A report titled, “Global Automotive Refinish Coatings Market 2017 By Product Type (Primer, Basecoat, Clearcoat, Others), By Resin Type (Alkyd, Acrylic, Polyurethane, Others), By Technology (Solvent borne, Water borne, UV Cured), By Vehicle Type (Passenger Cars, Commercial Vehicles) By Region and Forecast 2018 to 2025” was published by Adroit Market Research today. The study covers the global automotive refinishing industry value and volume for a period ranging between 2012 to 2025, where 2012 to 2017 showcase the actual annual consumption with a forecast between 2018 and 2025. The global automotive refinish coatings market report also includes qualitative insights of the market such as drivers, restrains, value chain, regulatory framework, PESTEL analysis and Porter’s five forces analysis. The value chain has been analyzed in detail covering key stages.
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The global automotive refinish coatings market size is estimated to be >USD 9 billion by 2025. In terms of volume, the market is projected to expand ~1.3x times from 2017 to 2025.
The rise in the number of vehicle fleet across the globe has resulted in driving the growth of the automotive refinishing industry. In 2017, total vehicle sales across the globe crossed 97 million, an increase of approximately 3% over the previous year. Modification of vehicles, a trend prevalent among the youth, has been one of the primary factors augmenting the growth of the automotive refinish coatings market.
Rising number of accidents across the world is also driving the growth of the global automotive refinish coatings market. Lack of infrastructure and rash driving are some of the factors augmenting the demand for refinish coatings. This trend particularly holds more weight among new car owners that are willing to insure their cars and invest in repairing their vehicles. This is likely to subsequently increase the consumption of repair & maintenance products such as fillers, primers, clearcoats, and polishes among others.
Solvent-borne, waterborne and UV cured coating formulation technologies are used for refinishing vehicle body components. Of these technologies, the waterborne category is gaining preference over its solvent-borne counterpart due to the presence of a stringent regulatory framework across the world on VOC (Volatile Organic Compounds) emissions. This is expected to result in decreasing the consumption of solvent-borne coatings in the future, paving way for a fast-paced development and increased consumption of waterborne refinish coatings. Thus, based on our estimations, the global waterborne refinish coatings market is expected to be capture >43% of market share by 2025.
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Based on the different type of products used in automotive refinishing industry, clearcoat and basecoat are expected to witness high demand over the forecast period. Clearcoat or topcoat is applied after preliminary treatment of the surface in order to give required finishing to the vehicle surface. High degree of innovation in this segment is also attracting consumers which in turn is expected to further accelerate market growth. For instance, in July 2014, AkzoNobel introduced a new vehicle refinish clearcoat, which offers superior performance, perfect finish and sustainability.
A deep dive analysis of the automotive refinish coatings market shows that Asia Pacific accounted for the largest automotive refinish market share, both in terms of volume and value, exceeding 40% in 2017. The region is estimated to maintain its dominance during the forecast period, due to the positive development of the automotive industry in China, India, and ASEAN countries. The rise in vehicle ownership in these countries is also playing an important role in strengthening the position of Asia Pacific in the global automotive refinish coatings market over the forecast period. Furthermore, increasing consumer spending is driving the trend towards vehicle maintenance.
Apart from Asia Pacific, Latin America is also projected to witness a significant growth in the automotive refinish coating market demand over coming years. Brazil is projected to witness impressive growth, owing to improving economic conditions and growth in industrial sectors, whereas matured economies such as the U.S., Germany and UK are projected to show steady demand over the forecast period owing to fixed growth in vehicle fleet as well as already high market penetration in these countries.
PPG Industries Ltd, BASF SE, Axalta Coating Systems Ltd., and AkzoNobel NV are some of the players which account for significant automotive refinish market share. These companies, with a worldwide presence are focusing on expanding their global footprint by strengthening their product portfolios. However, in recent times, numerous regional players such as Kansai Paint, Kapci Coatings, Alsa Refinish have entered this marketplace to cater to the growing local demand, thereby, increasing the competitiveness of the global automotive refinish coatings market.
Get the access of more information through our Blog, White Paper and Case Study:
1. Blog On “Automotive Refinish Coatings Industry’s Green Move.”
The waterborne technology for automotive refinish coatings is often accompanied with a UV cured coating. UV cure technique is an upcoming technology for the coating industry, which is non-toxic and free of pollution. This coating is used as a clear coat after all other paint jobs have been done. It cross-links (cures) the paint layer by a chemical process which is introduced by UV energy. The coating is converted from liquid to solid quickly. This reduces the time between the application of clear coat and final and buffing. It is efficient, as it simplifies the process, reduces the cost, and is also labor-saving. However, it might cause yellowing in the long run. To prevent that from happening, novel light stabilizers are used. They are used to prevent coating damage caused by UV radiation.
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2. White Paper On “Automotive Refinish Coatings Making Things Simpler For The Automotive Industry”
Automotive refinish coatings are applied to vehicles for improving the appearance of the vehicle and also enhance their overall durability and quality. Automotive refinish coatings also safeguard the vehicle from severe weather and external conditions like settling foreign particles, rain and extreme temperature and UV radiation. Growth in the production of vehicles in several countries like Mexico, China, India, Germany, South Korea, U.S, Japan and Indonesia with high maintenance of aging vehicles is the main driver responsible for the growth of this market. Demand for eco-friendly coatings like UV-cured and waterborne in economies of Brazil and China is also boosting this industry.
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3. Case Study On “How Avanade’s Digital Workplace Technology Transforming The Automotive Refinish Coatings Industry!”
Automotive refinish coatings technology has brought a wave of freshness in the automotive industry. They immediately enhance a vehicles aesthetic value. This report provides information about how digital workplace technology is changing the automotive refinish coatings industry. The main focus here is Axalta, one of the world’s biggest paint and coating company and the struggles and challenges it faced with operations. One of the biggest challenges for Axalta has been notifying the initiation and authorization of the changes in prices and getting approvals. Thus, the requirement of an efficient digital workplace technology. This study signifies the interlinking of two major industry
Access the complete case study on automotive refinish coatings market report https://www.adroitmarketresearch.com/case-studies/how-avanades-digital-workplace-technology-transforming-the-automotive-refinish-coatings-industry
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