Waterborne Automobile Coatings MarketSize and Trends

Waterborne Automobile Coatings Market Outlook – rising demand for eco-friendly materials to be the Major Market Driver

Asia Pacific and North America are expected to be the most potential markets for Waterborne Automobile Coating manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. This is mainly attributed to the anticipated growth in automotive industry, especially in emerging economies such as China and India. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India. IBEF estimates that the Indian automotive industry is expected to generate US$ 300 billion over the forecast period. Rapidly increasing automotive industry is driving the growth of waterborne automobile coating market, especially in Asia Pacific and the Middle East regions. Product launch and expansion in various geographies is a key strategy adopted by the major players in the Waterborne Automobile Coating market. In June 2017, BASF Corporation expanded invested US$ 40 Million in the production of automotive coatings production in North America. This investment will add production capacity to the company’s plants in Ohio, Greenville, and Tultitlan, Mexico. This will also support the company’s innovation of products.

Market Trends

Stringent regulations on the use of VOC have driven the growth of waterborne automotive coatings.
The rise in the manufacturing of ecologically beneficial coatings is expected to boost the market.