ID: MRFR/CnM/5207-HCR | February 2021 | Region: Global | 100 pages
The automotive refinish coatings market is expected to reach a value of $10.3 billion by 2026 with a CAGR of around 5.6%. The Automotive refinish coatings market is expected to reap positive results from the Asia Pacific region where the demand for automotive refinishes coatings due to increased development activities is high. Moreover, the segment by end-use industries is expected to contribute maximum towards automotive refinishing coatings market share.
The automotive refinish coatings market has been one of those major market forms which have gained significance off late and on a rapid scale due to its wide applicability and usage among various end-use industries that have increased demand for automotive refinish coatings and its by-products. The extensive rise in the demand for automotive vehicles has been observed as a major factor responsible for the growth of this market. As a result, the need for aesthetics and beauty in addition to the stability and strength of automotive cars has played a major role.
The need for timely maintenance and the demand for enhancing the appearance and durability have created a demand for a new market and industry to outrun the demand by providing the necessary equipment and products required for such maintenance and repairs.
The rising number of motor vehicle accidents and the need for the repairs of such vehicles and giving them a more durable outfit has motivated the automotive refinish coatings market share. The increased usage and need for heat and water-resistant coatings, dust-proof exteriors, customized designs, corrosion-resistant bodies, etc have led the manufacturers to invest in automotive refinish coatings logistics and infrastructure.
COVID 19 Analysis:
The novel coronavirus or the Covid 19 pandemic has negatively impacted the automotive refinish coatings industry since the demand for automotive refinish coatings materials have declined which has created a negative impact on the automotive refinish coatings industry and the automotive refinish coatings companies have faced shortages in personnel, accumulated stocks, and forced shutdowns. Due to the lockdowns in various countries, the demand for automotive vehicles has reduced significantly with people avoiding extra expenditures which have also impacted the automotive refinish coatings market growth.
Due to the Covid 19 effect, it has been observed that a large number of producers have been forced to shut down their production units and lay off employees but it is assumed that the market will soon pick up the pace and the demand would increase. It is expected that the post-lockdown period would be a great success for the automotive refinish coatings market revenue. It is also analyzed that every segment would be contributing significantly towards the growth of automotive refinish coatings market value.
The competitive landscape in terms of the automotive refinish coatings market has been immense and nail-biting with new players easily entering the market and the existing players making huge investments in this segment.
The key players in the market are more focused on developing future strategies and set themselves as joint ventures to increase the automotive refinish coatings market share and size.
The automotive refinish coatings market has been experiencing a diversified growth in all segments and across different regions due to the rising populations and the increasing per capita incomes of people which has shifted the demands of people to highly sophisticated and technologically advanced products and equipment which have acted as a motivating factor to the automotive refinish coatings market.
Secondly, the automotive refinish coatings industry has been experiencing a boom in its activities due to specialized properties of automotive refinish coatings such as high durability, resistance, glossy, heat and weather resistant, less corrosive, and highly aesthetic which has shifted the demands of the consumers towards such coatings and designs.
Also the emerging automotive refinish coatings market trends and the demand for improved infrastructural facilities, logistics, etc have driven the automotive refinish coatings market to directly produce end-use products for fulfillment of needs of such industries. Rapid technological advancement and government policies have also played a major role in such development.
The overall growth in the automotive refinish coatings market has been expediently rising but certain factors hinder the growth process of the market which include large sums of money to be invested initially in setting up of automotive refinish coatings companies and thus it restricts various new players to enter the markets.
Another key factor that acts as a barrier towards an increase in automotive refinish coatings market share is the availability of cheap and a variety of substitutes in the market which shifts the demands of the consumers towards these substitutes and reduces demand for the automotive refinish coatings and their by-products.
Another key restraint that has been observed off late is the fluctuating prices of the raw materials which creates a negative impression and impact in the minds of the manufacturers as rising prices would restrict them to produce at a large scale and thus affect the demand-supply relationship adversely.
In terms of technology, solvent-borne technology witnesses slow growth owing to stringent rules and regulations related to VOC emission fuels. However, recent innovations and research and developments have led to high solid formulations along with high resistance, reduced emissions, and high quality finishes thereby increasing the number of applications and use in a variety of luxury cars.
The UV cured technology is a rapidly developing technology and accounts for a good portion of the total automotive refinish coatings market revenue since innovations made in this regard have provided benefits of fast cure time, benefits of competitive cost, and lucrative finish to the automotive. Further, increasing the use of this technology in clear coats and primers will increase the demand for such technology in automobiles.
The automotive refinish coatings market has been segmented as follows
By Product Type
By Vehicle Type:
The global automotive refinish coatings market has been divided into five regions where each region has been contributing significantly in terms of its capabilities and population demands. However, among the five regions, the Asia Pacific region has been accounting for the major automotive refinish coatings market share whereby the key drivers towards the growth of the automotive refinish coatings industry are developed here, and the population seems to be quite interested in the innovations in terms of new products in the market.
The major automotive refinish coatings market revenue is expected to come from countries like China, Japan, Korea, and India. The automotive refinish coatings statistics indicate that the population along with the disposable incomes of people of these countries has been increasing which has led to shifts in lifestyles and changing demands.
The European region has also been experiencing major growth with contributions coming from developed nations such as France, Germany, Denmark, Belgium, etc. . The North American region is also experiencing vast growth in automotive refinish coatings market shares as the countries in this region have been reaping the benefits of technology thereby maximizing the level of operations and reducing operational cost.
The Global report helps the investors to gain meaningful information about the automotive refinish coatings market and make decisions wisely. The report discusses the steps taken by the automotive refinish coatings market leaders to boost the market growth and inflate market valuation for their good. The report fully summarises the ongoing market scenario in the automotive refinish coatings market which would help the intended audience to seek more information about the market. The objective of the report was to fully summarise the key players in the market and their role in boosting the automotive refinish coatings market value. The report also discusses the future growth prospects and the competitive landscape in the automotive refinish coatings industry and lays down the expected growth rate of the market along with the hindrances it may face.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Technology, Resin, Vehicle Type & Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||KCC Corporation (South Korea), BASF SE (Germany), Mitsui Chemicals, Inc. (Japan), PPG Industries, Inc. (US), Nippon Paint (Japan), KAPCI Coatings (Egypt), The Valspar Corporation. (US), The Sherwin-Williams Company (US), 3M (US), Akzo Nobel N.V (The Netherlands), Kansai Paint Co., Ltd (Japan), Covestro AG (Germany), Esdee Paints Limited (India), Axalta Coating Systems, LLC (US), The Lubrizol Corporation (US) and Berger Paints India Limited (India).|
|Key Market Opportunities||The development of technologies such as UV-cured and waterborne along with the expansion of the used car markets is expected to boost the market|
|Key Market Drivers||The rising number of vehicle collisions also have considerably increased the demand for automotive refinish coatings.|
Frequently Asked Questions (FAQ) :
The Asia-Pacific region is expected to have a high growth rate and market share in the automotive refinish coatings market.
The key manufacturers who hold a dominant position in the automotive refinish coatings market are KCC Corporation (South Korea), BASF SE (Germany), Mitsui Chemicals, Inc. (Japan) , PPG Industries, Inc. (US), Nippon Paint (Japan), and KAPCI Coatings (Egypt).
The segment by technology is expected to provide maximum growth due to its wide applications and uses in a variety of manufacturing processes.
The expected growth rate of the automotive refinish coatings market is estimated to be 5.6% by 2026.