The global automotive refinish
coatings market is expected to reach USD 14.88 billion by 2024, according to a
new report by Grand View Research, Inc. Rising demand for automotive refinish
coatings as they improve the durability and enhance the appearance of vehicles
will fuel market growth over the next eight years. Furthermore, aging of
vehicles, rising demand for repair, maintenance, and aftermarket modifications
will augment product demand over the forecast period.
The waterborne technology was
valued at USD 3.40 billion in 2015 and is expected to witness significant rise
on account of excellent heat resistance, adhesion, and abrasion properties.
Furthermore, its advantage over solvent borne coatings including less toxicity,
less flammability, and reduction of air emissions will propel market growth
over the forecast period.
The basecoat is expected to
witness significant revenue rise at a CAGR of 6.9% from 2016 to 2024 over the
forecast period as it provides color, decorative effects and exterior aesthetic
to vehicles.Increasing demand for solid basecoats in motorcycles, trucks and
cars owing to the ease of application coupled with basic color effect will
increase industry size.
In depth research report on Automotive Refinish Coatings
Market
Further key findings from the report suggest:
•
Global automotive refinish
coatings market demand was 916.4 kilo tons in 2015 and is expected to witness
high gains in light of growing vehicle sales in China, India, and Mexico
•
Acrylics was a prominent
segment and accounted for 21.1% of the overall volume in 2015. The product will
show growth in light of its high usage in waterborne technology. Furthermore,
superior properties including resistance to stain, blistering, cracking, and
extreme temperatures will fuel its demand over the forecast period.
•
North America accounted for
22.8% of the global revenue share in 2015 and is expected to witness
significant gains in light of growing need for repair, maintenance, and
customization over the upcoming years.
•
Latin America will witness
significant revenue growth at a CAGR of 6.6% from 2016 to 2024 as a result of
increasing automotive vehicle sales in Argentina, Brazil, and Columbia. Prevalence
of road accidents along with the growing trend of recreational vehicles in
Brazil will fuel industry expansion.
•
Automotive refinish coatings
industry is dominated by key participants including BASF, Axalta Coating
Systems, PPG Industries, AkzoNobel, and Sherwin-Williams. Ongoing product
development by various companies to manufacture high-performance and
cost-efficient coatings is expected to augment product consumption over the
next eight years.
•
In December 2015, PPG
Industries in collaboration with Asian Paints introduced product line of
environment base high performance waterborne automotive refinished paint in Sri
Lanka to expand the customer base
Grand View Research has
segmented the global automotive refinish coatings market on the basis of resin
type, technology, product, vehicle age, and region:
Global Automotive Refinish Coatings Resin Type Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
Acrylic
•
Alkyd
•
Polyurethane
•
Others
Global Automotive Refinish Coatings Technology Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
Solventborne
•
Waterborne
•
UV-Cured
Global Automotive Refinish Coatings Product Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
Primer
•
Filler
•
Basecoat
•
Topcoat
•
Others
Global Automotive Refinish Coatings Vehicle Age Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
<5
•
5-10
•
>10
Global Automotive Refinish Coatings Regional Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
•
North America
o
U.S.
•
Europe
o
Germany
o
UK
•
Asia Pacific
o
China
o
India
•
Latin America
o
Brazil
•
MEA
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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