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.