Global Automotive Refinish Coatings Market to Register Stable Expansion During the Forecast Period: Grand View Research Inc.

San Francisco, 23 November 2018: According to a report published by Grand View Research, Inc.; the automotive refinish coatings market is expected to reach a valuation of around USD 14.88 billion by 2024. Rising demand for passenger cars in emerging economies and aftermarket modifications can propel the market growth over the forecast period (from 2016 to 2024). Increasing use of automotive refinish coatings in automotive repair, maintenance, and aftermarket painting for greater visual appearance and surface protection can drive the market in the coming years. Technological progressions and continuous product development for improving the performance of refinish coatings is also expected to boost the market growth in the coming years.

Furthermore, increasing government initiatives to reduce VOC emissions and development of eco-friendly technology can create new opportunities in the market during the forecast period. Increasing use of waterborne and UV-cured coatings due to their zero VOC emissions can supplement the market expansion. However, increasing spending on infrastructure development and fluctuating prices of raw materials can hamper the market growth. The global automotive refinish coatings market can be segmented on the basis of resin type, technology, product, vehicle age, and region. Based on resin type, the market can be categorized into acrylic, alkyd, polyurethane, and, others.

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In 2015, acrylics segment accounted for 21.1 % of the total volume and is projected to expand further during forecast years due to its rising usage in waterborne technology. Based on technology, the market can be classified into solventborne, waterborne, and UV-cured. In 2015, the solventborne technology held 49.6 % of the total volume. However, it is expected to have sluggish growth due to strict regulations about VOC emissions. On the other hand, development of high solid formulations, which provides high-quality finish along with reduced emissions, can boost the segment growth. The UV-cured segment is estimated to have a significant growth in terms of volume and is said register a CAGR of 5.8 % from 2016 to 2024. This growth is attributed due to the availability of custom colors, faster cure time, and greater performance at affordable price.

On the basis of product, the market can be segmented into primer, filler, basecoat, topcoat, and others. The topcoats segment accounted for over 35% of the overall volume and likely to show high growth due to its high durability and chemical stability. The vehicle age segment includes vehicles aged between 5 and 10 years, <5 years, and >10 years. Geographically, the market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2015, Asia Pacific led the market and accounted for 42.3 % of the overall revenue. The lack of safety laws along with underdeveloped road networks and increasing demand for vehicle repair and modification in Asia Pacific is likely to have a positive impact on the regional market growth.

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Presence of automotive manufacturers in countries including Japan, China, and India coupled with a rise in sales of passenger cars is expected to drive the regional market. China is expected to show high growth during the projected period due to rising automobile production. Middle East and Africa is anticipated to witness high volume gains with a CAGR of 5.5% from 2016 to 2024 on account of high demand for maintenance of luxury vehicles and performance vehicles in Saudi Arabia and UAE.

In 2015, North America held 22.8% of the overall revenue and is anticipated to have a substantial growth in the coming years due to rise in demand for repair, maintenance, and customization. Latin America is likely to exhibit strong revenue growth at a CAGR of 6.6% from 2016 to 2024 due to increasing sale of vehicles in Brazil, Columbia, and Argentina. High occurrence of road accidents coupled with increasing trend of recreational vehicles in Brazil will boost the market. Leading companies operating in the market include BYK-Gardner GmbH, Axalta Coating Systems, Valspar Corporation, Berger Paints India Ltd., and NOROO Paint & Coatings Co. Ltd.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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