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New Research Report Explore Automotive Refinish Coatings Market Expected to Grow at a CAGR of 5.86% in 2017-2021
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Automotive refinish coating is used in an automotive repair center or body shop for refinishing vehicles. The automotive refinish coating market has shown marked growth in the last few years with the rising number of vehicle collisions that compel owners to repair them. Furthermore, governmental regulations on high volatile organic compound coating levels could impact the automotive refinish coating market in the days ahead. The growing demand for recreational vehicles in developed regions such as North America and Europe should also play a role in the automotive refinish coating market that is projected to have a value of just under US$ 12 billion at the end of 2022.
Solvent-Borne Coatings to Gain at Expense of Water-Borne Coatings
The solvent-borne coatings segment has a revenue share exceeding 2/5th of the material type segment in the automotive refinish coating market at the end of 2017 and are on track to gain massive market share. This is primarily because of the decreasing preference for water-borne coatings in the automotive refinish coating market. The solvent-borne coatings segment is poised to push past a value of US$ 5 billion at the end of the five-year forecast and North America is the region to look out for. Nonetheless, it would be unwise to overlook the water-borne segment as it still accounts for a substantial, albeit declining share in the automotive refinish coating market. The water-borne coatings segment has strong scope in the APEJ region and key stakeholders in the automotive refinish coating market are advised to take this into account while devising their strategies.
Target Primer and Base-Coat Segment in Automotive Refinish Coating Market
The primer and base-coat segment combined hold the majority share in the automotive refinish coating market by coating structure segment. While the base-coat segment is likely to lose share, the primer segment has its best days ahead of it. An absolute dollar opportunity of roughly US$ 1.2 billion can be tapped in the primer segment of the automotive refinish coating market from the period 2017 to 2022. After North America, Europe is the second largest regional contributor in the primer segment of the automotive refinish coating market. However, APEJ is anticipated to grow with the highest CAGR throughout the duration of the forecast period.
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Decline in Top Coat and Clear Coat in Automotive Refinish Coating Market
There is a marked decline in the top-coat and clear-coat segment in the automotive refinish coating market in favor of more lucrative options. The loss in market share is more in the case of the clear coat segment in the automotive refinish coating market. The North America clear coat segment is predicted to be worth more than US$ 625 million by end 2022. Europe follows at a considerable distance in the top coat segment of the automotive refinish coating market.
Competition Dashboard in the Automotive Refinish Coating Market
The Persistence Market Research report has profiled companies actively involved in the automotive refinish coating market. These include BASF SE, Akzo Nobel NV, Axalta Coating Systems, PPG Industries, The Sherwin-Williams Company, DowDuPont Inc., Kansai Paint Co., Nippon Paint Holdings Co Ltd, 3M Company, and KCC Corporation.
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