Automotive Refinish Coatings Market

Automotive Refinish Coatings Market: APEJ Projected to be a Relatively Attractive Market
During the Forecast Period: Global Industry Analysis (2012 - 2016) and Opportunity
Assessment (2017 - 2027)
Future Market Insights’ newly published market report, “Automotive Refinish Coatings Market:
Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)” examines the
automotive refinish coatings market and offers crucial market insights for the next 10 years.
According to the report, the estimated value of the global automotive refinish coatings market in
2017 is US$ 5,419.5 Mn and is expected to expand at a CAGR of 5.8% to reach US$ 9,560.3 Mn by
the end of the forecast period in 2027.
Global Automotive Refinish Coatings Market: Dynamics
The global automotive refinish coatings market is expected be driven by a growing demand from
the rapidly growing sales of pre-owned vehicles and from the paint and coating industry.
Advancements pertaining to product developments in paints and coatings industries is expected to
result in the rise in demand for automotive refinish coatings as a part of product quality
enhancement procedures. This in turn is expected to drive revenue growth of the automotive
refinish coatings market across different regions. Major players involved in the automotive refinish
coatings market are emphasising on acquisitions, partnerships and collaborations in order to
enhance their operational efficiency. Also, strategic collaborations and joint ventures that improve
the sales & distribution network are expected to gain momentum during the forecast period.
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According to some environmental regulations by the U.S. Government, water borne based coatings
and UV Cure based coatings are considered as a safe coatings. Solvent borne based coatings are
harmful as they release VOCs in high concentration. Such regulations governing the usage of paints
and coatings are restraining growth of the automotive refinish coatings market.
Global Automotive Refinish Coatings Market: Segmental Analysis & Forecast
On the basis of vehicle type, the passenger cars segment is anticipated to play a crucial role in
building market revenue. The passenger cars segment is estimated to lead the overall automotive
refinish coatings market accounting for an estimated share of more than 75% in the global market
value by the end of 2017.In terms of technology, the water borne segment is expected to witness
rising growth in revenue during the forecast period. As per the forecast this segment is slated to
account for more than 45% share in overall market value by the end of the forecast period. This is
largely due to the massive applications of automotive refinish coatings in paints to prevent
corrosion, and low emission of VOCs, thereby driving market share globally.
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By product type, the base coat segment dominates the global automotive refinish coatings market.
Globally, demand for base coats is high due to the fact that this is the first coat to be applied in
refinish coatings. The base coat segment is expected to represent a market attractiveness rating of
5.0 and be a relatively attractive segment during the forecast period.
In terms of material type, the polyurethanes segment is expected to hold over 40% market share by
volume during the forecast period. The acrylics segment is expected to expand at a significant
CAGR over the forecast period.
By end use, the aftermarket segment is estimated to hold over 60% market share both by value and
volume during the forecast period. The aftermarket segment is expected to represent a higher
incremental $ opportunity than the OEM segment.
On the basis of region, APEJ is anticipated to dominate the global automotive refinish coatings
market throughout the forecast period. The regional market is expected to expand at a CAGR of
6.2% in terms of value during the forecast period. The market in North America is anticipated to
register a value CAGR of 5.7% during forecast period. These two regions are expected to register
relatively faster growth during the forecast period.
Global Automotive Refinish Coatings Market: Competitive Landscape
Some of the players reported in this study on the global automotive refinish coatings market are 3M
Akzo Nobel N.V., Axalta Coating Systems PPG Industries, The Sherwin Williams Company, The
Dow Chemical Company, HMG Paints Limited Covestro AG, DSM Nippon Paint Holdings Co.,
Ltd, U.S. Paint Corporation Kansai Paint Co., Ltd., KCC Corporation SEM Products Inc. Yashm
Paint & Resin Industries, Samhwa Paints Industrial Co., Ltd, Novol Sp. Z.o.o. Noroo Paint &
Coatings, The Lubrizol Corporation WEG Group among others. Industry players over the recent
past have been channelizing efforts towards innovative product development.