Asia-Pacific Automotive Refinish Coatings Market By Resin Type, By Layer, By Component and Future Forecast

Asia-Pacific Automotive Refinish Coatings Market By Resin Type (Epoxy, Acrylic, Polyester, Alkyd, Polyurethane, Vinyl, Nitrocellulose, Others), Layer (Clearcoats, Basecoats, Primer & Fillers, Activators/Hardeners, Others), Component Type (One component (1K), Two component (2K)), Technology (Powder Coatings, Solventborne coatings, Waterborne Coatings, UV Curved, High Solid Coatings), Vehicle Age (Less than 5 yrs, 5-10 yrs, more than 10 yrs), Application (Passenger Cars, Two Wheelers, Commercial vehicles, Industrial vehicles) Country (China, India, Japan, South Korea, Australia, Indonesia, Thailand, Malaysia, Singapore, Philippines and Rest of Asia-Pacific) – Industry Trends and Forecast to 2026

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Automotive refinish coatings are basically used by repair centres and automotive body shops for refinishing the vehicles. The automotive refinish market has grown from last 5 years due to increase in collisions of vehicles. Automotive refinish coatings can be of various types such as powder coatings, solvent borne coatings, waterborne coatings, UV curved and high solid coatings. Refinish coatings provide excellent optical appearance and also good substrate protection.
The automotive refinish coatings are used on automobiles for both decoration and protection purposes.
They are further classified as basecoats, clearcoats, primer and fillers, activators/ hardeners and others. The automotive refinish market has grown due to some reasons such as growing demand of epoxy resins in automotive market, growing demand for low temperature curing coatings owing to high demand of commercial vehicles etc.

Some of the factors which are driving the market growing demand of epoxy resins in automotive refinish coating application, demand of bio-based oils from automotive sector disruptive driving habits leading to more damage in vehicles, increasing number of average miles/km driven is creating new avenues for refinish coating, growing demand for low temperature curing coatings owing to high demand of commercial.

However, strengthening of governmental regulations with respect to high levels of volatile organic compounds, volatile organic compounds, increasing average cost per repair and Appearance of surface defects like craters and sagging are the restraint hampering the growth of the market.
Asia-Pacific automotive refinish coatings market is growing at a CAGR of 7.6% in the forecast period 2019 to 2026.

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Segmentation: Asia-Pacific Automotive Refinish Coatings Market
Asia-Pacific automotive refinish coatings market is segmented into six notable segments such as resin type, layer, component type, technology, vehicle age and application.

• On the basis of resin type, the Asia-Pacific automotive refinish coatings market is segmented into Epoxy, Acrylic, Polyester, Alkyd, Polyurethane, Vinyl, Nitrocellulose and others.

o In January 2019, AkzoNobel launched powder coatings that offered invisible protection that had variety of uses in public transport, hospitals and clinics etc. This helped the company to create more antimicrobial and hygienic products development.

• On the basis of layer type, the market is segmented into Basecoat/ Topcoat, Primer, Clearcoat, Activator/Hardeners, Sealer and others.
o In November, AkzoNobel acquired Malaysia’s Colourland Paints business that expanded distribution network and allowed better product offering which will also help the company to increase its productivity in Malaysia.

• On the basis of component, the market is segmented into one-component (1K) and two-component (2K).
o In October, 2018, Akzonobel announced its acquisition with Fabryo that helped them to become number one in Romanian decorative paints market. And helped them to expand its paint business worldwide.

• On the basis of technology, the market is segmented into powder coating, solventborne coating, waterborne coating, UV curved and high solid coatings.

o In April 2018, Axalta Coating Systems has launched a Nason Finishes (refinish brand) in South Africa.This brand launch will help to grasp more customers in South Africa.
• On the basis of vehicle age, the market is segmented into less than 5 years, 5-10 years and more than 10 years.

o In September 2017, Covestro has launched its first automotive refinish coating with bio-based hardener. This will help in expansion of Covestro’s refinish product portfolio.
• On the basis of vehicle age, the market is segmented into less than 5 years, 5-10 years and more than 10 years.

o In April 2018, NOROO Paint Co. Ltd launched ‘air purifying paint’, named Pantone Air Fresh Paint that had air purification function in it. This air purification functional paint is new innovation that is very effective in improving the indoor air quality by converting it into a component that does not affect human body.

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Competitive Analysis: Asia-Pacific Automotive Refinish Coatings Market

Some of the major players operating in this market are The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., BASF SE, PPG Industries Inc., Akzo Nobel N.V., KANSAI Paint Co. Ltd., Axalta Coating Systems, Covestro AG, S. Coat CO., LTD, BESA, Bernardo Ecenarro S.A., KAPCI COATING,THE LUBRIZOL CORPORATION, NOROO PAINT & COATINGS CO. LTD., RPM International Inc., Guangzhou Zhenroumei Chemical Coatings Limited, Alpscoating, TOA Performance Coating Corporation Co., Ltd. , Isamu Paint Co., Ltd, Esdee Pai ,Berger Paints India Limited and others.

Research Methodology: Asia-Pacific Automotive Refinish Coatings Market
Primary Respondents: key industry participants, subject-matter experts (SMEs), industrial professionals, C-level executives of key market players, and industry consultants.

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