Disposable Income to Surface as Key Triggering Factor for Automotive Refinish Coatings Market

The global market for automotive refinish coatings is on the edge of a core transformation, which implies its shift to water-based coatings to the solvent-based ones. Stringent regulations pertaining to the emissions of VOC, mostly across several developed regions such as Europe and North America have resulted in a decrease in the worldwide use of solvent-based coatings over the last couple of years. Solvent-based coatings are constantly keeping up the charts of being the leading generator of revenue in the global market for automotive refinish coatings. Nonetheless, it has also spurred the concentration on the development of products which are water-borne, which are also known to have a low adverse influence on the ecology. 

The global market for automotive refinish coatings is likely to rise at a CAGR of 5.7% over the forecast period of 2016 and 2024. The market is expected to rise to US$10.8 bn by the end of 2024 from a valuation of US$6.6 bn in 2015. 

Which are likely to be the most promising products in the market in the coming years?

On the premise of product varieties, the market for automotive refinish coatings has been inspected in the report for activators, fillers, base coats, clean coats, and primers. Of these, the portion of base coat represented a prevailing share of more than 30% of the general market 2015. A huge ascent in the utilized vehicle market and growing quantities of street mishaps have brought about development of the base coat market in the previous couple of years. The piece of the pie of this product segment is, in any case, anticipated that would decay tolerably over the gauging skyline inferable from the expanding accessibility of inside substitutes, for instance, additives with primer.

The activators segment is relied upon to witness the most noticeable development in the worldwide automotive refinish coatings market in the following couple of years, because of its characteristic of drying the coatings quicker. The extension of auto parc in developing economies is relied upon to expand the use of activators in the worldwide market, enabling it to observe an ascent in its offer from 12.6% out of 2016 to 14% in the worldwide market by 2024.

Which regions are likely to remain the core focus for market players?

Region-wise, in 2015, North America held the leading share in the global market for automotive refinish coatings closely trailed by Asia Pacific and Europe. High expendable earnings and penchant of proprietors to embrace auspicious maintenances of their vehicles are among the key variables impacting the development of the market in North America. The developing business sector for utilized vehicles is likewise one of the key variables impacting the market's development in the region. Strict administrative changes in North America are relied upon to negatively affect the demand for specific assortments of solvent-based automotive refinish coatings in the region over the figure time frame. 

The market for automotive refinish coatings in Asia Pacific is relied upon to show development and no more encouraging pace in the following couple of years attributable to appeal for an assortment of car restore coatings crosswise over rising economies, for instance, India and China in the area. The critical ascent in the number of inhabitants in well-off customers in the area has supported the recurrence of vehicle repair and upkeep exercises, which, thusly, is adding to the appeal for automotive refinish coatings in Asia Pacific. 


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