According to a new report by Allied Market Research, titled, “World Automotive Refinish Coatings Market – Opportunities and Forecast, 2014-2020,” the global market for automotive refinish coatings would be worth $11.3 billion by 2021 and shall grow at a CAGR of 6.3% during 2015-2021. Solvent-borne refinish coating technology segment currently accounts for about half of the revenue; however, by 2020, water-borne refinish coating revenues would match-up to solvent-borne segment.
Continuous adoption of newer technologies, rising disposable income and growing consolidation of used vehicle market would be the prime factors for automotive refinish Coatings market growth. Moreover, increasing road accidents, vehicle customization (especially in China, India and Brazil) and growing trend of recreational vehicles are supplementing the overall market growth. However, environmental hazards related to toxic waste produced from solvent-borne refinish coatings and price volatility of raw materials would hinder the growth of the global automotive refinish coatings market.
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Within different product categories, basecoat refinish coating segment would remain the largest market with about 33.0% revenue in 2014. Polyurethane would be the largest resin segment, both in terms of volume and revenue, in 2014. The key reason driving the growth of polyurethane segment is its characteristic as a foam that assists manufacturers to make automotive seating, which can be assembled, disassembled and recycled.
Automotive refinish coatings are used by the automotive body shops and repair centers for refinishing the vehicles. The global automotive refinish coatings market had witnessed a tremendous growth during the last 5 years. This was mainly due to increase in the number of vehicle collisions in conjunction with proclivity of owners to repair their vehicles.
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The market for automotive refinish coatings witnessed a significant growth due to various strategies adopted by the key market players. Acquisition and expansion are among the noteworthy strategies adopted by the companies. For instance, Axalta Coating System, commissioned a new manufacturing unit at Wuppertal, Germany to produce eco-friendly waterborne coatings. With this expansion, the company plans to address the growing demand for coatings in the Europe, Africa and Middle East markets owing to the centralized location of Wuppertal.
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Increasing number of accidents, adoption of newer technologies and rising disposable income in the developing economies are the major factors that are expected to boost the automotive refinish coatings market growth. Moreover, growing demand of recreational vehicles in the developed regions of North America and Europe is further expected to fuel the refinish coatings market.
Key findings of the study:
- The Asia Pacific and North American regions collectively held about 62% of the overall automotive refinish Coatings market revenue in 2014
- The water-borne coating segment is expected to grow at the fastest rate
- In 2014, base coat and clearcoat collectively accounted for more than half of the overall refinish Coatings market revenue.
The major players operating in the Smart Glass Market:
- BASF SE
- Mitsui Chemicals
- Kansai Paint Co. Ltd
- 3M Co
- Sherwin-Williams
- Matrix System Automotive Finishes LLC
- Axalta Coating System
- Nippon Paint
- PPG Industries
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