Automotive Refinish Coatings Market (Product Type - Primer, Base Coat, Clear Coat, Activator, Filler; By Technology - Solvent Borne Coatings, Water Borne Coatings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024
Global Automotive Refinish Coatings Market: Snapshot
Due to strict environment protection regulations, the global automotive refinish coatings market is witnessing pivotal transformation. Water-borne coatings due to VoC emission norms, especially in developed countries are increasingly replacing solvent-based products. However, the newer trend has impacted revenue of the overall market. This is because solvent-based coatings have dominated the automotive refinish coatings market due to their long lasting property. Nevertheless, efforts for formulation of water-borne coatings is likely to open new growth avenues for automotive refinish coatings market.
A report by Transparency Market Research (TMR) predicts the global automotive refinish coatings market to rise at a CAGR of 5.7% between 2016 and 2024. Rising at this pace, the market’s valuation of US$6.6 bn in 2015 is likely to be valued at US$10.8 bn by 2024.
Activators Product Type to emerge Most Promising in future
By product type, the report segments the automotive refinish coatings market into primers, base coats, clean coats, fillers, and activators. Among them, in 2015, base coat segment held the dominant over 30% share of the overall market. The rising ownership of used vehicles and rising number of road accidents have led to substantial growth of base coat segment of the market. However, the base coat product segment is likely to witness moderate decline in its growth over the forecast horizon. This is mainly due to the increasing availability of alternatives such as additives with primer.
On the other hand, activators segment is projected to witness the most notable growth in the global automotive refinish coatings market in the upcoming years. This is mainly because of the chemical composition of activators that allows them to dry faster. Expansion of car parks in emerging economies is likely to serve to be a key factor for activators segment to register an increased share from 12.6% in 2016 to 14 % by 2024.
Regulatory Reforms to Discontinue Certain Solvent-based Coatings to hamper North America Market
Geography-wise, North America held supremacy in the global automotive refinish coatings market in 2015. The growth of the region is mainly because of high disposable incomes and general tendency among individuals to undertake timely repairs of their vehicles. The expansion of used vehicle market is also serving to boost the North America automotive refinish coatings market. However, on the downside, strict regulatory reforms to discontinue the use of certain solvent-based varieties is likely to hamper this market over the forecast period.
Asia Pacific, on the other hand, is expected to display exciting growth in the automotive refinish coatings market in the next few years. The rising affluent population in emerging economies of the region, who are mindful to undertake timely repair and maintenance of their vehicles is aiding the automotive refinish coatings market in Asia Pacific.
Prominent companies in the global automotive refinish coatings market include 3M, Axalta Coating Systems, KANSAI PAINT CO. LTD., Nippon Paint Holdings Co. Ltd., Akzo Nobel N.V, The Sherwin-Williams Company, BASF SE, Donglai Coating Technology, PPG Industries, and The Valspar Corporation.
Coatings which are generally used for pre-owned cars for timely repair and maintenance of appearance are called automotive refinish coatings. Automotive refinish coatings are applied to prevent deterioration of vehicle body parts and components from stone chips, rust, and debris. Automotive refinish coatings are used to maintain the durability and appearance of the vehicle. By product type, automotive refinish coatings are segmented into primer, base coat, clear coat, activator, and filler. On the basis of technology, they are segmented into solvent borne coatings and waterborne coatings.
The report provides in-depth analysis and forecast of the automotive refinish coatings market on the global as well as regional level. The report includes forecast for the period from 2016 to 2024 in terms of volume (kilo tons) and revenue (US$ Mn). Quantitative data has been derived through extensive secondary research of the global automotive refinish coatings market. Secondary sources typically include company websites, relevant magazines, government documents, and press releases. The top-down approach has been adopted to derive the regional numbers from global revenue and volume figures. Furthermore, the bottom-up approach has been employed to derive data for various source segments based on demand for automotive refinish coatings in each geographic segment. A combination of top-down and bottom-up approaches helps in validation of the quantitative data of the market. The data was further validated with the help of primary research with industry experts to ensure accuracy of derived numbers.
Detailed analysis of various factors driving the global automotive refinish coatings market has been included for astute decision making. Impact of these drivers during the forecast period has been included with data to substantiate research findings. Furthermore, factors restraining market growth have been included for better understanding of the market. Impact of these restraints has been analyzed over the forecast period. The report also comprises various opportunities available for market growth over the next eight years. Opportunities entail untapped or recently explored factors that are anticipated to drive the automotive refinish coatings market during the forecast period.
The report includes value chain analysis to help understand the industry thoroughly. Value chain analysis comprises detailed evaluation of the roles of various entities involved in the automotive refinish coatings industry, from raw material suppliers to end-users. Various processes employed in the manufacture of automotive refinish coatings have been included in the value chain analysis. Porter’s Five Forces model has been included to determine the degree of competition in the market during the forecast period. Company market share analysis offers a better understanding of the competitive landscape. Company market share analysis includes the market share of dominant players in 2015, based on their production capacities and other factors. Furthermore, market attractiveness analysis has been conducted to analyze source segments that are expected to be lucrative during the forecast period. This is based on various factors such as market size, growth rate, profitability, raw material procurement, and competition in each source segment.
Based on product type, the automotive refinish coatings market has been segmented into primer, base coat, clear coat, activator, and filler. Based on technology type, the market has been segmented into solvent borne coatings and water borne coatings. The report comprises detailed analysis of all the segments in the regional and global markets and forecast based on current and future trends in the industry in terms of volume (kilo tons) and revenue (US$ Mn). In terms of region, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Demand for automotive refinish coatings in each product segment and technology type has been analyzed and forecast for a period of eight years.
The report also comprises profiles of leading companies in the automotive refinish coatings market. These include BASF SE, Axalta Coating Systems, PPG Industries, and The Sherwin-Williams Company. Various attributes of these companies such as company overview, business strategies, and recent developments form the core of the company profiles section.
This report segments the global automotive refinish coatings market as follows:
- Automotive Refinish Coatings Market – Product Analysis
- Base coat
- Clear coat
- Automotive Refinish Coatings Market – Technology Analysis
- Solvent Borne
- Water Borne
- Automotive Refinish Coatings Market – Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Japan & Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- North America