NEW YORK, April 05, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, global automotive refinish coatings market is projected to attain a size of $11,099.7 million by 2023, the increase in vehicle collisions and the increasing average age of vehicles are some of the major factors driving the growth of the market. With advancements in technology over time, the average age of vehicles has increased. For instance, in the U.K., the average age of a vehicle-on-road increased from 6.8 years in 2003 to 7.8 years in 2015. With the increase in average age, vehicles become more prone to corrosion and environmental damage; thereby generating the demand for refinish coatings.
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On the basis of product, the automotive refinish coatings market is segmented into clearcoats, basecoats, primers and fillers, and others. In terms of value, the clearcoats category has been dominating the market, with an estimated contribution of more than 35.0% in 2017. Primers and fillers are expected to register significant growth during the forecast period, with 4.8% CAGR.
Among all technologies used in the automotive refinish coatings market, the waterborne-based technology is expected to attain the highest CAGR during the forecast period. As solvent-borne based products produce high levels of VOC, OEMs have started to switch to water-borne based products, thus leading to increased demand of the technology in the market.
Asia-Pacific stands as the largest market
Globally, Asia-Pacific has been the largest automotive refinish coatings market, with an estimated contribution of more than 30.0% in 2017. This can be attributed to the increase in the number of collisions in developing countries due to increased congestion and population, growing GDP of the region, and increase in the demand of vehicles in countries such as China, India, and Vietnam, among others. Moreover, the increasing commercial fleet due to logistics demand, and the rise in disposable income driving the rental cab service market, are few other factors driving the demand for the automotive refinish coatings in Asia-Pacific.
Browse report overview with 59 tables and 38 figures spread through 153 pages and detailed TOC on "Automotive Refinish Coatings Market" at:https://www.psmarketresearch.com/market-analysis/automotive-refinish-coatings-market
Competitive Landscape
The leading players in the global automotive refinish coatings market include PPG Industries Inc., Axalta Coating systems Ltd., The Sherwin Williams Company, BASF SE, and AzkoNobel N.V. The other key players in the industry include Convestro AG, Esdee Paint Ltd., Kansai Paints Co. Ltd., KAPCI Coating Co. Ltd., KCC Corporation, The Lubrizol Corporation, NOROO Paint & Coatings Co. Ltd, Nippon Paint Holding Co. Ltd., S.Coat Co. Ltd., and Berger Paints India Ltd.
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