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Pulished Date February, 2020
ID: 9236
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Automotive Refinish Coatings Market - By Product (Primer, Basecoat, Clearcoat, Activator, Filler & Putty, and Others), Technology (Solvent-borne Coatings, Water-borne Coatings, and UV-cured Coatings), Resin Type (Polyurethane, Alkyd, Acrylic, and Others), Distribution Channels (Automotive OEMs and Aftermarket), Vehicle Type (Passenger Cars, Commercial Vehicles, and Two Wheelers), and Geography (North America, Asia Pacific, Europe, Latin America, Middle-East & Africa) - Global Industry Size, Share, Demand, Strategy, Competition, Growth, Profits & Forecast Report | 2020 - 2025

Pulished: February, 2020
ID: 9236
Pages: 180

Automotive Refinish Coatings Market Value and Growth Analysis (2020-2025):

The total automotive refinish coatings market was $ 7.45 billion in 2020 and is predicted to grow at a CAGR of 4.7% to reach $ 10 billion over the foreseen period from 2020 to 2025. Automotive refinish coatings in favor of more lucrative options. The loss of market share is more related to the clear coatings segment in the automotive refinish coatings market. The colorless varnishes segment in North America is predicted to be worth more than $ 625 million by the end of 2025.

Europe is far behind in the finish coatings segment of the automotive refinish coatings market. The escalating need for timely maintenance and repair of motor vehicles to improve the appearance and durability of vehicles by protecting them from external factors such as temperature and UV radiation is an innate requirement. To achieve this goal, auto refinish coatings are invented and are frequently employed by end-users in the auto aftermarket. A growing call for aesthetic finishes for vehicles around the world has led to major innovations in the operation of automotive refinish coatings. There are many developments in this context, including the invention of high-tech coating materials that are environmentally friendly and at the same time low insolvent.

Automotive Refinish Coatings Market Trends:

The combined primers and basecoats segment has the majority share of the automotive refinish coatings market by coating structure segment. An absolute dollar opportunity of approximately US $ 1.2 billion can be seized in the primer segment of the auto refinish coatings market from 2017 to 2022. After North America, Europe is the second biggest regional contributor in the primer industry coating for car repainting. However, the APEJ is predicted to grow with the highest CAGR during the foreseen period.

Recent Developments in the Automotive Refinish Coatings Market:

  • For the auto body shops of the future: BASF launches a new line of water-based undercoats. As a pioneer in aqueous coating solutions for the automotive industry, BASF's Coatings division now introduces its new, most advanced line of finishing products.

Automotive Refinish Coatings Market Drivers:

The escalating use of topcoats for automotive service, aftermarket repair and painting due to visual appearance, surface protection and corrosion resistance, extreme weather conditions, temperature, heat and water should promote expansion of the industry. In addition, the growing need for custom designs and paints on vehicles is likely to support expansion. The growing awareness of protecting vehicle paints by repairing scratches and damage to vehicle surfaces has fueled market expansion in the United States. foreseen period. Escalated consumption of water-based, high solids UV-cured coatings due to zero VOC emissions is predicted to drive expansion of the automotive refinish coatings market over the foreseen period. With expansion in gross domestic product (GDP) and rising revenues, car sales are on the rise, driving up the consumption of refinish coatings in emerging economies such as India and China. Escalating people's worldwide disposable income is predicted to drive expansion in passenger cars, which in turn is predicted to drive expansion in auto repair OEMs and the aftermarket. Low-cost, high-performance overcoats and people's changing mindset to keep their vehicles in good condition, in terms of appearance and performance, are leading to the expansion of the overcoat industry. Additionally, falling fuel prices and rising vehicle registrations and miles driven are predicted to drive expansion in the automotive refinish coatings market. Escalating disposable income has made it possible for many people to buy luxury cars and maintain their appearance and performance on the road, a determining factor in the call for auto refinish coatings.

Automotive Refinish Coatings Market Restraints:

The volatility of raw material prices, as well as escalated spending on road infrastructure, will hamper the expansion of the industry.

Opportunities in the Automotive Refinish Coatings Market:

Advances in technology, along with continued product development to improve topcoat performance, will drive market expansion for years to come. Additionally, the government's efforts to reduce VOC emissions by deploying environmentally friendly technology will create new market opportunities during the foreseen period. Escalated investment in R&D and the introduction of new technologies have improved the quality of products that provide superior protection to automobiles. Escalating production of light commercial vehicles and passenger cars is predicted to drive call for refinish coatings in the coming years, thus supporting market expansion. The establishment of manufacturing facilities in economic expansion regions, the increase in traffic accidents and vehicle customization are factors that are predicted to drive the expansion of the Coatings market.

