Market Research Reports Search Engine (MRRSE) has announced the addition of a new report to its repository. The report is titled “Automotive Refinish Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.” According to the report, the growing disposable incomes of people, especially in countries such as India, Brazil, China, and South Africa will fuel the sales of automobiles and thus, automotive. This in turn is driving the automotive refinish coatings market.
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The report is published by Transparency Market Research (TMR), and predicts that the global automotive refinish coatings market will rise from US$6.6 bn in 2015 to be worth US$10.8 bn by 2024, expanding at a healthy 5.7% CAGR from the period 2016 to 2024. The report states that the growing sales of automobiles across countries worldwide is estimated to create a considerable rise in vehicle maintenance and their repair. These vehicle maintenance activities are anticipated to boost the global automotive refinish coatings market.
Consumption of Solvent-borne Coatings to Witness Significant Decline due to Environment Regulations
As per the study, some of the factors hampering the growth of the market include, stringent emission reforms imposed that regulate the use of some chemicals and elements in automotive refinish coatings. This has severely impacted the sales of solvent-based automotive refinish coatings as they emit higher levels of volatile organic compounds (VOCs). The consumption of solvent-based automotive refinish coatings has witnessed a significant decline owing to the growing awareness among consumers, fueled by government and environment bodies attempts to curb emissions. Another factor that is expected to dampen the growth prospects of the global automotive refinish coatings is the fluctuation in the cost of raw materials required for these coatings. Since these raw materials are derived from natural gas and crude oil, the price fluctuation in oil and gas will reflect on the cost of these coatings.
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Manufacturers to Strive for Product Innovation in Water-borne Coatings
One of the growth opportunities in the market lie in the production of coatings that have lower impact on the environment. Manufacturers in the global automotive refinish coatings market are striving to achieve product innovation and newer developments, especially in the water-based solvents variant. Players in the market are investing and focusing more on the development of effective water-borne variants of coatings as they are likely to witness a higher demand in the coming years.
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Some of the players profiled in the report for the purpose of study include: PPG Industries, 3M., BASF SE, Akzo Nobel N.V., KANSAI PAINT CO., LTD, The Valspar Corporation, Axalta Coatings Systems, LLC, Donglai Coating Technology, Nippon Paint Holdings Co. Ltd, and The Sherwin-Williams Company. The recent developments by these players in the industry have been given. Additionally, the information regarding strategic mergers and collaborations, partnerships, and acquisitions has been included in the report. The challenges faced by these players and their business overview are elaborated upon.
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