Polyurethane resins are widely used in clearcoats and basecoats. This resin helps formulate automotive coatings with higher gloss and excellent finish. The polyurethane resin-based coating offers superior durability, thereby, lowering maintenance requirements significantly. The growth of polyurethane resin is also backed by its excellent resistance to UV rays, chemicals and corrosion.

According to the study, solventborne coatings dominate the overall automotive refinish coating market. Solventborne coating technology offers higher gloss levels and excellent adhesion when compared to other technologies. It is also less affected by environmental conditions such as temperature and humidity during the curing phase. However, due to stringent environmental regulations in North America and Europe, there is a shift from solventborne to waterborne and powder coating.

The refinish paint market for automotive in APAC is expected to witness the highest growth during the forecast period. This growth is due to increasing demand for cars and rising income of the middle class population in emerging economies such as China, India and South Korea. Companies are focused on inorganic growth strategies such as mergers and acquisitions to enhance their footprint and cater to the growing demand in this region.

For additional information about the report, Refinish Paint Market for Automotive by Layer (Clearcoat, Basecoat, Primer, & Sealer), Resin (PU, Epoxy, & Acrylic), Technology (Waterborne, Solventborne & Powder), Vehicle (Passenger Cars, Commercial Vehicles), and Region - Global Forecast to 2022, visit www.marketsandmarkets.com.