KUALA LUMPUR, Malaysia, Jan. 27, 2015 /PRNewswire/ -- The rapidly increasing vehicle production in Southeast Asian (SEA) countries is steering the automotive coatings market in Asia-Pacific. With the automotive industry in the region likely to continue this upward progression due to favorable macroeconomic indicators and strong support from governments, the outlook for automotive coating manufacturers remains bright. Although the surge of smaller cars is expected to considerably affect the volume of coating used per vehicle, growing car production volumes will boost overall coating consumption.
New analysis from Frost & Sullivan, APAC Automotive OEM Coatings Market, finds that the market earned revenues of US$379.5 million in 2013 and estimates this to reach US$567.1 million in 2020. Thailand, Indonesia and Malaysia will be the largest markets for coatings in the region.
For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/APAC_PR_DJeremiah_P828-39_12Dec14.
"Original equipment manufacturers are continuously looking to reduce the number of steps involved in automotive manufacturing. As a result, the coatings industry is seeing innovations and R&D activities to optimize processes, materials and cost," said Frost & Sullivan Chemicals, Materials and Food Senior Research Analyst Soundarya Shankar. "Developing ultraviolet and infrared cured coatings, wet-on-wet-on-wet coatings, primerless coatings, and quick drying coatings will provide a competitive edge for manufacturers in the market."
On the flip side, greater efficiency in coating application lowers the volume of paint used. For instance, state-of-the-art spray guns with high volume low pressure (HVLP) and low pressure low volume (LPLV) features are designed for higher transfer efficiency, thus limiting sale volumes. Recycling of paints and the reduction in old and leftover paints will further contribute to the decline in the total volume of paint consumed for automotive coating.
In addition, the price-sensitive nature of customers in this region curbs the adoption of high-performance products. SEA countries, especially, remain major low-cost manufacturing centers.
"Offering products with a superior price performance index will remain a key competitive aspect," stated Shankar. "Establishing partnerships and joint ventures with local companies will also help global coating manufacturers address consumer requirements and facilitate their further expansion into the Asia-Pacific market."
APAC Automotive OEM Coatings Market is part of the Chemicals & Materials (http://www.chemicals.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Global Engineering Plastics Market, Global High-performance (HP) Foams Market, Global Fibers Market for the Automotive Sector, and Global Automotive Biofuels Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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APAC Automotive OEM Coatings Market
P828-39
Contact:
Donna Jeremiah
Corporate Communications -- Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
E: djeremiah@frost.com
Carrie Low
Corporate Communications -- Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
E: carrie.low@frost.com
Melissa Tan
Corporate Communications -- Asia Pacific
P: +65 6890 0926
F: +65 6890 0999
E: melissa.tan@frost.com