TRANSPORTATION COATINGS OUTLOOK Increase in Demand tor Passenger Gars and New Shipbuilding Will Drive the Growth of Transportation Coatings

摘要

The transportation industry is a vast ecosystem that covers everything related to the major modes of transport,namely road,rail,marine and air transport.This industry includes goods as well as passenger transport.The transportation industry is among the world's most competitive industries.This is driven by ever-evolving technologies,regulatory policies and consumer expectations.The industry influences and is influenced by competitiveness and user dynamics across its allied industry segments,thus adding complexity in operations and necessitating continuous innovation.The global transportation coatings market size is estimated at USD 26.2 billion in 2018,and is projected to register a CAGR of 4.4% by 2024.The transportation coatings industry includes automotive OEM,refinish,marine,aerospace and rail(Table 1).Automotive OEM coatings leads the transportation coatings market,and the market is expected to grow more as the demand for new passenger and commercial vehicles will increase in the coming years(Figure 1).The automotive coatings industry has evolved simultaneously with the automotive industry.Both industries are continuously progressing to provide advanced technologies and eco-friendly products to buyers.The demand for automotive coatings is majorly influenced by the demand trends in the automotive industry,environmental regulations,health and safety norms,buyers’preferences,lifestyle,and economy.Apart from the appearance of vehicles,automotive coatings play an important role in the protection of the metal surfaces of vehicles from rust and other damage.Various colors,textures and patterns make vehicles more attractive and can act as a key decision-making factor for buyers.Through intense R&D,the automotive coatings industry has evolved from solventborne to waterborne and powder coatings.The aim of providing these advanced coatings to the automotive industry is to minimize the hazard posed by solventborne coatings,which have high VOC(volatile organic compound)and HAPs(hazardous air pollutant)content.Waterborne and powder coatings are growing in popularity owing to their zero/low-VOC,environment-friendly tag.North American and European countries have issued regulations regarding the content of VOCs in coatings,which have increased the demand for waterborne and powder coatings.Developing countries such as China,India,Brazil and Russia have also started applying waterborne and powder coatings in conventional paint processes.Hence,considering the increasing vehicle demand and upcoming environmental regulations,the demand for eco-friendly coatings is likely to grow at a substantial rate(Figure 2).