Global Automotive Refinishing Coatings Market Poised to Reach US$ 12 Billion by 2022

Automotive Refinishing Coatings Market

Automotive refinishing coatings are put on to the mobile equipment or motor vehicles to refinish the surface or else set up the surface for its coating in a body shop or an automotive repair center for refinishing vehicles. These coatings contain solvents that evaporate to the atmosphere in the course of their use.

Bigger governmental regulations with regard to reduce the emission of high volatile organic compounds might impact the expansion of the worldwide market but by setting up eco-friendly technology might create better in the coming years.

The worldwide market is anticipated to reach a market valuation of close to US$ 12 billion by 2022 end, exhibiting a robust CAGR of 5.7 % during the five year projection period, 2017-2022.

Market Segmentation

Clear coat, primer, base coat and top coat are the types of coating structure in the overall market. The base coat and primer categories will jointly gain the majority market shares in the overall market. Although the base coat is expected to lose its market share, the primer category will be gaining traction in the coming years.; Based on resin types the overall market is segmented into acrylic, alkyd and polyurethane. The polyurethane category is projected to push past a value of close to US$ 4.7 Billion throughout the calculated period 2017-2022. The alkyd category is also expected to surpass a value of US$ 1 Billion by the end of the estimated period.

The materials type used in the worldwide market includes solvent-borne coatings, water-borne coating and UV-curved coatings. The solvent-borne coatings category is likely to account for a value of above US$ 5 billion by 2022 end.; Based on vehicle type, the overall market is segmented into heavy commercial vehicles, light commercial vehicles, luxury passenger cars, premium passenger cars, mid-sized passenger cars and compact passenger cars. The light commercial vehicles and heavy commercial vehicles are expected to have a similar market and are projected to lose market share by the end of the forecast period. The heavy commercial vehicles category will be exhibiting a CAGR of 5.0% by 2022 end.; The overall market for automotive refinishing coatings is studied across six major regions namely Europe, North America, Latin America, APEJ, Japan and MEA. North America is expected to remain dominant over the estimated period, followed by Europe. Though, APEJ region is expected to grow with a robust CAGR over the assessment period.

Key Market Players: The major players functional in the worldwide market are: KCC Corporation, 3M Company, Nippon Paint Holdings Co Ltd, Kansai Paint Co., Ltd, DowDuPont Inc , The Sherwin-Williams Company, PPG Industries Inc, Axalta Coating Systems Ltd, AkzoNobel N.V, BASF SE

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About Nikhil Kaitwade 45 Articles
With over 8 years of experience in market research and consulting industry, Nikhil has worked on more than 250 research assignments pertaining to chemicals, materials and energy sector. He has worked directly with about 35 reputed companies as lead consultant for plant expansion, product positioning, capacity factor analysis, new market/segment exploration, export market opportunity evaluation and sourcing strategies.