Automotive Refinish Coatings Market Insights, Leading Players, Regional Analysis and Future Scope

With the increasing income of people and surging gross domestic product (GDP) of countries, the sales of automobiles are rising. This is, in turn, pushing up the requirement for automotive refinish coatings, especially in developing countries such as China and India. For example, in China, due to the growing GDP, the sales of four-wheelers rose by 28.03 million in 2016. This massively propelled the demand for refinish coatings, as they were required in abundance for vehicle repair and maintenance.

Similarly, in India, the sales of used cars grew from 1.6 million units in 2011 to 3.3 million in 2016, while, in the U.S., the sales of used trucks and cars reached an all-time high of 17.6 million units in 2016. Because of their lower prices than new automobiles, used vehicles are being increasingly preferred by the middle-class populace across the world. As several maintenance and repair works are done in these vehicles for maintaining their quality, their growing demand is positively impacting the worldwide sales of automotive refinish coatings.

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Besides the aforementioned factors, the growing deployment of recreational vehicles (RVs) is also fueling the growth of the automotive refinish coatings market. In recent times, the sales of RVs have increased sharply, especially in Europe and North America, primarily because of the increasing disposable income of people. For example, the global RV shipment rose from 28,346 units in 2015 to 33,398 units in October 2016. With the burgeoning requirement for RVs, automakers are focusing on various modifications for providing customized and economically viable models to customers.

Moreover, these coatings provide protection against various environmental factors, scratch resistance, and durability to the overall coating. Geographically, Europe and Asia-Pacific (APAC) will hold more than 60.0% share in the automotive refinish coatings market in 2023, as per the forecast of the market research company, P&S Intelligence. This is ascribed to the increasing per capita income and gross domestic product (GDP) of the regional countries, which are fueling the sales of automobiles, including used vehicles and RVs, in the region.

North America is also expected to hold considerable market shares in the coming years. This will be because of the increasing prevalence of road accidents and booming sales of RVs in the region. The North American automotive refinish coatings market will be dominated by the U.S. throughout the forecast period. This is attributed to the soaring average age of automobiles, increasing deployment of RVs, and surging incidence of vehicle collisions in the country.

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Hence, it can be said without any hesitation that the demand for automotive refinish coatings will shoot up in the upcoming years, primarily because of the mushrooming sales of automobiles, including used cars and RVs, and the increasing lifespan of vehicles all over the world.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.