The global automotive refinish coatings market can be segmented on the basis of product, technology, resin and region. On the basis of product, it is sub-segmented into basecoat, primer, activator, clearcoat, filler & putty and others. The basecoat sub-segmentis anticipated to register highest CAGR of around 7.3% during the forecast period. The basecoat provides color, aesthetic and decorative effects to the vehicles. On the basis technology, it is sub-segmented into solvent-borne coatings, water-borne coatings and UV-cured coatings.
The water borne technology is anticipated to hold the highest market share during the forecast period. The numerous properties of the sub-segment such as excellent heat resistance, adhesion, and abrasion properties is expected to be the major factor for the growth of the sub-segment during the forecast period. On the basis of resin, it is sub-segmented into alkyd, polyurethane, acrylic and others. Acrylic is the largest sub-segment of the resin type segment. The numerous properties of the sub-segment such as resistance to stain, blistering, cracking, and extreme temperatures is expected to be the major factor for the growth of the sub–segment during the forecast period.
The growing demand for automotive refinish coatings on the account of the increasing demand for the vehicles with improved appearance. Moreover, the increasing income of the population coupled with increasing spending towards aesthetic materials in turn is expected to boost the overall growth of the global automotive refinish coatings market during the forecast period. Thus, global automotive refinish coatings market is anticipated to register a CAGR of around 6% during 2018-2027 and attain the market size of USD 15.6 billion by 2027.
By region, global Automotive Refinish Coatings Market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia- Pacific is anticipated to lead the global automotive refinish coatings market during the forecast period. It holds the market share of around 35% of the global Automotive Refinish Coatings Market. The growing population in the region is expected to increase the number of the vehicles. Additionally, increasing number of accidents in the region is driving the market growth of the automotive refinish coatings market globally. North-America region is anticipated to showcase significant growth during the forecast period. The high income of the population in the region is increasing the spendingtowards more aesthetic looking vehicles in the region.
Increasing number of the road accidents across the globe is anticipated to boost the growth of the global automotive refinish coatings market
The increasing number of the road accidents worldwide is anticipated to be the major reason for the growth of the global automotive refinish coatings market. Thus, damages to car is anticipated to boost the growth in the repair center which in turn boost the growth of the global automotive refinish coatings market during the forecast period.
Rising demand for the aesthetic vehicles isincreasing the growth of the global automotive refinish coatings market
The increasing application of the automotive refinishes coatings in order to provide better look to vehicles. Additionally, the increasing number of the recreational vehicles across the globe on the account of increasing disposable income is anticipated to boost the growth of the global automotive refinish coatings market in the region.
The report titled “Automotive Refinish Coatings Market: Global Demand Analysis & Opportunity Outlook 2027” delivers the detailed overview of the global automotive refinish coatings market in terms of market segmentation by product, by technology, by resin and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global automotive refinish coatings market which includes company profiling of key companies such as 3M Co., BASF SE, Axalta Coating Systems, Nippon Paints, Kansai Paint Co. Ltd., Mitsui Chemicals, Sherwin Williams, PPG Industries, Inc. and Matrix System Automotive Finishes. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global automotive refinish coatings market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.