ALBANY, New York, June 11, 2019 /PRNewswire/ -- According to an analysis of global automotive refinish coatings market by the experts at Transparency Market Research, the market is influenced by a tough competition between prominent players. These businesses are focusing on expanding their product line in order to keep the momentum on their side and stay ahead of their competitors. To cater to the rising demand for variety by the customers, players are also investing heavily on research and development activities. In order to acquire an edge over the rival businesses, players of global automotive refinish coatings market are redefining their business processes. They adopting, mergers, collaboration, and partnerships for expanding their business. Some businesses are acquiring various small and medium scale businesses so as to expand their resource bank and enhance their production capacity.
Some of the prominent influencers of global automotive refinish coatings market are BASF SE, The Sherwin-Williams Company, Valspar Corporation, Axalta Coatings, Akzo Nobel NV, Nippon Paint Holdings, and KCC Corporation.
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According to a recent report by Transparency Market Research, the global automotive refinish coatings market is projected to witness a moderate growth with 5.97% CAGR in the forecast period of 2018 to 2026. Experts also address the fact that by the end of 2017, the market was valued to around US$7.9 bn.
On the basis of process types, the global automotive refinish coatings market's clear coat segment shall dominate the market in the forecast period. The growth will be the result of the ability of clear coat to withstand harsh weather conditions and various other natural influences. Clear coat also provides an impeccable shine and finish to the vehicles which is another reason for the segment to be dominant in the forecast period for global automotive refinish coatings market.
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Geographically, the global automotive refinish coatings market shall witness the highest growth in the region of Asia Pacific. The region shall be leading the market on the basis of major investments from many automobile manufacturers in the region. Asia Pacific has become an automobile hub over the period of time, which is also a prominent factor that is influencing maximum growth of global automotive refinish coatings market in the region.
Rising Insurance Coverage to Boost the Market
Insurance providers are now very well acquainted with the nuance of consumer behavior. They understand that customers are willing to have insurance cover for any sort of damage to their vehicle. This is the reason that is compelling the insurance companies to provide insurance covers on paint jobs on the vehicle. Owing to the insurance covers by various companies, the global automotive refinish coatings market is experiencing the projected growth in the forecast period.
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Furthermore, the rise in the sales of the vehicles in various growing economies is also helping the global automotive refinish coatings market to grow over the period of time. Rising per capita income and growth of disposable income of the people of multiple country also accounts for the growth of global automotive refinish coatings market. Finally, the growth of road accidents where the vehicle paint job is completely ruined, is yet another factor that is supporting the global automotive refinish coatings market to grow in the projected time.
Growing Demand of Customization of Cars to Offer Various Opportunities to the Players
As a result of growing trend of customizing the cars, new doors have opened for players operating in the global automotive refinish coatings market. Consumers are inclining towards getting their cars customized as per their requirement. This creates a huge requirement for out of the line and radical paint jobs. This overall influences the growth of automotive refinish coatings market globally. However, the high price of the services involved in car customization may hamper the growth of market during the forecast period. Nonetheless, with the ever rising demand of keeping the vehicle as good as new for a long period of time shall keep the momentum of the automotive refinish coatings market progressing and shall help the market to grow during the forecast period.
The study presented here is based on a report by Transparency Market Research (TMR), titled, "Automotive Refinish Coatings Market (Process - Primer, Base Coat, Clear Coat, Activator, Filler; Technology - Solvent-borne, Water-borne) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026."
The global automotive refinish coatings market is segmented on the basis of:
- Base Coat
- Clear Coat
- Others (including E-coat)
- North America
- Latin America
- Rest of Latin America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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