Global Automotive Refinish Coatings Market, 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) – Industry Trends and Forecast to 2026
Market Analysis: Global Automotive Refinish Coatings Market
Global Automotive Refinish Coatings Market is expected to rise from its initial estimated value of USD 9.75 billion in 2018 to an estimated value of USD 16.07 billion by 2026, registering a CAGR of 6.45% in the forecast period of 2019-2026. This rise of market value can be attributed to the high number of road collisions worldwide and the need for repair & maintenance of these vehicles afterwards.
Market Definition: Global Automotive Refinish Coatings Market
Automotive refinish coatings can be described as the chemicals that are used for the paint and coatings of older vehicles in the aftermarket. Due to the usage of vehicles, collisions and exposure to environmental aspects, the vehicles begin to lose their aesthetic appeal, and layer of protection to the vehicles, this induces the need for refinish of these vehicles.
Refinish of these vehicles involves the repaint of the vehicle completely from scratch, removing the previous layer of paint and then beginning the process of painting anew.
- High levels of road accidents & collisions, which invokes the need for repair & maintenance of the vehicles is expected to drive the market growth
- Increase in disposable income and increasing preference of aftermarket modifications of the vehicle is also expected to drive the market growth
- Increase in VOC (volatile organic compounds) emissions during the production and preparation of the substrate surface of the vehicles is expected to restrain the market growth amid concerns and awareness regarding the environment
- Stringent regulations and revaluation of these regulations amid the emissions associated with these products is also expected to restrain the market growth
Segmentation: Global Automotive Refinish Coatings Market
- By Resin Type
- By Coatings Technology
- By Product
- By Vehicle Age
- Less than 5 Years
- 5-10 Years
- More than 10 Years
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
- North America
Key Developments in the Market:
- In June 2017, The Sherwin-Williams Company announced the acquisition of The Valspar Corporation, including the company’s market share and product portfolio including the automotive refinish coatings business.
- In March 2016, Akzo Nobel N.V. announced the introduction of a new UV-cured technology for its vehicle refinish coatings business, as it reduces the power consumption by reducing the drying time of the coatings to around twelve minutes.
Competitive Analysis: Global Automotive Refinish Coatings Market
Global automotive refinish coatings market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of automotive refinish coatings market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Automotive Refinish Coatings Market
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, 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.
Research Methodology: Global Automotive Refinish Coatings Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request An Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved.