The global automotive refinish coatings market is expected to reach USD 11.34 Billion by 2026, according to a new report by Reports and Data.
This can be mainly associated with the increasing disposable income, changing lifestyle and buying behavior of people, and the demand for luxury vehicles from the segment.Automotive refinishing coatings are used by the end-users, to address the growing need for up-to-date maintenance and servicing of vehicles to enhance the look and durability of the vehicles and by protecting them from damages due to harsh temperatures and UV radiation.
Developments and innovations in coatings, such as high-tech eco-friendly coating materials having low solvent content is another factor fueling the growth of the market.Automotive Refinish Coatings Market Size – USD 8.39 Billion in 2018, Market Growth - CAGR of 3.8%, Market Trends – Rise of environment friendly coating technologies.Stringent regulations regarding various VOC-containing products is one of the factors restraining the growth of the market.
The use of VOC-containing products, releases VOCs causing air pollution and smog, to improve the same, Governments of many countries have implemented a series of control measures.Request A Free Sample : https://www.reportsanddata.com/sample-enquiry-form/1248Further key findings from the report suggestThe market is segmented on the basis of resin type into epoxy, alkyd, polyurethane, others.The polyurethane segment dominated the market in 2018, and is forecasted to grow at a CAGR of 2.2% during the forecast period, since it is less expensive, environment-friendly and also versatile.The market is segmented on the basis of product into primer, basecoat, clear coat, activator, filler & putty.Clear coats, which provide protection to the paint on the vehicles from sun, dust or water, hold the largest share of the market in 2018.
It is expected to have a growth rate of 3.4% during the forecast period.Solvent-borne coatings hold the largest share in the market in 2018 with a CAGR of 2.9% during the forecast period, the reason is because of its cost effectiveness as compared to other technologies.The market is segmented on the basis of substrate into glass, metal, plastic, and others.The market is segmented on the basis of applications into commercial vehicles, passenger vehicles, and two wheelers.The passenger vehicles segment had the largest market share of ~43% of the market in 2018, in terms of revenue.
The demand is expected to substantially increase because of high disposable incomes, changing buying behavior and demand for luxury cars.The market is segmented on the basis of geography by North America, Europe, Asia Pacific, Latin America and MEA.Key participants include PPG Industries Inc., The Sherwin Williams Company, Axalta Coating systems Ltd., AzkoNobel N.V BASF SE, Convestro AG, Kansai Paints Co. Ltd., Esdee Paint Ltd., KCC Corporation, KAPCI Coating Co. Ltd., NOROO Paint & Coatings Co. Ltd, The Lubrizol Corporation, S.Coat Co., Ltd., Nippon Paint Holding Co. Ltd., and Berger Paints India Ltd., among others.The companies have adopted various strategies including mergers, acquisitions and partnerships to hold on going trails and come up with new developments in the market.To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/automotive-refinish-coatings-marketFor the purpose of this report, Reports and Data have segmented global automotive refinish coatings Market on the basis of resin type, product, technology, substrate, application, and region:Resin type Outlook (Volume, Kilo tons; 2018-2026 and Revenue, USD Billion; 2018-2026)EpoxyAlkydPolyurethaneOthersProduct Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)PrimerBasecoatClearcoatActivatorFillerPuttyTechnology Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)Solvent-borne CoatingsWater-borne CoatingsUV-cured CoatingsSubstrate Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)GlassMetalPlasticOtherApplications Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)Commercial vehiclesLight Commercial Vehicle (LCV)Heavy Commercial Vehicle (HCV)Passenger vehiclesCompactExecutiveLuxuryTwo-wheelerObjectives of the report:To study the current impact of COVID-19 on leading segments of the industry and to project changes in the sector due to the pandemic.To calculate the market size, in both value and volume, and CAGR for the base year and the forecast period.To study the technological advancements in the sector in recent years and the technological pipeline and project the impact of the pandemic on technological advancements and spending by companies.To conduct a regional analysis by considering market presence in the leading regions.To study key trends observed in the historical analysis and speculate future trends.To assess the region expected to grow at a significant pace in the coming years and key factors contributing to the overall revenue.To highlight the existing growth opportunities, challenges, risks, drivers, and constraints expected to affect the market in the coming years.To profile leading companies in the industry, along with their product portfolios and strategic alliances.Thank you for reading our report.