Global Automotive Refinish Coatings Market Volume, Consumption Analysis, Demand Set to Reach US$ 9.24 Billion by 2025, Says Adroit Market Research
Oct 8, 2018
Global automotive refinish coatings market research report covers qualitative and quantitative in-depth analysis of the automotive refinish coatings trends industry segmented on the basis of product type, resin, technology, vehicle type, distribution channel, and key regions during forecast year 2018-2025
Dallas, United States - October 8, 2018 /MarketersMedia/ —
Global Automotive Refinish Coatings Market 2018-2025:
The global automotive refinish coatings market size is estimated to be worth USD 9.24 billion by 2025. In terms of volume, the market is projected to expand ~1.3x times from 2017 to 2025.
The rise in the number of vehicle fleet across the globe has resulted in driving the growth of the automotive refinishing industry. In 2017, total vehicle sales across the globe crossed 97 million, an increase of approximately 3% over the previous year. Modification of vehicles, a trend prevalent among the youth, has been one of the primary factors augmenting the growth of the global automotive refinish coatings market.
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Rising number of accidents across the world is also driving the growth of the global automotive refinish coatings market. Lack of infrastructure and rash driving are some of the factors augmenting the demand for refinishing coatings. This trend particularly holds more weight among new car owners that are willing to insure their cars and invest in repairing their vehicles. This is likely to subsequently increase the consumption of repair & maintenance products such as fillers, primers, clearcoats, and polishes among others.
Solvent-borne, waterborne and UV cured coating formulation technologies are used for refinishing vehicle body components. Of these technologies, the waterborne category is gaining preference over its solvent-borne counterpart due to the presence of a stringent regulatory framework across the world on VOC (Volatile Organic Compounds) emissions. This is expected to result in decreasing the consumption of solvent-borne coatings in the future, paving way for a fast-paced development and increased consumption of waterborne refinish coatings. Thus, based on our estimations, the global waterborne refinish coatings market is expected to be 635 kilo tons by 2025.
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Based on the different type of products used in automotive refinish coatings market, clearcoat and basecoat are expected to witness high demand over the forecast period. Clearcoat or topcoat is applied after preliminary treatment of the surface in order to give required finishing to the vehicle surface. High degree of innovation in this segment is also attracting consumers which in turn is expected to further accelerate market growth. For instance, in July 2014, AkzoNobel introduced a new vehicle refinish clearcoat, which offers superior performance, perfect finish and sustainability.
A deep dive analysis of the global automotive refinish coatings market shows that Asia Pacific accounted for the largest market share, both volume and value exceeding 40% in 2017. The region is estimated to maintain its dominance during the forecast period, due to the positive development of the automotive industry in China, India, and ASEAN countries. The rise in vehicle ownership in these countries is also playing an important role in strengthening the position of Asia Pacific in the global automotive refinish coatings market over the forecast period. Furthermore, increasing consumer spending is driving the trend towards vehicle maintenance.
Apart from Asia Pacific, Latin America is also projected to witness a significant growth in the global automotive refinish market over coming years. Brazil is projected to witness impressive growth, owing to improving economic conditions and growth in industrial sectors, whereas matured economies such as the U.S., Germany and UK are projected to show steady demand over the forecast period owing to fixed growth in vehicle fleet as well as already high market penetration in these countries.
PPG Industries Ltd, BASF SE, Axalta Coating Systems Ltd., and AkzoNobel NV are some of the players with a worldwide presence focusing on expanding their global footprint by strengthening their product portfolios. However, in recent times, numerous regional players such as Kansai Paint, Kapci Coatings, Alsa Refinish have entered this marketplace to cater to the growing local demand, thereby, increasing the competitiveness of the global automotive refinish coatings market.
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Key Segments Of The Global Automotive Refinish Coatings Market
Product Type overview, 2014-2025 (Kilo Tons) (USD Million)
• Primer
• Basecoat
• Clearcoat
• Others
Resin Type Overview, 2014-2025 (Kilo Tons) (USD Million)
• Alkyd
• Acrylic
• Polyurethane
• Others
Technology Overview, 2014-2025 (Kilo Tons) (USD Million)
• Solvent borne
• Waterborne
• UV cured
Vehicle Type Overview, 2014-2025 (Kilo Tons) (USD Million)
• Passenger cars
• Commercial vehicles
Find the graphical representations of Global Automotive Refinish Coatings Market Trends
Regional Overview, 2014-2025 (Kilo Tons) (USD Million)
North America
• US
• Canada
Latin America
• Brazil
• Mexico
Europe
• Germany
• France
• UK
Asia Pacific
• China
• Japan
• India
• ASEAN
Middle East & Africa
• GCC
Table of Content
1. Executive Summary
2. Research Methodology
3. Market Outlook
4. Market Overview, By Product Type
• Global automotive refinish coatings market share, by product type, 2017 & 2025
• Primer
• Market size and projections, 2014-2025
• Basecoat
• Market size and projections, 2014-2025
• Clear coat
• Market size and projections, 2014-2025
• Others
• Market size and projections, 2014-2025
5. Market Overview, By Technology
• Global automotive refinish coatings market share, by technology, 2017 & 2025
• Solvent-borne
• Market size and projections, 2014-2025
• Waterborne
• Market size and projections, 2014-2025
• UV-Cured
• Market size and projections, 2014-2025
6. Market Overview, By Resin Type
• Global automotive refinish coatings market share, by resin type, 2017 & 2025
• Alkyd
• Market size and projections, 2014-2025
• Acrylic
• Market size and projections, 2014-2025
• Polyurethane
• Market size and projections, 2014-2025
• Others (Polyester/Epoxy)
• Market size and projections, 2014-2025
7. Market Overview, By Vehicle Type
Global automotive refinish coatings market share, by vehicle type, 2017 & 2025
• Passenger Cars
• Market size and projections, 2014-2025
• Commercial Vehicle
• Market size and projections, 2014-2025
8. Market Overview, By Region
9. Company Profiles
10. Industry Structure
About Us:
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
Contact Info:
Name: Ryan Johnson
Email: [email protected]
Organization: Adroit Market Research
Address: 3131 McKinney Ave Ste 600, Dallas, TX75204
Phone: +1 (214) 884-6068
For more information, please visit https://www.adroitmarketresearch.com/industry-reports/automotive-refinish-coatings-market
Source: MarketersMedia
Release ID: 419400
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