Press release from Business Wire India
Source: Frost & Sullivan
Thursday, October 24, 2013 02:15 PM IST (08:45 AM GMT)
Editors: General: Entertainment, Environment; Business: Automotives, Business services, Chemicals; Technology; Automotive
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Demand for Refinish Automotive Coating Strengthens from the Growing Used Vehicles Market in India, Finds Frost & Sullivan
Mumbai, Maharashtra, India, Thursday, October 24, 2013 -- (Business Wire India) -- The Indian automotive coatings market has witnessed growth over the past two to three years due to growth of the automotive industry, both in the new and used car segments. Increased purchasing power will continue to fuel domestic automotive consumption at a compound annual growth rate of 10 percent till 2017, in turn, aiding the growth of automotive coatings market. Significant R&D investments made by coating manufacturers to enhance the performance of coating products will further boost the market.
New analysis from Frost & Sullivan (http://www.chemicals.frost.com), Strategic Analysis of the Indian Automotive Coatings Market, finds that total automotive coatings production stood at 76.1 kilotons (KT) in 2012 and estimates this to reach 134.7 KT in 2017. Although the original equipment manufacturer coatings segment accounts for 75 percent of the total market share in terms of volume, the refinish coatings sector is likely to witness a considerably higher growth rate.
"The emergence of new technologies, such as the compact coating process that involves fewer coating layers, waterborne coating systems, and an effective spray process, is driving demand for coatings used in large auto surface areas and components with complex shapes, thus widening market scope," said Frost & Sullivan's Chemicals, Materials & Foods Research Analyst.
However, escalating crude oil costs are pushing up the prices of key raw materials such as resins and titanium dioxide, eating into the profits of coatings manufacturers. Moreover, the increasing use of automotive plastics as interior and exterior components in vehicles will decrease the amount of automotive coating needed per vehicle. Concerns over the environmental impact of volatile organic compounds, along with pricing pressures from auto manufacturers add to the challenge. Therefore, the development of plastic coatings and the diversification of product lines with an emphasis on cost-effective, environmentally-friendly products, including water-borne and ultraviolet-curable coatings is the need of the hour.
"Increased organization in the used vehicle segment and scope for consolidation in the refinish coating sector will broaden the prospects of automotive coatings manufacturers in India," observed the analyst. "Establishing channel partners in tier II and III cities will help quicken the market penetration, especially in the refinish coatings segment."
If you are interested in more information on this research, please send an e-mail to Ravinder Kaur/Priya George, Corporate Communications, at ravinder.kaur@frost.com / priyag@frost.com, with your full name, company name, job title, telephone number, company e-mail address, company website, city, state and country.
Strategic Analysis of the Indian Automotive Coatings Market is part of the Chemicals & Materials Growth Partnership Service program. Frost & Sullivan's related research services include: Protective and Marine Coatings Market and the Resins Markets, Global Automotive Refinish Coatings Market, and Fluoropolymer Powder Coatings Market in North America. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Strategic Analysis of the Indian Automotive Coatings Market
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CONTACT DETAILS
Priya George, Corporate Communications - South Asia, Frost & Sullivan, +91 9840355432 / +91 (44) 66814414, priyag@frost.com
Ravinder Kaur, Corporate Communications - South Asia, Frost & Sullivan, +91 9940141714 / +91 (44) 66814413, ravinder.kaur@frost.com
Nimisha Iyer, Corporate Communications - South Asia, Middle East & North Africa, Frost & Sullivan, +91 9820050519 / +91 (22) 66072004, niyer@frost.com
KEYWORDS
ENTERTAINMENT, ENVIRONMENT, AUTOMOTIVE, BUSINESS SERVICES, CHEMICALS, TECHNOLOGY, AUTOMOTIVE
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