Study Predicts Automotive Refinish Coatings Market to Reach $8.5 Billion by 2022
NORTHBROOK, IL - According to a new report released by research firm MarketsandMarkets Inc., the automotive refinish coatings market is projected to grow from $7 billion in 2017 to $8.5 billion by 2022, at a compound annual growth rate (CAGR) of 4.0% from 2017 to 2022. The growth of this market is driven by the increasing demand for cars, high collision rates, the rising income of the middle-class population, and the propensity of car owners to repair their vehicles after any collision. In 2016, the passenger car segment accounted for the largest share of the overall automotive refinish coating market.
The clearcoat layer segment accounts for the largest share in terms of volume in the overall automotive refinish market. Clearcoat is the final layer after basecoat in the automotive refinish coating process. It provides durability, scratch resistance and chemical resistance to the overall coating. Clearcoat also protects against UV rays and provides a lustrous look to the vehicle.
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.