million units by 2020, growing at a CAGR of 1%.
The global commercial vehicle market is driven by the growth in economic, business, and commercial industries that ensure demand for logistics and transportation services. Increase in commercial transport within cities, states, and national borders for trade activities are among the few growth factors in the industry.
In addition, government expenditure on infrastructure development and projects such as road construction, power generation, mining activities, and smart cities will also drive the demand for commercial vehicles during the forecast period. "The transport infrastructure market in APAC is likely to reach USD 900 billion per year by 2025, triggering the growth of the heavy commercial vehicles market," says Chandrakumar.
The top vendors highlighted by Technavio's chemicals and materials research analysts in this report are:
- Axalta Coating
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