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.
Within different product categories, the basecoat refinish coating segment was the largest market with about 33 percent revenue in 2014. Polyurethane was the largest resin segment, both in terms of volume and revenue, in 2014. The key reason for growth of the polyurethane segment is its use as a foam for automotive seating, which can be assembled, disassembled and recycled.
Key findings of the study include the following: the Asia-Pacific and North American regions collectively held about 62 percent of the overall automotive refinish coatings revenue in 2014; the waterborne coatings segment is expected to grow at the fastest rate; and in 2014, basecoat and clearcoat collectively accounted for more than half of overall market revenue.
Asia-Pacific currently leads the global automotive refinish coatings market. The key reasons driving growth in the Asia-Pacific market are increasing car parc, rising purchasing power and a rise in number of road accidents. According to the report, Asia-Pacific will continue to lead the market during the forecast period due to rising demand of vehicle customization.
The major players in the market are adopting acquisition as their key strategies. The report provides a comprehensive analysis of the key companies operating in the market such as Axalta Coating Systems, BASF SE, Kansai Paint Co. Ltd., Akzo Nobel N.V., PPG Industries Inc., Nippon Paints and Matrix System Automotive Finishes.
For additional information, visit https://www.alliedmarketresearch.com.