Automotive Refinish Coatings Market To Generate Revenue Of $14.88 Billion By 2024: Grand View Research, Inc.

Automotive Refinish Coatings Market To Generate Revenue Of $14.88 Billion By 2024: Grand View Research, Inc.

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According to report published by Grand View Research,Rising demand for automotive refinish coatings as they improve the durability and enhance the appearance of vehicles will fuel automotive refinish coatings market growth over the next eight years.

According to a report,“Automotive Refinish Coatings Market Analysis By Resin Type (Acrylic, Alkyd, Polyurethane), By Technology (Waterborne, Solvent borne, UV-Cured), By Product (Primer, Basecoat, Filler, Topcoat), By Vehicle Age (<5, 5-10, >10) And Segment Forecasts To 2024”, published by Grand View Research, Inc., The global automotive refinish coatings market is expected to reach USD 14.88 billion by 2024. Rising demand for automotive refinish coatings as they improve the durability and enhance the appearance of vehicles will fuel market growth over the next eight years. Furthermore, aging of vehicles, rising demand for repair, maintenance, and aftermarket modifications will augment product demand over the forecast period

The waterborne technology was valued at USD 3.40 billion in 2015 and is expected to witness significant rise on account of excellent heat resistance, adhesion, and abrasion properties. Furthermore, its advantage over solvent borne coatings including less toxicity, less flammability, and reduction of air emissions will propel market growth over the forecast period. 

Key Takeaways from the report:

  • Global automotive refinish coatings market demand was 916.4 kilo tons in 2015 and is expected to witness high gains in light of growing vehicle sales in China, India, and Mexico

  • Acrylics was a prominent segment and accounted for 21.1% of the overall volume in 2015. The product will show growth in light of its high usage in waterborne technology. Furthermore, superior properties including resistance to stain, blistering, cracking, and extreme temperatures will fuel its demand over the forecast period.

  • North America accounted for 22.8% of the global revenue share in 2015 and is expected to witness significant gains in light of growing need for repair, maintenance, and customization over the upcoming years.

  • Latin America will witness significant revenue growth at a CAGR of 6.6% from 2016 to 2024 as a result of increasing automotive vehicle sales in Argentina, Brazil, and Columbia. Prevalence of road accidents along with the growing trend of recreational vehicles in Brazil will fuel industry expansion.

  • Automotive refinish coatings industry is dominated by key participants including BASF, Axalta Coating Systems, PPG Industries, AkzoNobel, and Sherwin-Williams. Ongoing product development by various companies to manufacture high-performance and cost-efficient coatings is expected to augment product consumption over the next eight years.

  • In December 2015, PPG Industries in collaboration with Asian Paints introduced product line of environment base high performance waterborne automotive refinished paint in Sri Lanka to expand the customer base

U.S. automotive refinish coatings market revenue, by technology, 2013 – 2024 (USD Million)

U.S. automotive refinish coatings market revenue, by technology, 2013 - 2024 (USD Million)

 

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The basecoat is expected to witness significant revenue rise at a CAGR of 6.9% from 2016 to 2024 over the forecast period as it provides color, decorative effects and exterior aesthetic to vehicles.Increasing demand for solid basecoats in motorcycles, trucks and cars owing to the ease of application coupled with basic color effect will increase industry size.

Grand View Research has segmented the global automotive refinish coatings market on the basis of resin type, technology, product, vehicle age, and region:

Global Automotive Refinish Coatings Resin Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)

  • Acrylic

  • Alkyd

  • Polyurethane

  • Others

Global Automotive Refinish Coatings Technology Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)

  • Solventborne

  • Waterborne

  • UV-Cured

Global Automotive Refinish Coatings Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)

  • Primer

  • Filler

  • Basecoat

  • Topcoat

  • Others

Global Automotive Refinish Coatings Vehicle Age Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)

  • <5

  • 5-10

  • >10

Global Automotive Refinish Coatings Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)

  • North America

    • U.S.

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • India

  • Latin America

    • Brazil

  • MEA

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About Grad View Research, Inc.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

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