The global automotive refinish coatings market size is expected to gain a traction during the forecast period, 2019–2026. Growing incidences of automotive repainting and aftermarket sales service is acting as a major growth driver. In addition, the market is significantly witnessing robust demand in the small-car segment owing to flexibility in service and pricing.
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The market for automotive refinish coatings offers lucrative growth opportunities involving a range of suppliers and third-party vendors. Vehicle refinishing involves a process of repainting of trucks, cars and other automobile as a whole or in silos. The refinishing process is highly mechanical and is usually accomplished by manual or automatic spray guns. Normally, the technology covers three basic types of tasks, namely, total car repair, partial car repair and spot-repairs. Manufacturers emphasize on producing versatile products for complex tasks that not only accomplishes the job but also adds certain value-additions such as anti-rust and anti-scratch features.
The coating structure normally comprises three to four layers, initiating with a primer followed by second and third coat as surfacer and topcoat. The fourth is the clear coat layer that enhances the resistance against sun, stone, scratches and projections. Emission under automotive refinish coatings segment involves the release of VOC gases. From the commercial standpoint, flexibility in government regulations pertaining to the growth of automotive industry and rising incidences of collisions has strengthened the demand for refinish coatings in the automotive industry.
Increase in demand for solvent-borne coatings over water-borne coatings are likely to result in high statistics over the forecast time span. However, restructuring process for automobile sector in the developing regions play a crucial role in the market developments. In addition, the market for private vehicles is growing by leap and bounds and hence it influences the insurance industry. Factors such as favourable reimbursement and availability of various options have also contributed to the market growth in the forecast period.
Automotive Refinish Coatings Market Trends, Driver and Opportunities:
The market is significantly driven by the presence of small and large-sized key players with a rising rate of consumer preference for elegance in vehicles is likely to drive the market growth. Use of clear coat to eliminate any scratch/es is expected to gain a wide attention. In addition, rise in disposable income also acts as a major driver in the market development process. The rise in number of vehicle collisions owing to man-made errors or weather factors is likely to contribute significantly.