The global automotive refinish coatings market is expected to reach USD 12.29 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the increasing disposable income, changing lifestyle and buying behavior of people, and the demand for luxury vehicles from the segment.
Automotive refinishing coatings are used by the end-users, to address the growing need for up-to-date maintenance and servicing of vehicles to enhance the look and durability of the vehicles and by protecting them from damages due to harsh temperatures and UV radiation. Developments and innovations in coatings, such as high-tech eco-friendly coating materials having low solvent content is another factor fueling the growth of the market.
Leading Players– PPG Industries Inc., The Sherwin Williams Company, Axalta Coating systems Ltd., AzkoNobel N.V BASF SE, Convestro AG, Kansai Paints Co. Ltd., Esdee Paint Ltd., KCC Corporation, KAPCI Coating Co. Ltd., NOROO Paint & Coatings Co. Ltd, The Lubrizol Corporation, S.Coat Co., Ltd., Nippon Paint Holding Co. Ltd., and Berger Paints India Ltd., among others.
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Further key findings from the report suggest
- The market is segmented on the basis of resin type into epoxy, alkyd, polyurethane, others.
- The polyurethane segment dominated the market in 2020, and is forecasted to grow at a CAGR of 2.2% during the forecast period, since it is less expensive, environment-friendly and also versatile.
- The market is segmented on the basis of product into primer, basecoat, clear coat, activator, filler & putty.
- Clear coats, which provide protection to the paint on the vehicles from sun, dust or water, hold the largest share of the market in 2020. It is expected to have a growth rate of 3.4% during the forecast period.
- The market is segmented on the basis of technology into solvent-borne coatings, water-borne coatings, and UV-cured coatings.
- Solvent-borne coatings hold the largest share in the market in 2020 with a CAGR of 2.9% during the forecast period, the reason is because of its cost effectiveness as compared to other technologies.
Key Factors Driving the Global Materials & Chemicals Market Growth
The global materials & chemicals market revenue is primarily attributed to factors such as growth are fast-paced industrialization globally, rising demand for raw materials and chemicals in the buildings & construction, food & beverage, pharmaceutical, agriculture, textile, and pulp & paper industries, and increasing demand for essential consumer goods including packaged foods & beverages, household hygiene products, and personal care products & cosmetics. Increasing industrial applications of specialty chemicals, surge in demand for high-performance, organic agrochemicals, growing environmental awareness among consumers, growing need for eco-friendly and sustainable raw materials & chemicals, and increasing government investments in the materials & chemicals industry are other factors driving revenue growth of this market.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Resin type Outlook (Volume, Kilo tons; 2020-2028 and Revenue, USD Billion; 2020-2028)
- Epoxy
- Alkyd
- Polyurethane
- Others
Product Outlook (Volume, Kilo tons; 2020-2028 And Revenue, USD Billion; 2020-2028)
- Primer
- Basecoat
- Clearcoat
- Activator
- Filler
- Putty
Technology Outlook (Volume, Kilo tons; 2020-2028 And Revenue, USD Billion; 2020-2028)
- Solvent-borne Coatings
- Water-borne Coatings
- UV-cured Coatings
Frequently Asked Questions Addressed in the Report:
- What is the estimated market revenue growth over the forecast period?
- What are the major factors driving the global Automotive Refinish Coatings market revenue growth?
- Which regional market is expected to account for the largest revenue share in the global Automotive Refinish Coatings market over the forecast years?
- Which are the leading players in the global Automotive Refinish Coatings market?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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