SAN JOSE, Calif., March 26, 2018 (GLOBE NEWSWIRE) -- According to the latest report published by Credence Research, Inc. “Automotive Refinish Coatings Market - Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global automotive refinish coating market was valued at US$ 9,494.5 Mn in 2017, expanding at a CAGR of 6.5% from 2018 to 2026.
Market Insights
The global automotive refinish coatings market accounted for US$ 9,494.5 million in 2017 growing with a CAGR of 6.5% during the forecast period from 2018 to 2026. Increasing vehicles sale, easy availability of auto loans and modern lifestyle will drive the market growth over the forecast period. Moreover, rising need for maintenance of premium vehicles is expected to drive market growth in Asian economies. In India, two wheelers and four wheelers accounts for 25% of road crashes leading to increased demand for vehicle repair and maintenance, and is therefore, expected to drive the overall market. According to road-traffic safety experts, the frequency of traffic collisions in India is highest among other countries, which in turn is surge the overall growth. In addition, Indian government’s “Skilled India” initiative will create more skilled workers for the automobile maintenance and repair industry, which in turn is projected to supplement the aftermarket growth in the future.
Solvent borne technology is witnessing a drop in demand owing to VOC emission. Leading paint and coating manufacturers are shifting from solvent borne technology to waterborne technology on account of stringent environmental regulations such as “Directive 2004/42/EC” of the European Parliament. This regulation limits the emissions of volatile organic compounds by 90% owing to the use of organic solvents in decorative coatings and varnishes and vehicle refinishing products. Automotive manufacturers in Europe have followed the European Union directive in reducing VOC emission through the implementation of using powder coating/ water borne coating instead of solvent borne coatings for automotive industry. Rising awareness towards reducing VOC emissions in automotive industries is expected to promote the market growth of eco-friendly coatings and thus limiting solvent borne automotive coatings demand in the near future.
U.S. EPA has regulated the limits of VOC emissions for automotive refinish coatings. For example, the VOC content in primers can be up to 4.8 pounds per gallon whereas for topcoats, content can be up to 5 pounds per gallon. Primer acts as an ideal substrate for smooth surface application of basecoat. The presence of grey shade primer on automotive body enables to identify the surface irregularities and brings out superior attributes of basecoat. Also, epoxy primers are being widely utilized on account of their excellent color holding coupled with better sealing and adhesion properties expected to enhance the market growth.
Based on geography, North America held a significant share in the global automotive refinish coating market in 2017 with a market share of over approximately 22%. Population growth, increasing per capita car ownership and rising disposable income in North America has played an important role in developing automotive refinish coatings market in the region. However, as per China Association of Automobile Manufacturers (CAAM) (2016), the Chinese automobile industry is the largest in the world in terms of unit vehicle volume manufactured and the country has witnessed increased production over the past decade. The growing per capita income of the country has resulted in increased demand for automobiles in the domestic market. In addition, the growing number of luxury brands, such as BMW, has propelled manufacturers to shift their engineering plants to China due to lower labor cost and overheads. Also, India is expected to observe high demand for automobiles due to increasing industrialization coupled with government support for manufacturing vehicles. Therefore, increasing automobile production in countries such as China, India, and Thailand is expected to fuel the demand for refinish coatings in Asia Pacific region.
Key market players in the global automotive refinish coating market include Axalta Coating Systems, AkzoNobel, BASF SE, Bayer AG, Berger Paints, Clariant, Kansai Paints, KCC Corporation, Nippon Paints, PPG Industries, and Valspar Corporation.
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