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Automotive vehicles need to be repaired
frequently to enhance the façade and to recover the damages caused by external
factors such as extreme temperature, stones, damage due to accidents and
similar others. Automotive refinish coatings are used by the automotive body
shops and repair centers for refinishing the vehicles. The global automotive
refinish coatings market had witnessed a tremendous growth during the last 5
years. This was mainly due to increase in the number of vehicle collisions in
conjunction with proclivity of owners to repair their vehicles. However,
increasing government regulations on the utilization of high volatile organic
compounds (VOC) level coatings may hamper the solvent-borne market growth.
Therefore, the market is inclined towards water-borne refinish coatings, as
they have comparatively low VOC levels.
The market for global automotive refinish
coatings is expected to grow at a CAGR of 6.3% during the forecast period
(2015–2021) and would reach $11.3 billion by 2021. Increasing number of
accidents, adoption of newer technologies and rising disposable income in the
developing economies are the major factors that are expected to boost the
market growth. Moreover, growing demand of recreational vehicles in the
developed regions of North America and Europe is further expected to fuel the
refinish coatings market.
Geographically, global automotive refinish
coatings market is segmented into North America, Europe, Asia-Pacific and LAMEA
regions. Asia-Pacific region is the largest consumer of refinish coatings and
accounts for more than 35% of the global consumption. This is mainly due to
increasing sales of pre-owned vehicles, growing cab services, and increasing
vehicle repair and body shops in the region. To provide a thorough
understanding of the market scenario, the global automotive refinish coatings
market is further segmented based on product type, technology and resin
consumed in different refinish coatings.
The report highlights some of the
major products such as primer, basecoat, clearcoats, Filler & Putty and
activators among others. On the basis of technology, the market is segmented
into solvent-borne, water-borne and UV-cured coatings. The consumption of
solvent-borne coatings is highest owing to stringent government regulation on
high VOC levels. Water-borne coatings are expected to be used more than
solvent-borne coatings during the forecast period. Based on the type of resins
consumed in the coatings, the market is classified into polyurethane, acrylic,
alkyd, and others.
The market for automotive refinish coatings
witnessed a significant growth due to various strategies adopted by the key
market players. Acquisition and expansion are among the 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. With this expansion, the company plans to address the growing demand for
coatings in the Europe, Africa and Middle East markets owing to the centralized
location of Wuppertal.
The report provides a comprehensive
analysis of the key companies operating in the global market such as Axalta
Coating Systems, BASF SE, Kansai Paint Co. Ltd.,Mitsui Chemicals, PPG
Industries, Inc., Nippon Paints, Sherwin Williams, 3M Co. and Matrix System
Automotive Finishes.
KEY MARKET BENEFITS:
• The study provides an in-depth analysis of
the global automotive refinish coatings market with current and future trends
to elucidate the imminent investment pockets in the market
• Quantitative analysis of the current
market and estimations during 2014-2021 have been provided to highlight the
financial caliber of the market
• Drivers and restraints have been evaluated
to highlight the top factors responsible for market growth. Various segments
are carefully evaluated to gauge the market potential
• Porter’s five forces model of the industry
illustrates the potency of the buyers and suppliers participating in the market
• Value chain analysis in the report
provides a clear understanding to the stakeholders involved in the market
• Geographical analysis provides a thorough
understanding of the consumption of automotive refinish coatings in major
regions
Key Market Segments
Global Automotive Refinish Coatings Market
by Product Types
• Primer
• Basecoat
• Clearcoat
• Activator
• Filler & Putty
• Others
Global Automotive Refinish Coatings Market
by Technology
• Solvent-borne Coatings
• Water-borne Coatings
• UV-cured Coatings
Global Automotive Refinish Coatings Market
by Resin
• Polyurethane
• Alkyd
• Acrylic
• Others
Global Automotive Refinish Coatings Market
by Geography
• North America
• Europe
• Asia-Pacific
• LAMEA
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