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Refinish Paint Market for Automotive worth 8.50 Billion USD by 2022
The refinish paint market for automotive is projected to grow from USD 7.00 Billion in 2017 to USD 8.50 Billion by 2022, at a CAGR of 4.0% from 2017 to 2022. The growth of this market is driven by the increasing demand for cars, high collision rate, rising income of the middle-class population, and the propensity of car owners to repair their vehicles post any collision.
The report “Refinish Paint Market for Automotive by Layer (Clearcoat, Basecoat, Primer, & Sealer), Resin (PU, Epoxy, & Acrylic), Technology (Waterborne, Solventborne & Powder), Vehicle (Passenger Cars, Commercial Vehicles), and Region – Global Forecast to 2022″, The refinish paint market for automotive is projected to grow from USD 7.00 Billion in 2017 to USD 8.50 Billion by 2022, at a CAGR of 4.0% from 2017 to 2022. The growth of this market is driven by the increasing demand for cars, high collision rate, rising income of the middle-class population, and the propensity of car owners to repair their vehicles post any collision. In 2016, the passenger car segment accounted for the largest share of the overall automotive refinish coating market.
Browse 94 market data Tables and 39 Figures spread through 126 Pages and in-depth TOC on “Refinish Paint Market”
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Based on the layer, the clearcoat segment is expected to be the largest segment of the market, in terms of volume, during the forecast period.
The clearcoat layer segment accounts for the largest share in terms of volume, in the overall automotive refinish market. Clearcoat is the final layer after basecoat in the automotive refinish coating process. It provides durability, scratch resistance, and chemical resistance to the overall coating. Clearcoat also protects against UV rays and provides a lustrous look to the vehicle.
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Based on resin, the polyurethane segment is projected to witness the highest growth during the forecast period.
Polyurethane resins are widely used in clearcoat and basecoat. This resin helps formulate automotive coatings with higher gloss and excellent finish. The polyurethane resin based coating offers superior durability, thereby, lowering maintenance requirements significantly. The growth of polyurethane resin is also backed by its excellent resistance to UV rays, chemicals, and corrosion.
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Based on technology, the solventborne coating is projected to be the largest segment of the market during the forecast period.
Solvent-borne coating dominates the overall automotive refinish coating market. Solvent-borne coating technology offers higher gloss level and excellent adhesion when compared to other technologies. It is also less affected by environmental conditions such as temperature and humidity during the curing phase. However, due to stringent environmental regulations in North America and Europe, there is a shift from solvent-borne to waterborne and powder coating.
The refinish paint market for automotive in APAC is projected to witness the highest growth during the forecast period.
The refinish paint market for automotive in APAC expected to witness the highest growth during the forecast period. The growth can be majorly backed by the increasing demand for cars and rising income of middle-class population in emerging economies, such as China, India, and South Korea. Major key players are focused on inorganic growth strategies such as mergers & acquisitions to enhance its footprint as well as cater to the growing demand in this region.
Key players profiled in the refinish paint market for the automotive report are Axalta (US), PPG Industries (US), BASF (Germany), Sherwin-Williams (US), Kansai Paint (Japan), Nippon Paint (Japan), KCC Corporation (Korea), and AkzoNobel (Netherlands).
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