5 November 2020: The automotive refinish coatings market is expected to witness a considerable growth on account of increasing number of vehicles in countries such as India and China. Automotive refinish coatings are mainly used by repair centers and automotive body shops for refinishing the vehicles. Automotive vehicles need regular maintenance to enhance damages caused by external factors such as stones, extreme temperature, and accidental damages. The increasing instances of road mishaps and the demand for aftermarket modifications for vehicles is expected to propel the growth of the market.
Superior Qualities of Polyurethane to Promote Segment Growth
Based on resin, the product is segmented into alkyd, acrylic, polyurethane, and others. Polyurethane held the largest share in terms of volume as it was the most widely used resin in 2015. Due to its superior properties and advantages, such as resistance to extreme temperatures and its potential to perform in varied environmental conditions, the segment is anticipated to witness growth. The factors responsible for augmenting the growth of the segment are characteristics such as UV protection and fungus resistance, which is especially suitable for tropical environments, high resistance to grease, water, and oil, and its capacity to repel impact and abrasion.
Acrylic refinish offers benefits such as longer lifespan and smooth finish coatings that are extensively preferred for commercial vehicles and passenger vehicles. Its extensive use in refinishing of old cars, mid-range automobiles, and mini trucks, which is likely to propel the demand for the industry.
Market Insights
Demand for automotive refinish coatings has increased as they enable enhanced appearance of vehicles and improve the durability. Aftermarket modifications, maintenance, and rising demand for repair of vehicles is likely to fuel the growth of the automotive refinish coatings industry over the forecast period.
High demand for UV-cured, waterborne, and high solids coatings, given their low to almost negligible VOC emissions, is expected to promote the growth of automotive refinish coatings over the forecast period. Various companies are inclined to manufacture cost-efficient and high-performance coatings by promoting product development initiatives, which is also anticipated to augment product consumption. However, volatile prices of raw materials is expected to hamper the industry in the coming years.
The automotive refinish coatings market is extremely competitive in nature due to presence of the key players such as, AkzoNobel, BASF SE, PPG Industries, and Axalta Coating Systems among others.
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