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Automotive Refinish Coatings Market Analysis, Share, Growth Drivers and Future Scope

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The global automotive refinish coatings market is projected to generate a revenue of over $11,099.7 million by 2023.

NEW YORK - eTradeWire -- Clearcoats, primers, fillers, and basecoats are used on vehicles in case of accident repairs or a major overhaul. Garages and service centers prefer clearcoats over other layers as these products protect the basecoat and offer a shiny look. As the final coating, clearcoats offer durability, scratch resistance to the overall coating, and protection against environmental damage. Owing to the increasing production of automobiles, which are witnessing a rising number of accidents and damage because of other reasons, the value of the automotive refinish coatings market will rise from $7,855.3 million in 2016 to $11,099.7 million by 2023, at a CAGR of 5.1% between 2017 and 2023.

Not surprisingly, Asia-Pacific (APAC) utilized the highest volume of automotive refinish coatings due to the spurring demand for two-wheelers, commercial vehicles, and passenger cars in the emerging economies of India and China. Besides, the expansion of the commercial fleet, on account of the high logistics demand, is fueling the sales of trucks in these countries. With India notorious for its alarmingly high road accident rate, trucks require refinish coatings on regular occasions. For instance, India registered 0.72 commercial vehicle sales in 2020.

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Furthermore, the APAC and European automotive refinish coatings market (https://www.psmarketresearch.com/market-analysis/automotive-refinish-coatings-market) will collectively consume the highest quantity of these products in the coming years. This can be ascribed to the rising per capita income and gross domestic product (GDP) in these regions. Owing to these reasons, the adoption of vehicles, including used vehicles and recreational vehicles (RVs), has increased considerably. Similarly, the growing sales of RVs and escalating number of collisions will boost the consumption of automotive coatings in North America, South America, Africa, and the Middle East.

In addition, these companies are engaging in geographical expansions, acquisitions, and product launches to widen the access to their coatings. For instance, Berger Paints India Ltd. acquired Saboo Coatings Pvt. Ltd. in June 2017 to expand its distribution network and product portfolio of specialty liquid coatings. With this move, Berger now offers coatings for farm and construction equipment, electronics, home furnishings, handicrafts, and automobiles. Moreover, The Sherwin-Williams Company launched CC200, a clearcoat, in October 2017, which requires a shorter application duration and offers good performance.

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Thus, the high production of automobiles and availability of new and improved automotive refinish coatings will amplify the usage of such materials in the foreseeable future.

Vijay Kumar

Source: P&S Intelligence
Filed Under: Business

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