The global automotive refinish coatings market has witnessed a tremendous growth during the past five years. According to the market intelligence report by BIS Research titled ‘Global Automotive Refinish Coatings Market: Analysis and Forecast: 2017 to 2021’, the global market is expected to reach the value $11.3 billion by the end of 2021, registering a CAGR of 6.3% during the forecast period 2017-2021. The reason behind this sizeable growth is the rising demand for refinish coatings in the automotive industry, as it improves the durability of the vehicles as well as enhances their appearance, along with an increase in the number of vehicle collisions, and the growing demand for recreational vehicles on a large scale
Refinish coatings are used by the automotive body shops and repair centers for refinishing the vehicles. Refinish coatings are far superior to the conventional coatings, which are non-biodegradable and harmful to the environment. Refinish coating is a perfect solution to such problems, as automotive this is an environment- friendly technology.
Based on technology, the automotive refinish coatings market is segmented into solvent borne, waterborne and UV cured coatings. Waterborne coatings are eco-friendly and hence they are used in higher number as compared to solvent-borne coatings. Furthermore, solvent-borne coatings contain a high level of Volatile Organic Compounds (VOCs) that hampers the growth of solvent-borne coatings. Geographically, the market is segmented into North America, Europe, Asia-pacific, and Lamea. At present, Asia-Pacific dominates the global market and this is attributed to the increase in the purchase rate and rise in the number of road accidents in the region.
Steady economic growth in emerging economies, such as India and China, is expected to garner good opportunities for the growth of this market. These countries are experiencing an increase in the demand for luxury vehicles, executive and midsize vehicles, that will further lead the government of the respective country to increase the expenditure in automotive industries. In India, the market has grown at a CAGR of more than 5% over the last few years and will continue to grow substantially in the future. In China, strategic expansion of refinish coatings plays a major role in the regional market for refinishing coatings of passenger cars. Further, the small market players present in these countries help in propelling the growth of the market.
The market witnessed a robust growth owing to the strategies adopted by the key market players. Among the strategies, acquisition and expansion are noteworthy strategies adopted by the companies. For instance, Axalta Coating system, commissioned a new manufacturing unit at Wuppertal, Germany, to produce eco-friendly waterborne coatings. The main aim of these companies is to address the growing demands for refinish coatings at a global level. Some of the well-known companies in the market are PPG Industries Inc., Nippon Paint, KCC Paints, Berger Paints and Diamond Vogel and many more.
BIS Research has conducted an extensive research on the automotive refinish coatings market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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