"Coatings manufacturers continue to create new technologies to address the market demand for high performance, improved appearance, and environmentally friendly products,” said Frost & Sullivan industry analyst Easwaran S.A. “Nanotechnology and radiation-cure technology have been developed to offer higher gloss and greater mar-resistance and scratch-resistance.”

In addition, coating manufacturers have also introduced novel products such as clearcoats based on UV-curable technology and clearcoats with self-healing properties. UV/electron beam-cure coatings continue to gain momentum as more coatings manufacturers have recognized their considerable environmental benefits, apart from their high performance and faster assembly line advantages, the study noted.

UV curable coatings in particular will gain special significance over the next 10 years, as volatile organic compound regulations become more stringent. Coating companies are also focusing on other promising areas such as waterborne technology formulations. “Automotive OEM coating market participants can also feel optimistic about the significant rise in the number of vehicles built in Asia Pacific countries such as China and India," Easwaran noted.

The complete report is available from Frost & Sullivan.