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Every vehicle owner pays attention to the look and well-being of the vehicle, but with time, the look of the vehicle becomes dull due to the fading of the paint coating initially done by the OEMs. Moreover, due to impact and collision, the topcoat may get damaged, requiring a replacement. Automotive refinish coatings are paints and coatings that are used by vehicle repairers and body shops to give the vehicle a refreshed look along with the provision of defense against rust and corrosion. The automotive refinish coatings market dynamics are governed by the repair frequency, accident rates, and the car parc. While the growth of the automobile industry has experienced a slight setback in the recent past, the value generated by the body shops and repair centers has seen considerable growth. The growth is aided by the driver aids such Advanced Driver Assistance Systems (ADAS), road safety legislation and an increase in the cost of the indigenous car parts, in turn depicting the growth potential of the automotive refinish coatings market.
Customization and personalization of a product is a global trend and the automotive industry has also seen considerable demand for customization of cars. Customers seek to personalize the look of the vehicle by the usage of refinish coatings. Furthermore, after accidents, many customers seek to customize the car finish to maintain the resale value of the vehicle. Such customization operations thus provide growth to the automotive refinish coatings market.
Key Market Driver -
Demand for vehicle customization providing a pathway for the growth of the market
Key Market Restraint -
Toxicity of some refinish coatings negatively impacting the market growth.
But, some refinish coatings present in the market consist of toxic materials that spread in the environment during the laying and the curing process. Such toxins can affect the personnel carrying out the repair works and also to the customers when present in the form of aerosol in the environment. Thus, these toxic refinish coatings affect the growth of the market negatively.
Based on resin, the automotive refinish coatings market is divided into polyurethane, alkyd, acrylic, and others. Based on technology, the market is categorized into water-borne, solvent-borne, and others. Based on coat type, the market is characterized into clearcoat, basecoat, primer, activators & fillers, and others. Based on application, the market is segmented into passenger vehicles, commercial vehicles, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The global automotive refinish coatings market is highly fragmented, with many global and regional players operating in it. Some of the key players in the automotive refinish coatings market include BASF SE, Flora Refinish Coatings LLC, PPG Industries Limited, Nippon Paint Inc., Stahl Holdings B.V., AkzoNobel N.V., The Sherwin-Williams Company, Axalta Worldwide, TCI Powder Refinish Coatings, Kansai Nerolac, Eastman Chemical Company, and Carl Schlenk AG
The automotive refinish coatings market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to have the fastest growth and it accounts for the largest share of the automotive refinish coatings market owing to a considerable increase in the number of cars in the region in recent years. Furthermore, the road infrastructure in the developing countries is still under improvement which increases the demand for vehicle refinish products. The market in North America is to have steady growth with demand for refurbishment of old vehicles expected to increase during the forecast period. The market in Europe will be defined by the presence of key automotive manufacturers in the region. Moreover, increasing sales of pre-owned cars for usage as cabs to support the growth of tourism in the region shall support the growth of the automotive refinish coatings market. The market in Latin America will show considerable growth owing to improving the lifestyle of the people in the region. The demand for commercial vehicles is projected to increase in the region for usage in the mining industry, providing an opportunity for the growth of the market. The Middle East & Africa accounts for the highest number of vehicular accidents across the globe which provides a foundation for the growth of the market in the region.
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