A recent study by Future Market Insights (FMI) foresees, automotive refinish coatings market to record a remarkable 5.8% value CAGR between the forecast period 2017 and 2027. Pre-owned vehicles will drive the demand for automotive refinish coatings, owing to the increased investment of individuals towards maintenance. Providing resistance to corrosion and giving a glossy surface finish to vehicles, the paints & coatings will be the foremost industry in terms of market shares for the automotive refinish coatings market.
Asia Pacific excluding Japan holds significant market potential in the automotive refinish coatings market, owing to the expansion of manufacturing facilities in parallel to increasing vehicle fleet in the region. North America and Western Europe will continue to remain a lucrative market throughout the period of forecast owing to the fact that these regions are automotive production hubs and have a high number of vehicles in comparison to other regions.
With the changing customer structure, mergers across value chain to develop interregional solutions for the customers is a key strategy of major players to enhance market share and customer base. Adoption of latest technologies such as water-based products and UV cure-based coatings, will also remain a key growth determinant for the automotive refinish coatings market.
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The report envisages that the passenger cars in vehicles will hold bulk shares and will play a crucial role in building market revenue during the period of forecast. The increasing per capita income of individuals and the growing automotive sectors are the two reasons driving the demand for passenger cars.
The base coat and top coat in products offer a resistance against chemicals and is expected to grow during the forecast period with their pleasing appearance. The first coat applied in refinish coatings is base coat, and thus this segment is anticipated to dominate the worldwide market for automotive refinish coatings.
The water borne coatings offer numerous advantages and can also cover a given area with a relatively smaller amount of product when compared with solvent borne coatings. Along with exhibiting low toxicity and VOC content, the water borne coatings possess good resistance to abrasion and heat. Additionally, water borne coatings are recyclable, i.e. unused coatings can be used again. However, owing to low VOC emissions, water borne coatings would gain its share of application over solvent borne coatings and will continue to witness a significant demand in the automotive refinish coatings market.
The acrylics are produced by polymerizing methacrylic acid or acrylic acid, and is used in solvent applied inks, lacquers, adhesives and specialty coatings. The acrylic resins can be thermoplastic and can be used in organic solvent borne, water borne and radiation curable coatings. Therefore, with the increasing demand for water borne coatings, the acrylics segment will be a preferred type of material for automotive refinish coatings in terms of volume.
Aftermarket provides cheaper products which can be used as an alternative in place of the products provided by OEM. Globally, there is an increase in individual investment for vehicle repair and refinish in a short period of time. Hence, the demand for automotive refinish coatings in the aftermarket segment is expected to grow significantly during the forecast period. Sales growth in aftermarket can be attributed to the growing interest of people towards vehicle customization and aesthetics.
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Major players involved in the automotive refinish coatings market are stressing on collaborations, partnerships and joint ventures in order to develop their operational efficiency. Axalta Coatings Systems in 2016 acquired Michigan-based United Paint and Chemical Corporation in order to enable transportation coatings business to move into the vehicle interior coatings market, which provided the company to offer complete range of coating systems. Some of the players reported in this study on the global automotive refinish coatings market are Axalta Coatings Systems LLC, 3M, Akzo Nobel N.V., HMG Paints Limited Covestro AG, and many more.
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