The global automotive refinish coatings market is expected to reach USD 14.88 billion by 2024, according to a new report by Grand View Research, Inc. rising demand for automotive refinish coatings as they improve the durability and enhance the appearance of vehicles will fuel market growth over the next eight years.
Furthermore, aging of vehicles, rising demand for repair, maintenance, and aftermarket modifications will augment product demand over the forecast period.
The waterborne technology was valued at USD 3.40 billion in 2015 and is expected to witness significant rise on account of excellent heat resistance, adhesion, and abrasion properties. Furthermore, its advantage over solvent borne coatings including less toxicity, less flammability, and reduction of air emissions will propel market growth over the forecast period.
The basecoat is expected to witness significant revenue rise at a CAGR of 6.9% from 2016 to 2024 over the forecast period as it provides color, decorative effects and exterior aesthetic to vehicles. Increasing demand for solid basecoats in motorcycles, trucks and cars owing to the ease of application coupled with basic color effect will increase industry size.
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Further key findings from the study suggest:
Global automotive refinish coatings
market demand was 916.4 kilo tons in 2015 and is expected to witness high gains
in light of growing vehicle sales in China, India, and Mexico
Acrylic was a prominent segment and
accounted for 21.1% of the overall volume in 2015. The product will show growth
in light of its high usage in waterborne technology. Furthermore, superior
properties including resistance to stain, blistering, cracking, and extreme
temperatures will fuel its demand over the forecast period.
North America accounted for 22.8% of
the global revenue share in 2015 and is expected to witness significant gains
in light of growing need for repair, maintenance, and customization over the
upcoming years.
Latin America will witness significant
revenue growth at a CAGR of 6.6% from 2016 to 2024 as a result of increasing
automotive vehicle sales in Argentina, Brazil, and Columbia. Prevalence of road
accidents along with the growing trend of recreational vehicles in Brazil will
fuel industry expansion.
Automotive refinish coatings industry
is dominated by key participants including BASF, Axalta Coating Systems, PPG
Industries, AkzoNobel, and Sherwin-Williams. Ongoing product development by
various companies to manufacture high-performance and cost-efficient coatings
is expected to augment product consumption over the next eight years.
In December 2015, PPG Industries in
collaboration with Asian Paints introduced product line of environment base
high performance waterborne automotive refinished paint in Sri Lanka to expand
the customer base.
http://www.grandviewresearch.com/industry-analysis/automotive-refinish-coatings-market/request
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