Automotive refinish coatings market expected to grow to USD 12.29 billion by 2028, according to reports and data
Automotive refinish coatings market size – USD 9.12 billion in 2020, growth – CAGR of 3.84%, trends – Rise of environmentally friendly coating technologies.
NEW YORK CITY, NY, USA, March 6, 2022 /EINPresswire.com/ — The automotive refinish coatings market is expected to reach USD 12.29 billion by 2028, according to a new report from Reports and Data. This can be mainly associated with increasing disposable income, changing lifestyle and shopping behavior of people, as well as demand for luxury vehicles from this segment.
Automotive refinish coatings are used by end users to meet the growing need for up-to-date vehicle care and maintenance to improve the appearance and durability of vehicles and protecting them from damage due to extreme temperatures and weathering. UV rays. Developments and innovations in coatings such as high-tech low-solvent eco-friendly coating materials are another factor fueling the growth of the market.
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Strict regulations regarding various products containing VOCs are one of the factors restraining the growth of the market. The use of products containing VOCs, releases VOCs causing air pollution and smog, to improve the same, the governments of many countries have implemented a series of control measures.
Major participants include
PPG Industries Inc., The Sherwin Williams Company, Axalta Coating systems Ltd., AzkoNobel NV BASF SE, Convestro AG, Kansai Paints Co. Ltd., Esdee Paint Ltd., KCC Corporation, KAPCI Coating Co. Ltd., NOROO Paint & Coatings Co. Ltd, The Lubrizol Corporation, S.Coat Co., Ltd., Nippon Paint Holding Co. Ltd. and Berger Paints India Ltd., among others.
Other key findings from the report suggest
The market is segmented on the basis of resin type into epoxy, alkyd, polyurethane, others.
Polyurethane segment dominated the market in 2020 and is expected to grow at a CAGR of 2.2% over the forecast period as it is cheaper, environmentally friendly and also versatile.
The market is segmented on the basis of product into primer, base coat, clear coat, activator, filler and filler.
Clear coats, which protect vehicle paint from sun, dust or water, hold the largest market share in 2020. It is expected to have a growth rate of 3.4% during the period of forecast.
Solvent-based coatings hold the largest market share in 2020 with a CAGR of 2.9% during the forecast period, the reason for this is its profitability compared to other technologies.
The market is segmented on the basis of glass, metal, plastic and other substrate.
Metal substrates is the largest stock holding segment in 2020 and is expected to dominate the segment throughout the forecast period with an annual growth rate of 3.84% as metal surfaces are prone to corrosion.
The market is segmented on the basis of applications in commercial vehicles, passenger vehicles and two-wheelers.
The passenger vehicle segment held the largest market share of around 43% of the market in 2020, in terms of revenue. Demand is expected to increase significantly due to high disposable incomes, changing shopping behaviors and demand for luxury cars.
The market is segmented on the geographical basis by North America, Europe, Asia-Pacific, Latin America and MEA.
The Asia-Pacific region, mainly Japan, China and India, has developed its automotive industry due to high demand for passenger and commercial vehicles, increased congestion and population, which, in turn, has driven the growth of the market in Asia-Pacific.
Companies have adopted various strategies including mergers, acquisitions, and partnerships to stay on the beaten track and bring new developments to the market.
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For the purposes of this report, the reports and data have segmented the global automotive refinish coatings market on the basis of resin type, product, technology, substrate, application and region:
Resin Type Outlook (Volume, Kilotons; 2020-2028 and Revenue, USD Billion; 2020-2028)
Product Outlook (Volume, Kilotons; 2020-2028 and Revenue, USD Billion; 2020-2028)
Substrate Outlook (Volume, Kilotons; 2020-2028 and Revenue, USD Billion; 2020-2028)
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Application Outlook (Volume, Kilotons; 2020-2028 and Revenue, USD Billion; 2020-2028)
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Regional Outlook (Volume, Kilotons; 2020-2028 & Revenue, USD Billion; 2020-2028)
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