Product Overview
The automotive refinish coatings are applied to vehicles in order to protect the vehicles from the damage caused by the factors such as road conditions, external climatic conditions and dust particles such as debris and stones. It is primary used by the repair centers in order to repair damaged parts of the vehicles. The processes involved in the coatings of the vehicles are preparation, primer, base coat and clear coat. The coatings consist of enhanced material which is used for the coatings of the vehicles. The automotive refinish coating gives the aesthetic view to the various parts of the vehicles and also increases the life of the vehicles.
Market Size and Forecast
The global automotive refinish coatings market is anticipated to grow at a CAGR around 6.0% during 2018-2027. It is projected to reach around USD 15.6 billion market size during the forecast period. The increasing demand for automotive refinish coatings on the account of the increasing demand for improving the appearance of the vehicles is anticipated to foster the growth of the overall market. Additionally, the rising income of the population is encouraging the spending towards more aesthetic materials which in turn is anticipated to boost the overall growth of the global automotive refinish coatings market during the forecast period.
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-segment is anticipated to register highest CAGR during the forecast period. It is anticipated to grow at a CAGR of 7.3% during the forecast period. The rising growth can be attributed to fact that it 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 contribute highest market share during the forecast period. The various properties of the sub-segment such as excellent heat resistance, adhesion, and abrasion properties is the major reason 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 anticipated to be the leading sub-segment of the resin segment. The various properties of the sub-segment such as resistance to stain, blistering, cracking, and extreme temperatures is anticipated to be the major factor for the growth of the sub–segment during the forecast period.
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 hold the largest market share for 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 increasing population in the region leads to the rising number of the vehicles. This leads to the increasing number of accidents in the region. Thus, increasing number of road accidents is expected to increase the repaired centers. This in turn is anticipated to boost the overall automotive refinish coatings market during the forecast period. According to the Ministry of Road Transport, Government of India, the total number of accidents in 2015 was 1, 31,726 whereas it grew to 1, 36,071 in 2016. Thus increasing prevalence of the road accidents in the region is anticipated to boost the growth of the overall market. North-America region is anticipated to showcase significant growth during the forecast period. This is attributed to the increasing demand for the recreational vehicles in the region.
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Market Segmentation
Our in-depth analysis segmented the global automotive refinish coatings market in the following segments:
By Product
- Basecoat
- Primer
- Activator
- Clearcoat
- Filler & Putty
- Others
By Technology
- Solvent-borne Coatings
- Water-borne Coatings
- UV-cured Coatings
By Resin
- Alkyd
- Polyurethane
- Acrylic
- Others
By Region
Global automotive refinish coatings market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
The increasing number of the road accidents coupled with the rising demand for the aesthetic vehicles across the globe is anticipated to be the major growth driver for the global automotive refinish coatings market during the forecast period. The rising number of the vehicles especially in the Asia-Pacific region is increasing the number of the repair centers which in turn is increasing the application of the automotive refinish coatings. Additionally, the stringent government regulations on the applications on the high volatile VOC compounds is expected to boost the growth of the solvent borne coatings. Thus, it is anticipated to boost the growth of the overall market of the automotive refinish coatings. The rising disposable income of the population is increasing the spending towards luxurious and aesthetic vehicles. This increases the application of the automotive refinish coatings.
However, the stringent government regulation regarding the application of the volatile compounds as it has adverse environment effects is anticipated to restrain the growth of the global automotive refinish coatings market during the forecast period.
Top Featured Companies Dominating The Market
- 3M Co
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- BASF SE
- Axalta Coating Systems
- Nippon Paints
- Kansai Paint Co. Ltd.
- Mitsui Chemicals,
- Sherwin Williams
- PPG Industries, Inc.
- Matrix System Automotive Finishes
