Asia-Pacific to Dominate Automotive Refinish Coatings Market through 2024
Increasing demand for pre-owned cars
along with growing number of cab services to boost global automotive refinish
coatings market through 2024
According to TechSci Research report, “Global Automotive Refinish Coatings Market By Resin, By
Technology, By Layers, By Region, Competition, Forecast & Opportunities,
2024’’, global automotive refinish coatings
market was valued at $ 7.9 billion in 2018 and is projected to register a CAGR
of 5.5% during the forecast period. Notably, automotive refinish coatings are basically
used by the automotive body shops and repair centers for refinishing the
vehicles. Factors like growing demand for recreational vehicles, rising cases
of vehicle collisions, etc., are fuelling growth in the market. While, one of
the major restraints for the growth of global automotive refinish coatings
market is strict regulations for volatile organic compound (VOC) emissions.
Furthermore, rising government regulations on the utilization of high volatile
organic compounds (VOC) level coatings may hamper the solvent-borne market
growth. Therefore, the market is inclined towards water-borne refinish
coatings, as they have comparatively low VOC levels.
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Regionally, global automotive
refinish coatings market has been segmented into North America, South America,
Europe, Asia-Pacific and Middle East & Africa. Among these regions, Asia-Pacific
region dominated global automotive refinish coatings market with a share of approximately
37% in 2018. The growth of Asia-Pacific automotive refinish coatings market is fuelled
by the rising number of collisions in emerging economies owing to the increasing
population and rise in demand for vehicles in countries such as India, China, Japan,
among others. Furthermore, growing demand for two wheelers, passenger cars as
well as commercial vehicles in emerging markets along with the expanding commercial
fleet owing to rising logistics demand are some other factors propelling the
demand for automotive refinish coatings in Asia-Pacific.
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“Global automotive refinish coatings market is
highly fragmented with the presence of many small and medium-sized company
players. Most of the companies prefer entering into new partnerships,
collaborations and joint ventures in the market to expand their respective
customer base. Furthermore, key players operating in the industry are focusing
on new product developments to reinforce their presence in the market.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Automotive
Refinish Coatings Market By Resin, By Technology, By Layers, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated the future
growth potential of global automotive refinish coatings market and provides
statistics and information on market size, structure and future market growth.
The report offers decision makers superior market intelligence, thereby
enabling them conduct thorough investment appraisal. Besides, the report
also analyzes the evolving market trends along with drivers,
challenges and opportunities in global automotive refinish coatings market.
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