Automotive Refinish Coatings Market Growth 2022, Latest Trends, COVID-19 Impact, and Forecast to 2029
The global automotive refinish coatings market is expected to gain traction from their extensive usage by vehicle body shops and repairers to give vehicles a refreshing look. At the same time, such coatings help in preventing corrosion and rust. Fortune Business Insights™ published this information in an upcoming report, The report further mentions that the demand for automotive refinish coatings depends on car parc, accident rates, and repair frequency.
A list of all the prominent automotive refinish coatings manufacturers operating in the global market:
- 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
- Carl Schlenk AG
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Drivers & Restraints-
Increasing Cost of Indigenous Car Parts to Propel Growth
The rising cost of indigenous car parts is expected to augment the automotive refinish coatings market growth in the coming years. Coupled with this, the implementation of new road safety legislation, as well as the increasing adoption of Advanced Driver Assistance Systems (ADAS) would spur the demand for automotive refinish coatings.
Furthermore, the rising trend of personalization and customization of products is resulting in the high demand for customized vehicles in the automotive industry. Customers nowadays are seeking trendy looks of their vehicles and hence are using automotive refinish coatings. Also, in cases of accidents, people tend to personalize their vehicles to maintain their resale values. However, these coatings often contain toxic chemicals that may pose a hazard to the environment. It can hinder growth.
Asia Pacific to Dominate Fueled by Rising Number of Cars
Regionally, Asia Pacific is expected to account for the largest automotive refinish coatings market share in the near future. This growth is attributable to the rising number of cars in the region. Additionally, in emerging countries, road infrastructures are still under development. It would further drive the demand for vehicle refinish products. North America, on the other hand, is set to grow steadily because of the increasing demand for the refurbishment of old vehicles.
In Europe, the market for automotive refinish coatings would grow considerably fueled by the presence of a large number of reputed automotive manufacturers in the region. Coupled with this, the higher usage of cabs because of surging tourism and the increasing sales of pre-owned cars would support growth. Latin America is set to grow significantly stoked by the high demand for commercial vehicles in the region. It is attributable to the expanding mining industry. Lastly, the Middle East & Africa would grow rapidly backed by the increasing number of vehicular accidents occurring in this region.
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Key Players Focus on Delivering Their In-house Solutions to Renowned Companies
The market houses multiple regional and global automotive refinish coatings manufacturers that are striving persistently to gain a competitive edge. To do so, they are mainly investing huge sums in broadening their production capacities. Some of the others are signing agreements with reputed companies to provide them with their in-house products. Below are the two latest industry developments:
- February 2020: Akzo Nobel and BMW Group signed an agreement to deliver the latter automotive refinish coatings at 44 locations worldwide. It will enable Akzo to utilize its Sikkens and Lesonal brands for paint repairs at BMW branches.
- December 2019: BASF invested in its coatings site in China to expand its production capacity. Production in the upgraded facility will begin from 2022. This additional capacity would aid the company to support customers and market growth in the region.
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