The changing lifestyle and buying behaviour of people, a rise in disposable income, and the growing demand for luxury vehicles are some factors influencing the market growth.
Market Size – USD 8.73 billion in 2019, Market Growth - CAGR of 3.7%, Market trends –Growth of environment-friendly coating technologies.
VANCOUVER, BC, Oct. 22, 2020 /PRNewswire/ -- The Global Automotive Refinish Coatings Market is expected to reach USD 11.69 Billion by 2027, according to a new report by Emergen Research. The market for automotive refinish is growing due to the rise in disposable income, change in lifestyle and buying behaviour of consumers, and the growing demand for luxury vehicles.
Automotive refinish coatings are used by market players to address the growing need for maintenance of the vehicle, up-to-date servicing to improve the durability and look of vehicles by protecting them from any supposed damages and UV radiation. Increasing investment in R&D and innovation in refinish coatings, such as eco-friendly high-tech coating materials, which is another driving factor of market growth.
Strict regulations regarding products containing VOC is hindering the market growth. The usage of VOC-containing products releases VOCs resulting in smog and air pollution. To enhance air quality, governments of many countries have implemented a series of control measures.
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Key Highlights From The Report
- Clear coats offer protection to the paint on vehicles from sun, dust, or water, hold the largest share of the market in 2019. The segment is expected to have a growth rate of 3.9% during the forecast period.
- Metal substrates held the largest share in 2019 and are expected to lead the segment throughout the forecast period with a significant CAGR since metal surfaces are prone to suffer from corrosion.
- The passenger vehicles segment dominated the market, with 40.3% of the share in 2019 in terms of revenue. The demand is expected to increase because of high disposable incomes, substantially changing buying behaviour, and demand for luxury cars.
- The Asia Pacific region, mainly China, Japan, and India, has witnessed the expansion of the regional automotive industry owing to the high demand for commercial and passenger vehicles, increased population and congestion, which, in turn, has led to the growth of the market in the region.
- Key participants include The Sherwin Williams Company, PPG Industries Inc., Axalta Coating Systems Ltd., BASF SE, AkzoNobel N.V., Kansai Paints Co. Ltd., Matrix System Automotive Finishes, Nippon Paint Holding Co. Ltd., Mitsui Chemicals, and Berger Paints India Ltd., among others.
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For the purpose of this report, Emergen Research has segmented the Global Automotive Refinish Coatings Market on the basis of resin type, product, technology, substrate, application, and region:
- Resin Type Outlook (Revenue, USD Billion; 2017-2027)
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Technology Outlook (Revenue, USD Billion; 2017-2027)
- Solvent-borne Coatings
- Water-borne Coatings
- UV-cured Coatings
- Substrate Outlook (Revenue, USD Billion; 2017-2027)
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Commercial vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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