Automotive Refinish Coatings Market Value to Show $11.3 Bn by 2021

Global Automotive Refinish Coatings Market would be worth $11.3 billion by 2021 and shall grow at a CAGR of 6.3% during 2015-2021, according to new research published by Allied Market Research.Solvent-borne refinish coating technology segment currently accounts for about half of the revenue; however, by 2020, water-borne refinish coating revenues would match-up to solvent-borne segment.

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Within different product categories, basecoat refinish coating segment would remain the largest market with about 33.0% revenue in 2014. Polyurethane would be the largest resin segment, both in terms of volume and revenue, in 2014. The key reason driving the growth of polyurethane segment is its characteristic as a foam that assists manufacturers to make automotive seating, which can be assembled, disassembled and recycled.

Automotive refinish coatings are used by the automotive body shops and repair centers for refinishing the vehicles. The global automotive refinish coatings market had witnessed a tremendous growth during the last 5 years. This was mainly due to increase in the number of vehicle collisions in conjunction with proclivity of owners to repair their vehicles. However, increasing 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.

Increasing number of accidents, adoption of newer technologies and rising disposable income in the developing economies are the major factors that are expected to boost the automotive refinish coatings market growth. Moreover, growing demand of recreational vehicles in the developed regions of North America and Europe is further expected to fuel the refinish coatings market.

Key Findings of Automotive Refinish Coatings Market

• The Asia Pacific and North American regions collectively held about 62% of the overall automotive refinish Coatings market revenue in 2014
• The water-borne coating segment is expected to grow at the fastest rate
• In 2014, base coat and clear coat collectively accounted for more than half of the overall refinish Coatings market revenue.

Asia Pacific currently leads the global automotive refinish Coatings market. The key reason driving the growth of the Asia-Pacific market are increasing car parc, rising purchasing power and rise in number of road accidents. The Asia-Pacific would continue to lead the market during the forecast period due to rising demand of vehicle customization. LAMEA would be the fastest growing geographical region in the overall market.

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The major players in the market are adopting acquisition as their key strategies. The report provides a comprehensive analysis of the key companies operating in the market such as Axalta Coating Systems, BASF SE, Kansai Paint Co. Ltd., Akzo Nobel N.V., PPG Industries, Inc., Nippon Paints, and Matrix System Automotive Finishes.

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