Automotive Refinish Coating Market to Reach an Estimated Value of US$ 12 billion at the end of 2022
The automotive refinish coating marketis directly linked to the automotive market and has seen substantial growth in the last decade. This is primarily due to rapid growth in vehicle ownership in emerging economies with a resultant increase in the accident rate.
Greater governmental regulations with respect to high volatile organic compounds may further impact the growth of automotive refinish coating market that is currently projected to record a robust CAGR of 5.7% from 2017 to 2022.
Polyurethane has the maximum potential in automotive refinish coating market and is anticipated to gain share at the expense of other resin type segments in 2017.
The polyurethane segment is predicted to be worth just under US$ 4.7 billion at the end of 2022. North America is the largest region in the polyurethane segment of automotive refinish coating market.
Alkyd is the second largest in terms of resin type segments but is poised to lose market share in the medium term.
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Along with North America, the Europe alkyd segment of automotive refinish coating market is predicted to cross a billion dollars at the end of the forecast period – the only other region to do so
Heavy commercial and light commercial vehicles have a relatively similar market share in automotive refinish coating market by vehicle type. While both are estimated to lose market share points, the drop should be considerably steeper in the heavy commercial segment.
The heavy commercial segment is assessed to grow with a lower CAGR of roughly 5% till 2022 and key stakeholders in automotive refinish coating market are advised to take this into account while devising their strategies.
There is a battle for supremacy between compact and mid-sized passenger cars in the automotive refinish coating market with the latter inching ahead. An absolute dollar opportunity of more than US$ 855 million exists in the mid-sized passenger car segment of automotive refinish coating market for the five-year period.
Mid-sized passenger cars are typically preferred in North America and Europe because these regions are well-developed and the customers there are less price-sensitive than their counterparts in emerging economies. If a company seeks to enter the high-volume compact passenger car segment though, they would do well to consider targeting APEJ as the continent should have the highest CAGR.
The primer segment has a revenue share of roughly a third of automotive refinish coating market by coating structure and is assessed to gain substantial share throughout the study period. The North America primer market contributes a third of the primer market and is expected to have a value of over US$ 1.3 billion in the year 2022
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The companies profiled in automotive refinish coating market report are KCC Corporation, 3M Company, Nippon Paint Holdings Co Ltd, Kansai Paint Co., DowDuPont Inc., The Sherwin-Williams Company, PPG Industries, Axalta Coating Systems Ltd., Akzo Nobel NV, and BASF SE
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