ALBANY, New York, January 10, 2019
ALBANY, New York, January 10, 2019 /PRNewswire/ --
The global automotive refinish coatings market was valued at US$ 7,901.00 Mn in 2017 and is anticipated to expand at a CAGR of 5.97% from 2018 to 2026, according to a new report titled 'Automotive Refinish Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026,' published by Transparency Market Research (TMR). Rise in GDP results in an increase in demand for vehicles. This is anticipated to augment the automotive refinish coatings market.
Increase in Number of Vehicle Collisions
Major reasons for the rise in number of vehicle collisions are drunk driving, speeding, distractions, bad weather, and increase in number of cars on the road. Inattention to surroundings, poor visibility, and miscalculation are factors that lead to collisions while reversing. Thus, the number of vehicle collisions is increasing globally. This, in turn, is boosting the demand for automotive refinish coatings.
Request a Sample of Global Automotive Refinish Coatings Market: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=56838
Rise in Consumer Preference for Esthetically Appealing Vehicles
Esthetic appeal, scratch resistance, and durable finish are some of the features of automotive refinish coatings that are influencing vehicle-buying decision of consumers. Buyers are increasingly seeking colors and textures that enhance the esthetic appeal of vehicles. These developments have put clear coat in focus. Clear coat is an exterior coat applied on the automotive body. Rise in disposable income of consumers and increase in GDP of developing countries such as India and China are factors augmenting the automotive refinish coatings market.
Strict Norms Regarding VOC Emissions Hampering Market
Solvent-borne automotive refinish coatings are formulated by using a solvent and base resin. Upon application of this coating, the solvent material evaporates. Solvents contain significant amount of volatile organic compounds (VOCs), which are toxic and responsible for formation of ozone. Ozone at the ground level is a pollutant and can cause breathing issues. The use of solvent-based automotive refinish coatings leads to deterioration of air quality. Its long-term harmful effects on human health are leading to implementation of strict norms on the usage of solvent-based coatings. Agencies and associations in the U.S. and Europe such as the EPA (Environment Protection Agency) and REACH (Registration Evaluation Authorization and Restriction of Chemicals) have enacted stringent rules pertaining to VOC emissions. A shift from solvent-based to water-based coatings has taken place in Europe and North America.
Request For Multiple Chapters: https://www.transparencymarketresearch.com/sample/sample.php?flag=MC&rep_id=56838
Clear Coat Segment to Dominate Global Automotive Refinish Coatings Market
Based on process, the global automotive refinish coatings market has been segmented into primer, base coat, clear coat, activator, filler, and others. Clear coat is a prominent segment of the global automotive refinish coatings market. Clear coat is usually pigment-free and transparent. It is exposed to stress and is therefore be able to withstand harsh weather conditions such as UV radiation and hail and industrial and natural influences. Clear coat needs to have favorable compatibility with primer and base coats, excellent transparency, and optical properties. Primer is the second layer applied on the automotive body after an e-coat. The typical thickness of an automotive primer is about 25 micro meters. The function of a primer is to offer excellent adhesion between intermediate coats. It is also responsible for final finish, smoothness, brightness, and texture of the automotive. It also imparts anti-corrosion properties to the automotive surface. Base coat is an intermediate layer of coating applied between the primer and clear coat. The typical thickness of an automotive base coat is about 10 micro meters to 20 micro meters.
Water-borne Segment to Lead in Terms of Demand
In terms of technology, the global automotive refinish coatings market has been divided into solvent-borne, water-borne, and others. The solvent-borne segment accounts for major share of the market. However, demand for solvent-borne coatings is gradually decreasing, as they contain volatile organic compounds (VOCs). Solvent-borne coatings are made up of liquefying agents that are meant to evaporate via a chemical reaction with oxygen. The water-borne segment is projected to expand at a rapid pace owing to its low VOC content and environment friendly nature.
Request For Discount On This Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=56838
Asia Pacific Dominates Global Automotive Refinish Coatings Market
Based on region, the global automotive refinish coatings market has been split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of value and volume, Asia Pacific was the leading region of the global automotive refinish coatings market in 2017. The region is estimated to maintain its dominance during the forecast period. In terms of consumption, Europe and North America follow Asia Pacific. However, the market in North America and Europe is anticipated to expand at a sluggish pace due to the implementation of stringent regulations on VOC emissions in these regions. Demand for automotive refinish coatings is projected to rise significantly in Middle East & Africa and Latin America in the near future. In terms of demand, these regions accounted for small share of the global automotive refinish coatings market in 2017. However, they are projected to create lucrative opportunities for automotive refinish coatings manufacturers in the next few years. Sales of automotive vehicles have increased in Argentina, Brazil, and Colombia in Latin America. High prevalence of road accidents and increase in usage of recreational vehicles in Brazil are likely to drive the automotive refinish coatings market in the country.
High Degree of Competition among Market Players
The automotive refinish coatings market is dominated by large players. Presence of large numbers of small- and medium-sized players makes the market highly competitive. Key players operating in the market are BASF SE, Axalta Coatings, PPG Industries, Valspar Corporation, The Sherwin-Williams Company, Akzo Nobel NV, Nippon Paint Holdings, and KCC Corporation.
Global Automotive Refinish Coatings Market, by Process
Global Automotive Refinish Coatings Market, by Technology
Browse Chemicals and Materials Market Research Reports
Popular Research Reports by TMR:
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Mr. Rohit Bhisey
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453
Research Blog: https://cmfenews.com/