San Francisco, 23 November
2018: According to a report published by Grand View Research,
Inc.; the automotive refinish coatings market is expected to reach a valuation of around USD
14.88 billion by 2024. Rising demand for passenger cars in emerging economies
and aftermarket modifications can propel the market growth over the forecast
period (from 2016 to 2024). Increasing use of automotive refinish coatings in
automotive repair, maintenance, and aftermarket painting for greater visual
appearance and surface protection can drive the market in the coming years. Technological
progressions and continuous product development for improving the performance
of refinish coatings is also expected to boost the market growth in the coming
years.
Furthermore, increasing
government initiatives to reduce VOC emissions and development of eco-friendly
technology can create new opportunities in the market during the forecast
period. Increasing use of waterborne and UV-cured coatings due to their zero
VOC emissions can supplement the market expansion. However, increasing spending
on infrastructure development and fluctuating prices of raw materials can
hamper the market growth. The global automotive refinish coatings market can be
segmented on the basis of resin type, technology, product, vehicle age, and
region. Based on resin type, the market can be categorized into acrylic, alkyd,
polyurethane, and, others.
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Research Report of Automotive Refinish Coatings Market@ www.grandviewresearch.com/industry-analysis/automotive-refinish-coatings-market
In 2015, acrylics segment accounted
for 21.1 % of the total volume and is projected to expand further during forecast
years due to its rising usage in waterborne technology. Based on technology,
the market can be classified into solventborne, waterborne, and UV-cured. In
2015, the solventborne technology held 49.6 % of the total volume.
However, it is expected to have sluggish growth due to strict regulations about
VOC emissions. On the other hand, development of high solid formulations, which
provides high-quality finish along with reduced emissions, can boost the
segment growth. The UV-cured segment is estimated to have a significant growth
in terms of volume and is said register a CAGR of 5.8 % from 2016 to 2024.
This growth is attributed due to the availability of custom colors, faster cure
time, and greater performance at affordable price.
On the basis of product, the
market can be segmented into primer, filler, basecoat, topcoat, and others. The
topcoats segment accounted for over 35% of the overall volume and likely to
show high growth due to its high durability and chemical stability. The vehicle
age segment includes vehicles aged between 5 and 10 years, <5 years, and
>10 years. Geographically, the market can be categorized into North America,
Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2015, Asia
Pacific led the market and accounted for 42.3 % of the overall revenue. The
lack of safety laws along with underdeveloped road networks and increasing
demand for vehicle repair and modification in Asia Pacific is likely to have a positive
impact on the regional market growth.
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Grand View Research at: www.grandviewresearch.com/industry/plastics-polymers-and-resins
Presence of automotive manufacturers
in countries including Japan, China, and India coupled with a rise in sales of passenger
cars is expected to drive the regional market. China is expected to show high
growth during the projected period due to rising automobile production. Middle
East and Africa is anticipated to witness high volume gains with a CAGR of 5.5%
from 2016 to 2024 on account of high demand for maintenance of luxury vehicles
and performance vehicles in Saudi Arabia and UAE.
In 2015, North America held 22.8%
of the overall revenue and is anticipated to have a substantial growth in the
coming years due to rise in demand for repair, maintenance, and customization. Latin
America is likely to exhibit strong revenue growth at a CAGR of 6.6% from 2016
to 2024 due to increasing sale of vehicles in Brazil, Columbia, and Argentina. High
occurrence of road accidents coupled with increasing trend of recreational
vehicles in Brazil will boost the market. Leading companies operating in the
market include BYK-Gardner GmbH, Axalta Coating Systems, Valspar Corporation,
Berger Paints India Ltd., and NOROO Paint & Coatings Co. Ltd.
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Press Release of Automotive Refinish Coatings Market@ www.grandviewresearch.com/press-release/global-automotive-refinish-coatings-market
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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