Automotive Refinish Coatings Market To Gain From Enhanced Demand For Repair & Maintenance Till 2024: Grand View Research, Inc.
Aug 16, 2016
According to report published by Grand View Research, Inc., global automotive refinish coatings market will reach $14.88 billion by 2024, Rising demand for automotive refinish coatings as they improve the durability and enhance appearance of vehicles will fuel market growth over the next eight years.
San Francisco, California, United States - August 16, 2016 /MarketersMedia/ —
The global automotive refinish coatings market is expected to reach USD 14.88 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for automotive refinish coatings as they improve the durability and enhance the appearance of vehicles will fuel market growth over the next eight years. Furthermore, aging of vehicles, rising demand for repair, maintenance, and aftermarket modifications will augment product demand over the forecast period.
The waterborne technology was valued at USD 3.40 billion in 2015 and is expected to witness significant rise on account of excellent heat resistance, adhesion, and abrasion properties. Furthermore, its advantage over solvent borne coatings including less toxicity, less flammability, and reduction of air emissions will propel market growth over the forecast period.
The basecoat is expected to witness significant revenue rise at a CAGR of 6.9% from 2016 to 2024 over the forecast period as it provides color, decorative effects and exterior aesthetic to vehicles. Increasing demand for solid basecoats in motorcycles, trucks and cars owing to the ease of application coupled with basic color effect will increase industry size.
Access full research report: http://www.grandviewresearch.com/industry-analysis/automotive-refinish-coatings-market
Key findings
• Global automotive refinish coatings market demand was 916.4 kilo tons in 2015 and is expected to witness high gains in light of growing vehicle sales in China, India, and Mexico
• Acrylics was a prominent segment and accounted for 21.1% of the overall volume in 2015. The product will show growth in light of its high usage in waterborne technology. Furthermore, superior properties including resistance to stain, blistering, cracking, and extreme temperatures will fuel its demand over the forecast period.
• North America accounted for 22.8% of the global revenue share in 2015 and is expected to witness significant gains in light of growing need for repair, maintenance, and customization over the upcoming years.
• Latin America will witness significant revenue growth at a CAGR of 6.6% from 2016 to 2024 as a result of increasing automotive vehicle sales in Argentina, Brazil, and Columbia. Prevalence of road accidents along with the growing trend of recreational vehicles in Brazil will fuel industry expansion.
• Automotive refinish coatings industry is dominated by key participants including BASF, Axalta Coating Systems, PPG Industries, AkzoNobel, and Sherwin-Williams. Ongoing product development by various companies to manufacture high-performance and cost-efficient coatings is expected to augment product consumption over the next eight years.
• In December 2015, PPG Industries in collaboration with Asian Paints introduced product line of environment base high performance waterborne automotive refinished paint in Sri Lanka to expand the customer base
View more reports of this category by Grand View Research at: http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
Market Segments:
Resin Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• Acrylic
• Alkyd
• Polyurethane
• Others
Technology Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• Solventborne
• Waterborne
• UV-Cured
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• Primer
• Filler
• Basecoat
• Topcoat
• Others
Vehicle Age Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• 10
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• North America
• U.S.
• Europe
• Germany
• UK
• Asia Pacific
• China
• India
• Latin America
• Brazil
• MEA
Access press release of this research report: http://www.grandviewresearch.com/press-release/global-automotive-refinish-coatings-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
For more information, please visit http://www.grandviewresearch.com/industry-analysis/automotive-refinish-coatings-market
Contact Info:
Name: Sherry James
Email: [email protected]
Organization: Grand View Research, Inc.
Address: 28 2nd Street, Suite 3036, San Francisco, California, 94105
Phone: 1-415-349-0058
Release ID: 128037
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