Press release
Automotive Refinish Coatings Market: Rising Consumer Disposable Income Plays Important Role in Market Growth 2024
Automotive Refinish Coatings Market
“The majority of companies operating in the market are focusing towards the development of effective water-borne varieties of automotive refinish coatings,” says TMR’s lead analyst. The global automotive refinish coatings market is anticipated to progress at a CAGR of 5.7% from 2016 to 2024, rising to a valuation of US$10.8 bn by 2024 from US$6.6 bn in 2015
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Booming Second Hand Vehicle Market Triggers Demand for Automotive Refinish Coatings in North America
On the basis of product varieties, base coat will continue to dominate the market until 2024, accounting for 31% of the overall market revenue. The rising number of road accidents and used vehicles is leading to the higher demand for base coat. The activators segment is expected to expand at a noteworthy CAGR during the review period, thanks to the expansion of car parc in developing regions.
Geographically, North America will continue to command the lion’s share in the global arena until 2024. High disposable income and the booming market for second-hand vehicles are key factors contributing to the dominance of the region. Asia Pacific, on the other hand, will be the most promising regional market for automotive refinish coatings market. The widening base of affluent consumers is translating into the greater frequency of vehicle repair and maintenance activities.
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Flourishing Growth of Automotive Sector in Emerging Economies Augments Market
The automotive sector in emerging countries, including Brazil, India, China, and South Africa is poised to progress at a healthy pace over the forthcoming years. “The increase in the sales of automobiles across these economies is attributable to factors such as improving economic conditions and rising disposable income,” says a TMR analyst. The expanding pool of vehicles is creating an upswing in the consumption of automotive refinish coatings. In addition, increasing disposable income is leading to significant rise in automobile repair and maintenance activities, which has a direct positive impact on the worldwide market.
Stringent Regulations Related to VOC Emissions Hampers Growth Prospects
The protean prices of raw materials required for the production of automotive refinish coatings are acting as a major deterrent to the growth of the global market. The raw materials used are primarily derived from crude oil and natural gas. Stringent regulatory reforms pertaining to the VOC emissions, particularly across industrialized regions such as Europe and North America, are adversely affecting the global consumption of solvent-based coatings.
This, coupled with the efforts by government and non-government organizations to increase awareness regarding the hazardous effects of solvent-based coatings on the environment, is negatively impacting the overall revenue generation of the global automotive refinish coatings market. Nevertheless, these factors are compelling manufacturers and consumers to shift towards water-based coatings, which is likely to unfold tremendous growth opportunities for the market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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