Automotive Refinish Coatings Market will be worth of US$10.8 bn in 2024, growing at a CAGR of 5.7% between 2016-2024
The global market for automotive refinish coatings is on the brink of a key transformation – shift from solvent-based to water-based coatings. Strict regulatory reforms related to VOC emissions, especially across developed economies such as North America and Europe, have led to a decline in the global consumption of solvent-based coatings in the past few years. Solvent-based coatings being the dominant revenue-generator of the global automotive refinish coatings market, this trend has dealt a huge blow to the market’s overall growth prospects. Nevertheless, it has also led to an increased focus on the development of water-borne products, which are known to have lesser negative impact on the environment.
Transparency Market Research estimates that the global automotive refinish coatings market will exhibit a healthy 5.7% CAGR over the period between 2016 and 2024. At this pace, the market, which had a valuation of US$6.6 bn in 2015, holds the prospects of rising to US$10.8 bn by 2024.
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Activators to Emerge Most Promising Product Variety in Market
On the basis of product varieties, the automotive refinish coatings market has been examined in the report for primers, clean coats, base coats, fillers, and activators. Of these, the segment of base coat accounted for a dominant share of over 30% of the overall market 2015. A significant rise in the used vehicle market and rising numbers of road accidents have resulted in growth of the base coat market in the past few years. The market share of this product segment is, however, expected to decline moderately across the forecasting horizon owing to the increasing availability of internal substitutes such as additives with primer.
The segment of activators is expected to witness the most prominent growth in the global automotive refinish coatings market in the next few years, due to its property of drying the coatings faster. The expansion of car parc in emerging economies is expected to augment the usage of activators in the global market, allowing it to witness a rise in its share from 12.6% in 2016 to 14% in the global market by 2024.
Rise in Repair and Maintenance Activities in Emerging Economies to Grant Traction to Asia Pacific Market
From a geographic perspective, North America accounted for a dominant share of the global automotive refinish coatings market followed by Asia Pacific and Europe in 2015. High disposable incomes and propensity of owners to undertake timely repairs of their vehicles are amongst the key factors influencing the growth of the market in North America. The growing market for used vehicles is also one of the key factors influencing the market’s growth in the region. Strict regulatory reforms in North America are expected to have a negative impact on the demand for certain varieties of solvent-based automotive refinish coatings in the region over the forecast period.
The market for automotive refinish coatings in Asia Pacific is expected to exhibit growth at the most promising pace in the next few years owing to high demand for a variety of automotive refinish coatings across emerging economies such as China and India in the region. The significant rise in the population of affluent consumers in the region has boosted the frequency of vehicle repair and maintenance activities, which, in turn, is contributing to the high demand for automotive refinish coatings in Asia Pacific. China holds a dominant position in the used vehicle market and has high expansion rate of car parc, owing to which the automotive refinish coatings market has flourished in the country. Rising numbers of road accidents and the overall growth in the automobile sector are also stimulating the demand for automotive refinish coatings in China.
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Some of the key vendors operating in the global automotive refinish coatings market are 3M., Akzo Nobel N.V., Axalta Coating Systems, BASF SE, KANSAI PAINT CO., LTD, Donglai Coating Technology, Nippon Paint Holdings Co. Ltd, PPG Industries, The Sherwin-Williams Company, and The Valspar Corporation.
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