ALBANY, New York, September 25, 2018 /PRNewswire/ --
The global automotive refinish coatings market is highly consolidated in nature with five companies holding an enormous share of 65% of the market in recent years, notices Transparency Market Research in a report. Two major companies in the market which are Axalta Coatings Systems, LLC and PPG Industries are holding a whopping share of 40% in the global market. Stringent rules and regulation pertaining to VOC emissions from coating particularly in Europe and North America have reduced the consumption of solvent-based coatings.
On the basis of product, the global automotive refinish coatings market is segregated into clear coat, primer, base coat, filler, activator, and others. Of these base coat holds the top position in market and is also expected to hold a share of 31% of the global market share by the end of the assessed period. On the other hand, activators segment is predicted to display a stellar growth during the above mentioned period which will ensue in a minimal rise in its share by 2024. North America is anticipated to hold the dominating position in the market.
The ongoing trend has forced many manufactures to concentrate more on development of effective water-borne varieties of automotive re finish coatings said an TMR analysts. This trend is likely to have a significant impact on the market's dynamics in future. It is expected that the global automotive refinish coatings market likely to display a robust 5.7% of CAGR during the forecast period 2016-2024. The market which was valued at US$6.6 bn in 2015 is likely to touch US$10.8 bn by the end of the assessed period.
Rise in Disposable Income in Emerging Countries to Upkeep Sales Rate of Market
It is foreseen that the developing countries all across the world are likely to witness a surge in their automotive market over the years. Countries such as China, South Africa, India, and Brazil are likely to remain at the forefront of it due to rising population and increase in disposable income. The rise in automotive industries in these developing countries are likely to act as catalysts in the growth of automotive refinish coating market. Increasing sales of automobiles all across the world is having a direct positive influence on demand of the automotive refinished coatings. Rise in awareness among consumers in the developing countries is supporting maintenance activities, which in turn is favoring the global flourishing automotive market.
Growing Inclination towards Water-Based Products to Save Environment, Deters Market Growth
It has been noticed over the years numerous strict rules and regulations regarding emission have been levied for slacking down the usage of certain elements and chemicals in automotive refinish coatings. This has ensued in dwindling the sales of solvent-based products that includes higher levels of OCs in comparison to water-based products. Several efforts executed by the governmental and environment sustenance bodies are likely to increase the knowledge among consumers has resulted in a steep decline of sales in the solvent-based coatings in recent years. Solvent based coatings being the high revenue generator in the market, drop in the sales of the segment cause a heavy blow in the overall sales of the market. Apart from this, erratic price of raw materials which are need for the production of automotive refinish coatings are anticipated to deter the growth of the market.
This review of the market is based on a recent market research report published by Transparency Market Research, titled "Automotive Refinish Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024."
For the study, the global automotive refinish coatings market is segmented into:
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