A recent report published by
Infinium Global Research on the automotive refinish coatings market provides an in-depth analysis of segments and sub-segments in the global, as well as regional automotive refinish coatings market. The study also highlights the
impact of drivers, restraints, and macro indicators on the global and regional
automotive refinish coatings market over the short term as well as long term.
The report is a comprehensive presentation of trends, forecasts, and dollar
values of the global automotive refinish coatings market. According to the report,
the global automotive refinish coatings market is projected to grow at a CAGR
of nearly 7% over the forecast period of 2022-2028.
The global automotive refinish
coatings market was valued at nearly USD 11.5 Billion in 2022 and is expected
to reach over USD 17 Billion in 2028, with a nearly CAGR of 7% during the
forecast period. Automotive refinish coatings are utilized by several vehicle
repairers and body shops to give the vehicle a new innovative look along with
the prevention of resistance against corrosion and rust. Automotive refinish
coatings market are used in automobiles for protection against external factors
such as extreme temperature, stones, damage due to accidents, and similar
others. Automotive refinish coatings are utilized by automotive manufacturers
for protecting vehicles from various climatic conditions. The automotive refinish coatings
are majorly utilized to enhance the appearance and durability of a vehicle by
protecting them from external factors such as high temperature and UV
radiation.
Car accidents, car smash, and
accidental car bumps during parking are the common problems owing to which
car’s body and paint are damaged. Thus collision repair and auto painting have
to be done in order to remove dents and scratches from the cars. Also, many
consumers are emotionally attached to their cars and do, timely repair and
maintenance of their cars. These aforementioned factors are responsible for
driving the growth of the market. In addition, the adoption of rising
disposable income in the developing economies is boosting the growth of
passenger vehicles which in turn benefits the automotive refinish coatings
market. However, increasing government regulations on the utilization of high
volatile organic compounds (VOC) level coatings is likely to restrain the
growth of the automotive refinish coatings market. Furthermore, the development
of eco-friendly technologies and an increase in the number of car owners and
car rentals are anticipated to create several growth opportunities for the key
players in the automotive refinish coatings market over the years to come.
The outbreak of COVID-19 had
negatively affected the automotive refinish coatings market because of the
trade restriction imposed by various economies. The restriction imposed during
the lockdown restrained the logistics and supply chain activities. Because of
the temporary shutdown of several manufacturing units, the manufacturing of the
coating products was decreased. This affected the economic condition of the
companies. Interruption in the supply of the raw material from the host
countries affected the production of the Base Coat, Primer, Activator, and
Clear Coat coating during the forecast period. Furthermore, economic slowdown
and decreased spending of the car owners during the covid-19 pandemic the
growth was restrained.
Based on the region, the worldwide
automotive refinish coatings market is segmented into the Asia Pacific, North
America, Europe, and also the Middle East & Africa. Among the regions,
North America is the second-largest region in the automotive refinish coatings
market owing to its wide use in the repair and maintenance of industry. The
growth in the North American regions is due to the tendency of owners to
undertake timely repairs of their vehicles and high disposable incomes are
encouraging the automotive refinish coatings market in the North American
regions. Moreover, the growth in the Asia Pacific region is due to the high
demand for refinishing coatings in developing countries such as India and
China. On the other hand, China holds a dominant position in the used vehicle
market and has a high expansion rate and thus requires refinishing coats to
refurbish the cars.
The report on the global automotive
refinish coatings market covers segments such as product types and technology.
On the basis of product types, the sub-markets include base coat, primer,
activator, and clear coat. On the basis of technology, the sub-markets include
solvent borne coatings and waterborne coatings.
The report provides profiles of
the companies in the market such as 3M, The Valspar Corporation,
Sherwin-Williams Company, PPG Industries, and Nippon Paint Holdings Co. Ltd,
Donglai Coating Technology, KANSAI PAINT CO., LTD, BASF SE, Axalta Coating
Systems, and AkzoNobel N.V.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the automotive refinish coatings market. Moreover, the study highlights
current market trends and provides forecasts for 2022-2028. We also have
highlighted future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
Please Choose One of them.