Topic Discussed : Coatings, Adhesives and Sealants Market in Automotive & Transportation Industry
Speaker : Christeena Thomas
Key Takeaways :
The global automotive refinish coatings market is expected to grow at a low to moderate rate during the coming 5 to 10 years period as the demand from developed countries of North America and Europe is expected to be on the decline due to significantly lesser number of road accidents year on year. Increasingly improving technologies for car safety systems result in reduced accident rates restraining the growth of the market. Moreover, higher growth of independent body shops and multi-shop operators (MSOs) that use lower end refinish coatings restrains the revenue growth of the market. With a constantly evolving regulatory landscape, adopting a more environmentally sustainable and regulatory-compliant product formulation is expected to drive the revenues for automotive OEM and refinish coatings globally.
On the other hand, the global aerospace sealants, adhesives, and coatings market is expected to experience increased growth during the same period as the demand for new and refurbished aircraft is on a rise, especially in the developing countries of Asia-Pacific (APAC) and Latin America. The global defence aviation market is also anticipated to witness considerable growth during the forecast period due to increased international tensions and rising concerns about national security contributing to the overall growth of the said materials. Additionally, high growth in demand for commercial air transport drives volume and revenue growth of aerospace adhesives and coatings in both Original Equipment Manufacturer (OEM) and Maintenance, Repair, and Overhaul (MRO) markets. Establishing a strong product portfolio is now key to attracting customers that are focused on higher durability, lower weight, and environmental sustainability in both aerospace and automotive end-use segments.
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