The constant upgradation in technologies has led to better quality of automotive refinish coatings. Market reports connected with the chemicals and materials industry have been made available by Market Research Future which generates reports on other business verticals that outlines the current market scenarios. The market is poised to achieve revenues totaling USD 10.2 billion while achieving a 5.6% CAGR in the forecast period. The market is further motivated by the rising disposable income levels globally and will create an enhanced impetus for growth in the coming years.
The automotive car body workshops are becoming increasingly popular around the world, due to increased consumer emphasis on the general look of their vehicles, this trend is expected to reflect positively on the progress of the automotive refinish coatings market. Rising rates of accidents globally due to lack of compliance of traffic regulations has also increased the scope for the progress of the market. The market is also substantially influenced by the escalating sales of passengers’ cars which are the primary end users of automotive refinish coatings. The market is also significantly boosted by the development of UV-cured and water-borne technologies. The multiplying number of rental car owners and the elevating demand for used car markets is projected to improve the progress of the automotive refinish coating market.
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The segmentation of the automotive refinish market is based on product type, technology, resin, vehicle type, and region. On the basis of product type, the market consists of clearcoat, primer, activator, basecoat, filler, and putty. The technology-based segmentation of the market consists of water-borne coatings, UV-cured coatings, solvent-borne coatings, and powder coatings. The segmentation of the market on the basis of resin comprises of Polyurethane, Alkyd, Acrylic, and Epoxy. Based on vehicle type, the automotive refinish coating comprises of cars, commercial vehicles, and two-wheelers. The regions that are counted in the market are Asia Pacific, Europe, Latin America, Middle East, North America, and Africa.
Detailed Regional Analysis
The regional analysis of the automotive refinish coatings market covers regions such as Europe, North America, Asia Pacific, Latin America, Middle East, and Africa. The Asia Pacific region is growing due to the rapid industrialization in the region during recent years. Nations such as South Korea, India, China, Japan, and Malaysia are the main contributors to the evolution of this regional market. The market progress is influenced by factors such as rising urbanization, altering lifestyles, growing buying power of the population, and an increasing level of consumer awareness for the maintenance and protection of vehicles. The North American region is progressing due to the contribution of U.S because of the rising demand for passenger cars in the nation. The European region is expanding due to the contribution of countries like Germany, The U.K., Italy, France, and Belgium and also due to the presence of the largest automotive manufacturers in the region. The regional markets in the Middle East, Africa, and Latin America are expected to add noticeably to the progress of the automotive coatings market globally owing to the steadying political and economic conditions and growing industrialization.
The development of the market is considerably boosted by the expansion of the automobile sector globally. The manufacturers in the automotive refinish coatings market are increasing the market share by improving the product offering and introducing new products in the market. BASF SE (Germany), KAPCI Coatings (Egypt), Mitsui Chemicals, Inc. (Japan), PPG Industries, Inc. (US), Nippon Paint (Japan), The Valspar Corporation. (US), Akzo Nobel N.V (The Netherlands), KCC Corporation (South Korea), 3M (US), The Lubrizol Corporation (US), Covestro AG (Germany), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Esdee Paints Limited (India), Axalta Coating Systems, LLC (US), and Berger Paints India Limited (India) are the notable players functioning in the market.
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