EDINA, Minnesota, February 7, 2018 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled 'GlobalAutomotive Refinish CoatingsMarket- Analysis and Forecast (2017-2021)', the global automotive refinish coatings market is expected to reach $10.2 billion by 2021, growing at a CAGR of 5.3% between 2016 and 2026. This growth is being anticipated due to the numerous benefits provided by refinish coatings such as scratch, UV, and chemical resistance, anti-corrosion, and color and gloss retention, among others. The market has considerably evolved in the developed regions such as North America, and Europe, whilst gaining popularity in the regions such as Asia-Pacific, Middle East & Africa (ME&A), and South America.
Automotive refinish coatings are used on passenger vehicles to provide similar mechanical, and optical properties as the factory applied coatings. Rental car services are also increasing globally, especially in the emerging economies such as Latin America, India, China, Brazil, and others. For instance, in China, the total number of rental cars in 2015 was 430,000 as compared to the total number of rental cars in 2014 which was 400,000. The increasing number of rental car services drives the global automotive refinish coatings market as these vehicles are mainly used cars, which need proper maintenance at certain intervals. In terms of value, cars segment in the automotive refinish coatings market is expected to register a CAGR of 5.2% between 2016 and 2021.
Rising disposable income, increasing number of vehicle collisions, growing demand for recreational vehicles, and an increase in the average age of vehicles, among others, are expected to drive the automotive refinish coatings market between 2016 and 2021. However, stringent regulations for volatile organic compound (VOC) emissions and lack of skilled professionals are some of the factors hampering the growth of the global automotive refinish coatings market. The development of environmentally friendly technologies are further expected to create opportunities for the growth of the global automotive refinish coatings market.
According to Sonali Mazumdar, Research Analyst at BIS Research, "Clearcoats segment accounted for the largest share of 40% in 2016 in the global automotive refinish coatings market, followed by basecoats. Several players such as Axalta Coatings, PPG Industries Inc., and BASF SE, among others, offer clearcoat refinish coatings in the market. In the global automotive refinish coatings market, the solvent-borne technology-based coatings segment accounted for a share of 48.0% in 2016. This growth can be attributed to the advantageous properties of using solvent-borne technology based automotive refinish coatings such as higher gloss retention, excellent block resistance, tolerance to adverse weather conditions, and good adhesion, among others."
This market report provides a thorough analysis of the recent trends influencing the global automotive refinish coatings market, along with a comprehensive study of the future trends and developments. The report is a compilation of various segmentations of the market, including a market breakdown by product type, resins, technology, auto type, vehicle age, and different geographical regions. It also includes a separate segment on industry analysis, wherein, the opportunity matrix, country share analysis, R&D analysis and market share of key companies are provided to compare the various regions and the market players on basis of market share and growth rates.
This report is a meticulous compilation of research on more than 100 players in the automotive refinish coatings ecosystem and draws upon insights from in-depth interviews with key opinion leaders of more than 50 leading companies, market participants and vendors. The report also profiles around 15 companies among which include Axalta Coatings Systems, PPG Industries Inc., AkzoNobel N.V., BASF SE, Sherwin Williams, KCC Paints, Covestro, Berger Paints, Kansai Paint, Nippon Paint, NOROO Paint, Lubrizol Corporation, S.Coat, and Diamond Vogel, among others.
Key questions answered in the report:
- What is the size, in terms of value ($million) and volume (kilotons), of automotive refinish coatings market in 2016, and growth rate during the forecast period, 2017-2021?
- What is the market size of different product types of automotive refinish coatings ($Million and Kilotons) and their growth rate during the forecast period, 2017-2021?
- How will different technologies of automotive refinish coatings grow during the forecast period and what will be the market size ($Million and Kilotons) of each of the end-user industry by the end of 2021?
- What is the market size for different regions and countries, in terms of value and volume ($Million and Kilotons), in the automotive refinish coatings market and their growth across the forecast period, 2017 to 2021?
- What is the market share of different types of automotive refinish coatings, on basis of auto type and vehicle age, and their respective growth rate during the forecast period, 2016-2021?
- What are the major driving forces and challenges for automotive refinish coatings market during the forecast period?
- What is the competitive strength of key players in the global automotive refinish coatings market by analyzing through market share analysis?
- What are the key market players in the automotive refinish coatings market, along with their detailed analysis & profiles (including their financials, company snapshots, key products & services, and SWOT analysis)?
BIS Research is a global market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on various technology verticals such as 3D printing, advanced materials & chemicals, aerospace and defense, automotive, healthcare, electronics & semiconductors, robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for the senior management.
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