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.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/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
·
U.S.
·
Europe
·
Germany
·
UK
·
Asia Pacific
·
China
·
India
·
Latin America
·
Brazil
·
MEA
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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
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