Increasing demand for pre-owned cars along with growing number of cab services to boost global automotive refinish coatings market through 2024
According to TechSci Research report, “Global Automotive Refinish Coatings Market By Resin, By Technology, By Layers, By Region, Competition, Forecast & Opportunities, 2024’’, global automotive refinish coatings market was valued at $ 7.9 billion in 2018 and is projected to register a CAGR of 5.5% during the forecast period. Notably, automotive refinish coatings are basically used by the automotive body shops and repair centers for refinishing the vehicles. Factors like growing demand for recreational vehicles, rising cases of vehicle collisions, etc., are fuelling growth in the market. While, one of the major restraints for the growth of global automotive refinish coatings market is strict regulations for volatile organic compound (VOC) emissions. Furthermore, rising government regulations on the utilization of high volatile organic compounds (VOC) level coatings may hamper the solvent-borne market growth. Therefore, the market is inclined towards water-borne refinish coatings, as they have comparatively low VOC levels.
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Regionally, global automotive refinish coatings market has been segmented into North America, South America, Europe, Asia-Pacific and Middle East & Africa. Among these regions, Asia-Pacific region dominated global automotive refinish coatings market with a share of approximately 37% in 2018. The growth of Asia-Pacific automotive refinish coatings market is fuelled by the rising number of collisions in emerging economies owing to the increasing population and rise in demand for vehicles in countries such as India, China, Japan, among others. Furthermore, growing demand for two wheelers, passenger cars as well as commercial vehicles in emerging markets along with the expanding commercial fleet owing to rising logistics demand are some other factors propelling the demand for automotive refinish coatings in Asia-Pacific.
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“Global automotive refinish coatings market is highly fragmented with the presence of many small and medium-sized company players. Most of the companies prefer entering into new partnerships, collaborations and joint ventures in the market to expand their respective customer base. Furthermore, key players operating in the industry are focusing on new product developments to reinforce their presence in the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Automotive Refinish Coatings Market By Resin, By Technology, By Layers, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global automotive refinish coatings market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market trends along with drivers, challenges and opportunities in global automotive refinish coatings market.
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