Automotive Refinish Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024
Global Automotive Refinish Coatings Market: Overview
Excellence in optical appearance, durability, and cost efficiency are the most desirable attributes of the automotive refinish coatings market. Demand for automotive refinish coatings is expected to rise significantly in the near future owing to the increasing number of vehicle accidents, rapid expansion in the market for used vehicles, and overall rise in the emphasis of vehicle owners on well-maintained vehicles. Besides these, issues such as extreme temperatures could also cause automotive paint to wear out, necessitating the application of a fresh coat of paint.
The market for automotive refinish coatings features a bevy of products, ranging from coatings especially formulated for collision repair to those meant for improving the look and appearance of a vehicle. After a rough patch resulting from a slump in vehicle sales during the global recession between 2008 and 2012, the market for automotive refinish coatings is on the growth track again.
Vehicle sales have regained much lost ground in North America. However, the same cannot be said of the market in Europe. The market in Asia Pacific stands the tallest currently, thanks to the surging sales of vehicles in many countries in Asia. India is a key manufacturing and sales base for the global paints and coatings industry. The country is anticipated to also have a noticeable impact on the growth of the automotive refinish coatings market in the near future.
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How the future of the global automotive refinish coatings market shapes up would largely be determined by the current demand and supply scenario as well as the regulatory landscape. The report assesses the global automotive refinish coatings market by taking into consideration factors such as the overall size of the market in revenue terms, projected market size, largest and fastest growing segment(s), and region-wise outlook of the market.
Global Automotive Refinish Coatings Market: Trends and Opportunities
The last few years have been characterized by a dramatic increase in the number of automotive repair centers and body shops in developing countries. This has boosted the demand for automotive refinish coatings. Running counter to this trend, however, is the increasingly strict regulatory scenario. Paints and coatings containing volatile organic compounds (VOCs) are being stringently regulated, causing the number of products containing VOCs to dwindle. This trend, however, has caused companies to shift their focus toward developing eco-friendly automotive refinish coatings that either have VOCs within permissible limits or no VOCs at all.
A few leading players have gone a step ahead to launch automotive refinish coatings made entirely of recycled material to reiterate their commitment to the environment. Furthermore, waterborne base coats, especially ones that help reduce solvent emissions, are facing greater demand.
All of these trends collectively make the automotive refinish coatings market one where opportunities exist aplenty. With rising sales of used vehicles, sales of automotive refinish coatings are forecast to rise substantially.
Global Automotive Refinish Coatings Market: Competitive Outlook
With numerous chemical industry behemoths having established a presence in the global automotive refinish coatings market, competition is anything but mild. Add to that the increasing proclivity of vehicle owners to maintain their vehicles well coupled with an increase in vehicle ownership numbers and it is easy to see why competition in this space will only spiral in the years ahead. The presence of numerous local and regional brands only furthers the degree of competition.
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Companies in the global automotive refinish coatings market would have to contend with challenges relating to the high prices of raw materials such as titanium dioxide, pigments, resins, and additives. However, a rise in the number of vehicle owners claiming insurance for minor repairs and accidents is estimated to boost the automotive refinish coatings market.
Companies that hold an appreciable share in the automotive refinish coatings market include BASF SE, Mitsui Chemicals, Kansai Paint Co. Ltd., PPG Industries, Inc., Sherwin Williams, Nippon Paints, and 3M Co.
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