Maintenance of
Luxury Vehicles to Induce Global Automotive Refinish Coatings Market Demand
Automotive refinish coatings are
special paints used in renovating existing or old vehicles. It is primarily
driven by lack of maintenance by vehicle owners and rise in number of
accidents. The global automotive refinish coatings market report compiled by
Market Research Future (MRFR) by analysts with substantive research covering
pertinent factors, trends, opportunities, and challenges for the period between
2016 and 2023 (forecast period).
Market Scope
The global automotive
refinish coatings market is expected to thrive at 5.6% CAGR during the
forecast period to achieve a valuation of USD 10.2 billion by 2023. The
resurgence of the automotive sector as well as the large production of cars
globally is projected to fuel market growth. Rising GDP of nations and
increased purchasing power of consumers can positively impact the market. The
increasing number of vehicle collisions can also work in favor of the global
automotive refinish coatings market.
Investments in high-end and
luxury cars can be lucrative to the market growth. Entry of strong brands as
well as diverse range of cars can bear fruit for the global automotive refinish
coatings market. The trend of modifications and need for customized designs are
factors which can have a positive impact on the market. Awareness of the
protective nature of these paints against scratches and damages on vehicle
surfaces can augment the market size till 2023. Manufacturers are providing
additional training to servicing units and refinishing stations due to
introduction of new paints and substrates.
However, restrictions imposed on
volatile organic compounds (VOCs) emissions and environment concerns are
factors which can impede market growth.
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Segmentation
The global automotive refinish
coatings market is segmented by resin, product type, technology, and vehicle
type.
By resin, it is segmented into
acrylic, alkyd, epoxy, and polyurethane.
By product type, it is segmented
into primer, basecoat, clearcoat, activator, and filler and putty.
By technology, it is segmented
into water-borne coatings, UV-cured coatings, solvent-borne coatings, powder
coatings, and high solid coatings.
By vehicle type, it is segmented
into two-wheelers, commercial vehicles, and cars.
Regional Analysis
The Middle East & Africa
(MEA), North America, Latin America, Asia Pacific (APAC), and Europe are
regions covered in the global automotive refinish coatings market report.
The APAC region is expected to
grow due to the rapid industrialization from Malaysia, South Korea, China,
India, and Japan. Other factors influencing regional market growth include
increased purchasing power of consumers, awareness among the populace regarding
maintenance and protection of vehicles, and rising urbanization. Rapid
development of roads in China as well as procurement of vehicles can benefit
the global automotive refinish coatings market growth.
North America can contribute to
the global automotive refinish coatings market due to rising demand for
passenger vehicles in the U.S. Growing need for customization, repair, and
maintenance in the coming years can drive the global market growth. Europe can
grow due to presence of large automotive manufacturers in the region as well as
buying power of consumers in Belgium, France, U.K., Italy, and Germany.
The MEA and Latin America regions
can drive the global automotive refinish coatings market due to steady
industrialization and urbanization among the countries in the respective
regions. Sale of luxury vehicles in Dubai as well as the growing oil & gas
industry in countries of the MEA can benefit the market.
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and Technical Industry Insights @ https://www.marketresearchfuture.com/reports/automotive-refinish-coatings-market-6670
Competitive Outlook
Covestro AG, Berger Paints India
Limited, PPG Industries, Inc., Nippon Paint, The Valspar Corporation, 3M,
Kansai Paint Co., Ltd, Mitsui Chemicals, Inc., The Lubrizol Corporation, Akzo
Nobel N.V, Axalta Coating Systems, LLC, BASF SE, KCC Corporation, The
Sherwin-Williams Company, Esdee Paints Limited, and KAPCI Coatings are
prominent players of the global automotive refinish coatings market.
Industry News
BASF SE has invested in a new automotive refinish coatings
facility which will start production by 2022. It is situated in Jiangmen, South
China.
NOTE: Our Team of Researchers is Studying Covid19 and its
Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
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