However, volatility of raw material prices and enhanced road safety parameters are some of the major challenges in global automotive refinish coatings market.
Valley Cottage, NY -- (SBWIRE) -- 06/20/2017 -- Automotive vehicles require timely maintenance and repairing to enhance the appearance and durability of vehicle by protecting them from external factors such as extreme temperature and UV radiation. For the need of refinishing the automotive refinishing coatings are frequently used in automotive aftermarket by end-users like automotive body shops and automotive repair centers. For durability, speed and perfect matching color the service providers use advance technology such as spray gun to apply primer and color coats of paints. Refinishing coatings are also applied to components and body of vehicle to protect from deterioration caused by foreign particles such as stone and other debris.An increasing demand for refinishing of vehicles across the globe, has led to significant improvements in automotive refinish coatings market such as development of advance coating material which are eco-friendly and low-solvent content. These products also provide good blend of ease of use, speed, durability and color match.
Some of the underlying growth factors in global automotive refinish coatings market is consistent increase in number of vehicles in operation worldwide. Increase in miles driven, road accidents, and demand for recreational vehicles are the major drivers responsible for the growth of global automotive refinish coatings market. However, volatility of raw material prices and enhanced road safety parameters are some of the major challenges in global automotive refinish coatings market.
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The global automotive refinish coatings market is geographically segmented into seven key regions which are, North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa. Asia-pacific is leading automotive refinish coatings market in terms of revenue due to rising vehicles in operation and increasing sales of pre-owned cars. However the growth in North America, Eastern Europe and Western Europe is expected to remain stagnant for the forecast period. Growth in automotive refinish coatings market is relatively high in BRIC nations when compared with matured economies due to developing automotive aftermarket in these countries. This rapid growth in automotive refinish coatings market is fuelled by multiple macro-economic factors such as rising number of cab-services, increasing car customization and rising capacity of collision repair& vehicle body shops. In addition, it is expected that in the next 30 years the total number of passenger cars in developing countries would reach around 3.5 to 4 billion.
On the basis of product type the global automotive refinish coatings market is further segmented into two sub-segments which are Solvent-borne Coatings and water-borne Coatings. The solvent-borne coatings dominates the global automotive refinish coatings market, whilst for the forecast period the growth rate of water-borne coating type is estimated to be high. In Europe and North America automotive refinish coatings market adoption of water-borne coating material segment is increasing rapidly due to government regulations to reduce volatile organic compounds (VOC) level, which is generally high in solvent-borne coatings.
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Some of the examples of market participants in global automotive refinish coatings market are DuPont Performance Coating, BASF SE, Kansai Paint Co. Ltd, Akzo Nobel N.V, KCC Corp, Noroo Paint Coatings Co. Ltd., PPG Industries Inc., and Matrix System Automotive Finishes.
In future, global automotive refinish market is expected to grow significantly in terms of volume and value. This growth will give rise to new product development with enhanced properties like quick drying, cost-efficient and high performance coatings.