Published on : Sep 08, 2016
Analysts have observed the that global automotive refinish coatings market is expected to witness a robust demand in the coming years as consumers are opting for water-based coatings instead of solvent-based. The burgeoning demand for water-based coatings will be fueled by the stringent regulatory reforms pertaining to VOC emissions across regions of Europe and North America. Thus, the revenues for water-based coatings are expected to soar between the forecast period of 2016 and 2024 as compared to solvent-based coatings.
Activators Witness a Remarkable Surge in the Global Automotive Refinish Coatings Market
The various types of automotive refinish coatings available in the global market are base coats, clean coats, primers, activators, and fillers. The base coats are expected to dominate the global market due to the rising number of road accidents. However, base coats are expected to face stiff competition from internal substitutes such as additives with primer. On the other hand, the activators segment is likely to experience a significant growth rate due to its unique property of drying up quickly.
Asia Pacific to Emerge as a Significant Geographical Segment
A research report indicates that North America held a dominant share in the overall automotive refinish coatings market. This regional market was driven by the higher disposable incomes of the consumers that allowed them the ability to invest in timely repairs of their vehicles. In the coming years, Asia Pacific automotive refinish market is expected gain a formidable momentum due to growing frequency of repair and maintenance activities. Out of all the countries, China holds a leading position due to rise of automobile manufacturing activities and increasing number of automobile buyers.
Some of the leading players operating in the global automotive refinish coatings market are BASF SE, 3M., Akzo Nobel N.V., KANSAI PAINT CO., LTD, PPG Industries, The Sherwin-Williams Company, The Valspar Corporation. These players are expected to focus on developing water-borne variants of automotive refinish coatings in the coming few years to cater to the growing demand.