Automotive Refinish Coatings Market Expected to Reach $11.3 Billion
PORTLAND, OR – According to a new report by Allied Market Research, Automotive Refinish Coatings Market, the global market for automotive refinish coatings will be worth $11.3 billion by 2021 and will grow at a CAGR of 6.3 percent during the period from 2015 to 2021. The solvent-borne refinish coating technology segment currently accounts for about half of the revenue; however, by 2020, waterborne refinish coating revenues will match the solvent-borne segment.
Continuous adoption of newer technologies, rising disposable incomes and growing consolidation of the used vehicle market will be the prime factors for growth in the automotive refinish coatings market. Moreover, increasing road accidents, vehicle customization (especially in China, India and Brazil) and the growing trend of recreational vehicles are supplementing overall market growth. However, environmental hazards related to toxic waste produced from solvent-borne refinish coatings and price volatility of raw materials could hinder market growth.