The Automotive
Refinish Coatings Market is anticipated to reach USD 14.88 billion by
2024, according to a report published by Grand View Research, Inc. Demand for
automotive refinish coatings is increasing due to their ability to enhance the
appearance of vehicles thereby propelling the growth of the market. Aging of
vehicles, maintenance, aftermarket modifications, and rising demand for repair will
also augment the product demand over the forecast period (2016 - 2024). Governments and organizations dedicated to nature
conservation all around the world, have prompted a reduction in the utilization
of dissolvable based coatings in the last couple of years.
In U.S., rising awareness related to protecting vehicle paints by scratches and damages has led to growth of the automotive refinish coatings industry. In Asia Pacific and Middle East countries, rising disposable income is likely to boost consumer base, contributing to the market growth in the forecast period.
High demand for commercial vehicles and
passenger cars is anticipated to drive the demand for refinish coatings, thus
supporting the automotive refinish coatings industry growth. Growing usage of
refinish coatings for automotive maintenance, repair, and aftermarket modifications
in order to ensure better surface protection and visual appearance, are the
main reasons for its surging demand. Other product advantages such as resistance
to extreme weather, corrosion, temperature, water, and heat, is expected to
promote the market growth. Demand for customized designs and paints for automotive
is expected to have a positive impact on the automotive refinish coatings industry
over the forecast period.
In U.S., rising awareness related to protecting vehicle paints by scratches and damages has led to growth of the automotive refinish coatings industry. In Asia Pacific and Middle East countries, rising disposable income is likely to boost consumer base, contributing to the market growth in the forecast period.
Necessary steps taken by government for curbing
VOC emissions in order to encourage eco-friendly technology is anticipated to
create new market opportunities over the forecast period. Rapid investment in
product development and technological advancements are anticipated to propel automotive
refinish coatings industry growth.
Investments in R&D and technological
advancements have resulted in improvement of product quality. For instance, Akzo
Nobel launched a product in order to achieve a two-coat paint system in a
single pass. It is a water-based primer which enables a mono-bake satellite
coil line to double its capacity and has completed the expansion of its coatings
research facility in Houston worth USD 3.5 million. Key players of the automotive
refinish coatings market include Axalta Coating Systems, BASF, PPG Industries,
Sherwin-Williams, and AkzoNobel.
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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