Prominently driven by the expanding vehicle parc, the demand for automotive refinish coatings will continue to be on an upward trend owing to the introduction of advanced and sustainable techniques in production of automotive refinish coatings. A new study of Future Market Insights (FMI) suggests that the global automotive refinish coatings market will roughly equate revenues worth US$ 7 Bn towards 2022, further witnessing a promising growth outlook through 2029.
The presence of a high number of performance and luxury vehicles in North America, especially in the U.S., will remain among the key contributors to the growth of automotive refinish coatings market in the near future. Additionally, expanding production of heavy commercial vehicles has assisted the growth of refinish paint industry. Steady increase in the number of body and paint shops for repair and refinishing of passenger cars is also spearheading market growth in the region.
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- Middle East & Africa (MEA) is expected to be a rapidly growing region in the global automotive refinish coatings market. The presence of a high number of performance and luxury vehicles in the Middle East, especially in UAE, is anticipated to be a key driving factor for the automotive refinish coatings market growth.
- Water-borne coatings offer numerous advantages over solvent-borne coatings, making them a preferred choice. These coatings can cover a given area with a relatively smaller amount of product as compared to solvent-borne coatings due to superior technology used in their production. They exhibit low toxicity and VOC content, and possess good resistance to abrasion and heat. Additionally, water-borne coatings are recyclable.
- Owing to superior performance characteristics, acrylic material-based coatings are expected to emerge dominant by the end of the forecast period.
- Expansion of manufacturing facilities and technical centers by key players, such as BASF, Axalta, PPG Industries, etc., is one of the prominent trends witnessed in the automotive refinish coatings market.
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Competitive Landscape Analysis
Manufacturers in the global automotive refinish coatings market such as Akzo Nobel N.V., and Axalta Coating Systems, LLC, among others are focusing on expansion of business through mergers, acquisitions, and joint ventures. In 2016, Axalta Coating Systems, LLC acquired Michigan-based United Paint and Chemical Corporation in order to move its transportation coatings business into the vehicle interior coatings market. In 2017, AkzoNobel N.V. signed a joint development agreement with Itaconix, a specialty chemicals company, to explore opportunities for the development of bio-based polymfreers.
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Major players in the automotive refinish coatings market are Akzo Nobel N.V., 3M, Axalta Coating Systems, The Sherwin-Williams Company, PPG Industries, The Dow Chemical Company, WEG Group, TOA Performance Coating Corporation Co., Ltd, Guangzhou Zhenroumei Chemical Coating Limited, Cresta Paint Industries Ltd., and KAPCI Coatings, among others.
AUTOMOTIVE REFINISH COATINGS MARKET TAXONOMY
The global automotive refinish coatings market is segmented into material, product, technology, vehicle, end use, and region.
- Base Coat
- Top Coat
- Clear Coat
- UV Cure
- Passenger Cars
- Commercial Vehicles
- North America
- Western Europe
- Eastern Europe
- Latin America