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Automotive Refinish Coatings Market Analysis By Resin Type, By Technology, By Product, By Vehicle Age And Segment Forecasts To 2024

Press Release   •   Apr 09, 2018 01:28 EDT

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.

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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.

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.

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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

Chapter One: Methodology & Scope

Chapter Two: Executive Summary

Chapter Three: Automotive Refinish Coatings Industry Outlook

Chapter Four: Automotive Refinish CoatingsResinType Outlook

Chapter Five: Automotive Refinish CoatingsTechnology Outlook

Chapter Six: Automotive Refinish CoatingsProduct Outlook

Chapter Seven: Automotive Refinish Coatings Vehicle Age Outlook

Chapter Eight: Automotive Refinish CoatingsRegional Outlook

Chapter Nine: Competitive Landscape

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