Global Automotive refinish coating Market is expected to grow at a significant rate of around 5% during the forecast period. Automotive refinish coatings are paints and coatings that are used by vehicle repairers and body shops to give the vehicle a refreshed look along with the provision of defense against rust and corrosion. These paints consist of polyurethane-based enamel which helps to protect the surface of the automobile from environmental damage. In addition, the parts of the automobile are arranged in an assembly and then automotive paint is applied at a controlled environmental temperature. Moreover, the increase in automobile production and upsurge in the demand for eco-friendly automotive paints are the key factors driving the growth of the market. For instance, in September 2021, Nippon Paint India, part of the NIPSEA Group, launched a new international automotive refinish product system under the n-MAX brand.
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Based on Vehicle Type, the automotive refinish coatings market has been classified into passenger cars and commercial vehicles. The passenger vehicle category is to witness higher adoption during the forecast period owing to the growing demand of the population to own a vehicle with glossy and good quality paint. In addition, the increasing production of passenger vehicles and growing disposable income is also a key factor in the growth of the market.
Based on end-use, the automotive refinish coatings market has been classified into OEMs and aftermarket. The aftermarket category is to witness higher adoption during the forecast period owing to the growing damages to the vehicle’s aftermarkets have good quality products and consumers have different choices among aftermarket parts. Moreover, the growing cases of accidents, dents, scratches, etc. are driving the growth of the market.
APAC to witness extensive growth
APAC is anticipated to be the region with the highest market for automotive paints due to its high vehicle production and growing economies. Automotive sectors are working hard to provide their customers with products that are ecologically friendly and use cutting-edge technology. The bulk of vehicles manufactured globally, as well as in APAC, are passenger cars. Passenger automobiles are projected to represent the largest market for automotive paints. Additionally, Asia and Oceania are anticipated to be the biggest markets for electric and hybrid cars. The hybrid vehicle market is anticipated to be the largest for automotive paints since hybrid vehicles are becoming more and more popular throughout the world.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Automotive refinish coatings market are 3M Co, Akzo Nobel N.V., Axalta Coating Systems Ltd, BASF SE, Covestro AG, Kansai Paint Co Ltd., NIPSEA GROUP, Sherwin-Williams Company, Solvay S.A., and PPG Asian Paints Pvt Ltd.
“Global Automotive refinish coatings Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Material Type (Polyurethanes, Acrylics, and Alkyd)
- By Product Type (Primer, Basecoat, Topcoat, and Clearcoat)
- By Technology (Solvent Borne, Water Borne, and UV Cure)
- By Vehicle Type (Passenger Cars and Commercial Vehicles)
- By End-use (OEM and Aftermarket)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (3M Co, Akzo Nobel N.V., Axalta Coating Systems Ltd, BASF SE, Covestro AG, Kansai Paint Co Ltd., NIPSEA GROUP, Sherwin-Williams Company, Solvay S.A., and PPG Asian Paints Pvt Ltd.)
Key questions answered in the study:
- What are the current and future trends of the global automotive refinish coatings industry?
- How the industry has been evolving in terms of material type, product type, technology, vehicle type, and end-use?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global automotive refinish coatings industry?
- What is the customer orientation, purchase behaviour, and expectations from the global automotive refinish coatings suppliers across various region and countries?
