Global Automotive Refinish Coatings Market
Global Automotive Refinish Coatings Market was valued US$ XX Bn in 2019 and is expected to grow US$ XX Bn by 2027, at a CAGR of 6.5% during the forecast period.
Global Automotive Refinish Coatings Market
The report study has analyzed revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Automotive coatings are one of the key industries of primary economies that supply to end-use segments, like OEMs and refinishing body shops. Automotive refinish coatings are polyurethane, acrylics or alkyd based coatings mostly used by automotive body shops and repair centers. Such coatings are applied to old or new vehicles to cover up damages that are caused due to external factors such as climate, road conditions, and accidents. For instance, high-tech coating materials that are eco-friendly and have low solvent content are being developed.
The latest news related to the PPG industries is that industries have received the required approvals from Indian authorities to grow its coatings JV by creating a second joint venture with Asian Paints.
Cars body and paint get damage, due to car accidents and car bumps during the parking, thus collision repair and auto painting have to be done to remove dents and scratches from the cars. Similarly, many consumers are emotionally attached to their cars and do, timely repair and maintenance of their cars. These aforementioned factors are accountable for driving the growth of the automotive refinish coatings market. Increasing investment of individuals into the maintenance of vehicles, R&D activities related to paints & coatings to provide better surface finish along with the quality of coatings are some of the major factors expected to force demand for automotive refinish coatings. Moreover, the development of environmentally friendly technologies, an increase in the number of car owners, and car rentals are expected to create numerous growth opportunities for the key players in the automotive refinish coatings market in the future.
One of the key trends in the market is the demand for UV-curable coatings and nanocoatings. The automotive industry focuses on using low-cost advanced technologies to develop performance. Several research activities are being undertaken for the development of new coating technologies, like UV-curable coatings and nanocoatings.
On the other hand, stringent regulations regarding VOC emissions, due to the utilization of high volatile organic compounds (VOC) level coatings and the absence of skilled personnel are some of the factors that may restrain the growth of the global automotive refinish coatings market throughout the forecast period.
According to the product type, the primer & filler segment is expected to hold the largest market share of the global market by 2027. The increasing vehicle production and the demand for enhanced vehicle features, like smoothening of the surface, are some factors expected to drive the growth of the segment.
By technology, solvent-borne technology held the largest market share of the global market in 2018. However, the segment is expected to witness slow growth due to the stringent regulations on VOC emission levels. But, advancements in technologies & innovations have led to an increase in high solid formulations.
And, the UV-cured technology is expected to record a CAGR of XX% in terms of value by 2027, on account of its availability in a custom color, fast cure time, and outstanding performance at a low price. This increased usage of this technology is expected to boost its demand and strength the opportunities in the market.
Global Automotive Refinish Coatings Market1
Region-wise, the Asia Pacific held the largest market share in the global market in 2018, thanks to increasing vehicle production, spending capacity on luxury vehicles, and customization of the vehicles, with rising focus on high comfort and safety in countries, such as China, Japan, India, and South Korea in the region. In terms of consumption, Europe and North America follow the Asia Pacific. But, the market in North America and Europe is expected to grow at a lethargic pace, due to the implementation of stringent regulations on VOC emissions in these regions, sequentially.
Demand for automotive refinish coatings is expected to grow considerably in the Middle East & Africa and Latin America in the future. In terms of demand, these regions accounted for a small share of the global automotive refinish coatings market in 2018. Still, they are expected to create lucrative opportunities for automotive refinish coatings manufacturers in the future. Sales of automotive vehicles have increased in Argentina, Brazil, and Colombia in Latin America. High occurrence of road accidents and an increase in usage of recreational vehicles in Brazil are expected to drive the automotive refinish coatings market in the country.
The market for automotive refinish coatings observed an important growth because of several strategies adopted by the key market players. Acquisition and expansion are among the significant strategies adopted by the companies. For example, Axalta Coating System commissioned a new manufacturing unit at Wuppertal, Germany to produce eco-friendly waterborne coatings. With this growth, the company plans to address the growing demand for coatings in Europe, Africa, and Middle East markets because of the centralized location of Wuppertal.
Nippon Paints, one of the largest paint manufacturers,’ Indian unit have signed MoU with Snapdeal, an e-commerce company, to offer a range of car care products.
PPG Industries Inc., an American Fortune 500 company and global supplier of paints, coatings, and specialty materials, has dealt to acquire Alpha Coating Technologies, LLC (Alpha). The financial terms of the deal have been kept silent, and the acquisition is going to end by first-quarter 2020.
Sherwin-Williams Company, an American Fortune 500 company in the general building materials industry, builds new global headquarters in Cleveland with an R&D center in Brecksville, and it is expected to be approximately 500,000 square feet.
The objective of the report is to present a comprehensive analysis of the Global Automotive Refinish Coatings Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Automotive Refinish Coatings Market dynamics, structure by analyzing the market segments and project the Global Automotive Refinish Coatings Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Automotive Refinish Coatings Market make the report investor’s guide.
Scope of the Global Automotive Refinish Coatings Market
Global Automotive Refinish Coatings Market, by Product Type
• Primer & Filler
• Base Coat
• Top Coat
• Clear Coat
• Activator or Hardener
Global Automotive Refinish Coatings Market, By Technology
• Solvent Borne
• Water Borne
• UV Cure Coatings
Global Automotive Refinish Coatings Market, By Material Type
Global Automotive Refinish Coatings Market, By Vehicle Type
• Passenger Vehicle
• Commercial Vehicle
Global Automotive Refinish Coatings Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Automotive Refinish Coatings Market
• Axalta Coating Systems
• BASF SE
• Kansai Paint Co. Ltd.
• Mitsui Chemicals
• PPG Industries, Inc.
• Nippon Paint Holding Co. Ltd.
• Sherwin Williams
• 3M Co.
• Matrix System Automotive Finishes
• AzkoNobel N.V.
• Convestro AG
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Global Automotive Refinish Coatings Market