The global automotive refinish coatings market is anticipated to grow at a 5.4% CAGR over the evaluation period of 2021-2031. Growing vehicle income throughout the globe is predicted to fuel the call for automotive refinish coatings over the forecast duration.
Upward thrust in line with the capita income of automotive owners and growing buy of luxurious automobiles among center-earnings clients will gift appealing scope for the boom of the market. Growing sales of luxurious motors have resulted in an excessive call for answers for the renovation in their look and overall performance. This can drive the income of automotive to refinish coatings in the coming years.
On the other side, stringent restrictions imposed on the use and manufacturing of sure coatings thanks to their high VOC content material would possibly bog down the increase of the overall market over the forecast length.
The covid-19 pandemic additionally had hampered income within the automotive refinish coatings industry. The automotive refinish coatings market will but recover as vehicle production selections up pace in rising countries post-withdrawal of stringent pandemic restrictions.
Key Takeaways:
- Global automotive refinish coatings market is predicted to reach a fee of US$ 10.7 Bn through the quilt of 2031.
- Water-based coatings section is expected to gain extra traction as compared to solvent-based coatings as automobile owners display better choices for sustainable solutions.
- the Asia Pacific except Japan is anticipated to dominate the global automotive refinish coatings market.
- Demand for automobile refinish coatings will general US$ 1.05 Bn in the U.S. In 2021.
- Germany will account for the dominant 38% percentage inside the Western Europe market for automotive refinish coatings.
Competitive panorama
Key market members are focusing on mergers and acquisitions techniques, coupled with product improvement using investing in research and improvement to reinforce their market presence. They are additionally increasing their manufacturing potential to enhance their annual turnover.
Some of the main gamers profiled inside the report are Axalta Coating Systems, LLC, 3M Company, AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Dow Inc., Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., Covestro AG, KAPCI Coatings, NOVOL Sp. Z o.o., KCC Corporation, Bernardo Ecenarro S.A, SEM Products, Inc., Sheboygan Paint Company, Cresta Paint Industries Ltd., Alps Coating Sdn. Bhd., NOROO Paint & Coatings Co., Ltd., DSM Coating Resins B.V., WEG SA, The Lubrizol Corporation, Guangzhou Zhenroumei Chemical Coating Limited, HMG Paints Ltd., James Briggs Limited, Reichhold LLC, TOA Performance Coating Corporation CO., Ltd., Yashm Paint & Resin Industries, Allnex Group, Samhwa Paints Industrial Co. Ltd., U.S. Paint Corporation, BASF SE and diverse others.
