Global automotive refinish coatings market is projected to attain a size of $11,099.7 million by 2023, according to P&S Market Research.
The increase in vehicle collisions and the increasing average age of vehicles are some of the major factors driving the growth of the market. With advancements in technology over time, the average age of vehicles has increased. For instance, in the U.K., the average age of a vehicle-on-road increased from 6.8 years in 2003 to 7.8 years in 2015. With the increase in average age, vehicles become more prone to corrosion and environmental damage; thereby generating the demand for refinish coatings.
Insights on market segments
On the basis of product, the automotive refinish coatings market is segmented into clearcoats, basecoats, primers and fillers, and others. In terms of value, the clearcoats category has been dominating the market, with an estimated contribution of more than 35.0% in 2017. Primers and fillers are expected to register significant growth during the forecast period, with 4.8% CAGR.
Browse report overview with 59 tables and 38 figures spread through 153 pages and detailed TOC on "Automotive Refinish Coatings Market by Product Type (Clearcoats, Basecoats, Primer & Filter), by Resin (Polyurethane, Acrylic, Alkyd, Epoxy) by Technology (Solvent-Borne, Water-Borne, UV Curved), by Auto Type (Cars, Commercial Vehicles, Two-Wheelers), by Vehicle Age (<5 Years, 5-10 Years, >10 Years) by Geography (U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Netherlands, Sweden, Denmark, Poland, Japan, China, India, South Korea, Australia and New Zealand (ANZ), Indonesia, Thailand, Vietnam, Philippines, Malaysia, Singapore, Brazil, Argentina, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2016–2023" at:https://www.psmarketresearch.com/market-analysis/automotive-refinish-coatings-market
Among all technologies used in the automotive refinish coatings market, the waterborne-based technology is expected to attain the highest CAGR during the forecast period. As solvent-borne based products produce high levels of VOC, OEMs have started to switch to water-borne based products, thus leading to increased demand of the technology in the market.
Of all auto types, cars are estimated to hold the largest share in the automotive refinish coatings market, with an estimated revenue contribution of more than 70.0% in 2017. This is mainly due to the growth in sales of used cars, coupled with growth in car insurance. However, the fastest growing category during the forecast period is expected to be two-wheelers, registering a CAGR of 5.1% between 2017 to 2023.
Based on vehicle age, the automotive refinish coatings market is segmented into vehicles aged less than 5 years, between 5-10 years, and more than 10 years. Vehicles aged more than 10 years have been leading the market in terms of volume sales, with an estimated contribution of more than 35% in 2017. This is mainly due to the fact that older vehicles are more susceptible to collisions and corrosion as compared to new vehicles.
Asia-Pacific stands as the largest market
Globally, Asia-Pacific has been the largest automotive refinish coatings market, with an estimated contribution of more than 30.0% in 2017. This can be attributed to the increase in the number of collisions in developing countries due to increased congestion and population, growing GDP of the region, and increase in the demand of vehicles in countries such as China, India, and Vietnam, among others. Moreover, the increasing commercial fleet due to logistics demand, and the rise in disposable income driving the rental cab service market, are few other factors driving the demand for the automotive refinish coatings in Asia-Pacific.
The leading players in the global automotive refinish coatings market include PPG Industries Inc., Axalta Coating systems Ltd., The Sherwin Williams Company, BASF SE, and AzkoNobel N.V. The other key players in the industry include Convestro AG, Esdee Paint Ltd., Kansai Paints Co. Ltd., KAPCI Coating Co. Ltd., KCC Corporation, The Lubrizol Corporation, NOROO Paint & Coatings Co. Ltd, Nippon Paint Holding Co. Ltd., S.Coat Co. Ltd., and Berger Paints India Ltd.
GLOBAL AUTOMOTIVE REFINISH COATINGS MARKET SEGMENTATION
By Product Type
By Resin Type
By Auto Type
By Vehicle Age