Automotive Underbody Coatings Market: Introduction
Automotive underbody coatings are applied on the underside of vehicles to provide a protective layer of protection between vehicle’s underside and damaging forces such as moisture, corrosion, stone chip damage and weather resistance. Automotive underbody coatings are generally applied on areas such as wheel arches, inside wing panels and the undercarriage of the vehicle. They provide a barrier between the metal component and its outside environment; hence, protecting the vehicle from damage and improving its vehicle life. Automotive underbody coatings not only provide corrosion and damage protection but also offer easy maintenance and reduce noise and vibrations. Some of the desired properties of automotive underbody coatings include good adhesion, fast drying, tough, flexible and corrosion protection. Automotive underbody coatings may be solvent-based or water-based. The global automotive underbody coatings market is set to witness significant growth over the forecast period, driven by numerous factors such as increased overall vehicle demand, aging vehicles and environmental concerns.
Automotive Underbody Coatings Market: Dynamics
The global automotive underbody coatings market is directly dependent to automotive production and vehicle parc. Despite unstable economic conditions in the market in the recent past, automotive production across the globe has witnessed steady growth, owing to the increasing demand for passenger cars and commercial vehicles. The growing automotive production is, therefore, expected to drive the global automotive underbody coatings market. Further, the aftersales segment of the automotive underbody coatings market is expected to benefit from the rapid increasing vehicle parc and aging of vehicles. The market is also expected to benefit from the increasing consumer preference and awareness regarding automotive underbody coatings as they enhance vehicle durability and prevent corrosion. On the other hand, fluctuating prices of raw materials such as resins, pigments and other additives are expected to hinder the growth of the globe automotive underbody coatings market.
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Increasing environmental concerns and stringent regulations are expected to drive innovation in the global automotive underbody coatings market. Automotive underbody coating manufacturers are emphasizing on the development of coatings with reduced VOC value. Hence, water-based automotive underbody coatings are expected to gain traction in the market in the near future, owing to their low VOC content and environment-friendly characteristics.
Automotive Underbody Coatings Market: Segmentation
On the basis of end use, the global automotive underbody coatings market can be segmented as: OEM, Aftersales Market; On the basis of coating type, the global automotive underbody coatings market can be segmented as: Solvent-Based, Bitumen-Based, Resin-Based, Wax-Based, Water Based; On the basis of coating method, the global automotive underbody coatings market can be segmented as: Spray applied, Brush applied; On the basis of vehicle type, the global automotive underbody coatings market can be segmented as: Passenger cars, Commercial Vehicles, HCV, LCV;
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Automotive Underbody Coatings Market: Regional Outlook
Asia Pacific is estimated to be the dominant region in the global automotive underbody coatings market. The rapidly growing automotive industry in developing countries such as India, China and ASEAN in the Asia Pacific region is expected to propel the automotive underbody coatings market with a significant rate. Increasing demand for light commercial vehicles and passenger cars in North America and Europe respectively is expected to project significant growth opportunities for the automotive underbody coatings market in the near future. Furthermore, stringent environmental regulations in North America and Europe are expected to augment the demand for water-based automotive underbody coatings in the near future. The positive economic outlook and favorable political scenario in Latin America is driving investment in the automotive industry in the region, which in turn is set to induce the demand for automotive underbody coatings in the region. The Middle East & Africa region, backed by the growing construction and oil & gas industries, is set to drive the growth of the global automotive underbody coatings market.
Automotive Underbody Coatings Market: Market Participants
Examples of some of the market participants operating in the global automotive underbody coatings market are as follows: 3M, AkzoNobel NV, Henkel Corporation, Sika AG, Mallard Creek Polymers, The Sherwin-Williams Company, Henry Company, PPG, Covestro AG, Daubert Chemical Company;
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.