According to Data Bridge Market Research new Market report, global automotive refinish coatings market will account to an estimated USD 16.07 billion in 2026 growing at a CAGR of 6.45% during the forecast period of 2019 to 2026.
Global Automotive Refinish Coatings Market:
Automotive refinish coatings essentially can be defined as the coatings or paints that are applied to an older vehicle that have lost its paintjob through age or some physical factors like accidents or some other activity.
Due to the factors like excessive exposure to sunlight, scratches or even chemical spillage on the paints of the vehicles, they can lose their paintjob. Automotive refinish coatings come into work at that point of time as they can be applied over previously applied paints and metals.
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Global automotive refinish coatings market is segmented on the basis of resin type, coatings technology, product, vehicle age and geography.
By Resin Type (Acrylic, Alkyd, Polyurethane, Others), Coatings Technology (Waterborne, Solvent-Borne, UV-Cured), Product (Primer, Basecoat, Filler, Topcoat, Others), Vehicle Age (Less than 5 Years, 5-10 Years, More than 10 Years), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
FACTORS DRIVING GROWTH IN AUTOMOTIVE REFINISH COATINGS MARKET:
High Levels of Road Accidents:
According to a report published by world health organization (WHO) in 2018, titled “global health estimates and the global status report on road safety” 1.35 million people die annually on roads and another 20-50 million suffer non-fatal injuries on these roads. Out of these 1.35 million around 93% of deaths occur in low and middle income countries combined and the rest can be accounted for in high income countries. Surprisingly, only 59% of registered vehicles are present in these low and middle income countries. Out of all these deaths around 54% are of vulnerable road users which consist of pedestrians, cyclists, riders and passengers of 2-wheelers and 3-wheelers.
This high number of road accidents and deaths involve a high number of automotive vehicles, which need to be repaired and maintained after going through these accidents. These repairs of vehicles involve refinish of paints and application of coatings for the renewal of these paintjobs.
Few of the major competitors currently working in the automotive refinish coatings market are Axalta Coating Systems LLC, BASF SE, PPG Industries Inc., Kansai Paint Co.Ltd., NIPSEA GROUP, Bayer AG, KCC CORPORATION, The Valspar Corporation, Akzo Nobel N.V., The Sherwin-Williams Company, Berger Paints India Limited, Cabot Corporation, Clariant, NOROO Paint & Coatings co.Ltd., KAPCI Coatings, Alsa Refinish and The Alsa Corporation, The Dow Chemical Company, Diamond Fleet Coating Systems, The Lubrizol Corporation, and ALTANA.
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