Newly added Global Automotive Refinish Coatings Market research report in Adroit Market Research, provides pin-point analysis for changing competitive dynamics. It also provides healthy CAGR during the period 2018-2025 with Major players in this industry and the key strategies.
The global automotive refinish coatings market size is estimated to be worth USD 9.24 billion by 2025. In terms of volume, the market is projected to expand ~1.3x times from 2017 to 2025.
The rise in the number of vehicle fleet across the globe has resulted in driving the growth of the automotive refinishing industry. In 2017, total vehicle sales across the globe crossed 97 million, an increase of approximately 3% over the previous year. Modification of vehicles, a trend prevalent among the youth, has been one of the primary factors augmenting the growth of the global automotive refinish coatings market.
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Rising number of accidents across the world is also driving the growth of the global automotive refinish coatings market. Lack of infrastructure and rash driving are some of the factors augmenting the demand for refinishing coatings. This trend particularly holds more weight among new car owners that are willing to insure their cars and invest in repairing their vehicles. This is likely to subsequently increase the consumption of repair & maintenance products such as fillers, primers, clearcoats, and polishes among others.
Solvent-borne, waterborne and UV cured coating formulation technologies are used for refinishing vehicle body components. Of these technologies, the waterborne category is gaining preference over its solvent-borne counterpart due to the presence of a stringent regulatory framework across the world on VOC (Volatile Organic Compounds) emissions. This is expected to result in decreasing the consumption of solvent-borne coatings in the future, paving way for a fast-paced development and increased consumption of waterborne refinish coatings. Thus, based on our estimations, the global waterborne refinish coatings market is expected to be 635 kilo tons by 2025.
Based on the different type of products used in automotive refinish coatings market, clearcoat and basecoat are expected to witness high demand over the forecast period. Clearcoat or topcoat is applied after preliminary treatment of the surface in order to give required finishing to the vehicle surface. High degree of innovation in this segment is also attracting consumers which in turn is expected to further accelerate market growth. For instance, in July 2014, AkzoNobel introduced a new vehicle refinish clearcoat, which offers superior performance, perfect finish and sustainability.
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A deep dive analysis of the global automotive refinish coatings market shows that Asia Pacific accounted for the largest market share, both volume and value exceeding 40% in 2017. The region is estimated to maintain its dominance during the forecast period, due to the positive development of the automotive industry in China, India, and ASEAN countries. The rise in vehicle ownership in these countries is also playing an important role in strengthening the position of Asia Pacific in the global automotive refinish coatings market over the forecast period. Furthermore, increasing consumer spending is driving the trend towards vehicle maintenance.
Apart from Asia Pacific, Latin America is also projected to witness a significant growth in the global automotive refinish market over coming years. Brazil is projected to witness impressive growth, owing to improving economic conditions and growth in industrial sectors, whereas matured economies such as the U.S., Germany and UK are projected to show steady demand over the forecast period owing to fixed growth in vehicle fleet as well as already high market penetration in these countries.
PPG Industries Ltd, BASF SE, Axalta Coating Systems Ltd., and AkzoNobel NV are some of the players with a worldwide presence focusing on expanding their global footprint by strengthening their product portfolios. However, in recent times, numerous regional players such as Kansai Paint, Kapci Coatings, Alsa Refinish have entered this marketplace to cater to the growing local demand, thereby, increasing the competitiveness of the global automotive refinish coatings market.
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Key Segments of the Global Automotive Refinish Coatings Market
Product Type overview, 2014-2025 (Kilo Tons) (USD Million)
Resin Type Overview, 2014-2025 (Kilo Tons) (USD Million)
Technology Overview, 2014-2025 (Kilo Tons) (USD Million)
- Solvent borne
- UV cured
Vehicle Type Overview, 2014-2025 (Kilo Tons) (USD Million)
- Passenger cars
- Commercial vehicles
Regional Overview, 2014-2025 (Kilo Tons) (USD Million)
Middle East & Africa
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