Challenges in the Automotive Refinish Coatings Market:

The call for solvent-based coatings is gradually decreasing because they contain volatile organic compounds (VOCs). Solvent-based coatings consist of liquefying agents intended to evaporate by chemical reaction with oxygen.

Automotive Refinish Coatings Market Segmentation:

By Product Type:

  • Primer
  • Basecoat
  • Clearcoat
  • Activator
  • Filler & putty
  • Topcoat
  • Others

Topcoats became the leading product segment in 2019, accounting for 35.5% of total volume. It is widely employed in car refinishing as a top coat on car surface.

By Technology:

  • Solvent-borne coatings
  • Water-borne coatings
  • UV-cured coatings

Solvent-based technologies accounted for 49.6% of worldwide volume in 2019. The segment is predicted to experience slow expansion due to strict regulations on VOC emission levels.

By Resin:

  • Polyurethane
  • Alkyd
  • Acrylic
  • Others

Polyurethane was the most employed resin in 2019 and represented 44.2% of the worldwide volume.

Automotive Refinish Coatings Regional Analysis:

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America 
  • Middle East & Africa 

Asia-Pacific accounted for 42.5% of worldwide revenue in 2019 and is predicted to maintain its lead over the foreseen period. The strong automobile manufacturing base in China, Japan and India, along with escalated passenger car sales, is predicted to boost market expansion in the coming years. Underdeveloped road networks, lack of adequate safety laws, and escalatingcall for vehicle maintenance, repair and modification are predicted to have a positive impact on the expansion of the industry. The escalating use of old reconditioned vehicles due to lifestyle trends is predicted to support product call during the foreseen period.

China is predicted to see strong expansion due to the escalating number of traffic accidents and the increase in the number of vehicle owners during the foreseen period. Rapid development and modernization will likely lead to an increase in the number of vehicle sales. The Middle East and Africa are predicted to grow at a CAGR of 5.5% in volume terms over the foreseen period due to the escalatingcall for maintenance of luxury vehicles and high-performance vehicles in the UAE United States and Saudi Arabia. The increase in disposable income in the region due to the maturity of the oil and gas industry has escalated the sale of luxury vehicles in the region, thus supporting the expansion of the refinish applications market.

Automotive Refinish Coatings Market Key Players:

  1. KCC Corporation (South Korea),
  2. BASF SE (Germany),
  3. Mitsui Chemicals, Inc. (Japan),
  4. PPG Industries, Inc. (US),
  5. Nippon Paint (Japan),
  6. KAPCI Coatings (Egypt),
  7. The Valspar Corporation. (US),
  8. The Sherwin-Williams Company (US),
  9. 3M (US),
  10. Akzo Nobel N.V (The Netherlands),
  11. Kansai Paint Co., Ltd (Japan),
  12. Covestro AG (Germany),
  13. Esdee Paints Limited (India),
  14. Axalta Coating Systems, LLC (US),
  15. The Lubrizol Corporation (US)
  16. Berger Paints India Limited (India).

 

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                 

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                           

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling     

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis         

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Automotive Refinish Coatings Market, By Product                     

                                6.1.1 Primer      

                                6.1.2 Basecoat  

                                6.1.3 Clearcoat 

                                6.1.4 Activator  

                                6.1.5 Filler & Putty          

                                6.1.6 Market Size Estimations & Forecasts (2019-2024)   

                                6.1.7 Y-o-Y Growth Rate Analysis              

                                6.1.8 Market Attractiveness Index           

                6.2 Automotive Refinish Coatings Market, By Technology                              

                                6.2.1 Solvent-borne Coatings     

                                6.2.2 Water-borne Coatings       

                                6.2.3 UV-cured Coatings              

                                6.2.4 Market Size Estimations & Forecasts (2019-2024)   

                                6.2.5 Y-o-Y Growth Rate Analysis              

                                6.2.6 Market Attractiveness Index           

                6.3 Automotive Refinish Coatings Market, By Resin Type               

                                6.3.1 Polyurethane        

                                6.3.2 Alkyd         

                                6.3.3 Acrylic       

                                6.3.4 Market Size Estimations & Forecasts (2019-2024)   

                                6.3.5 Y-o-Y Growth Rate Analysis              

                                6.3.6 Market Attractiveness Index           

                6.4 Automotive Refinish Coatings Market, By Distribution Channel                            

                                6.4.1 Automotive OEMs

                                6.4.2 Aftermarket           

                                6.4.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.4.4 Y-o-Y Growth Rate Analysis              

                                6.4.5 Market Attractiveness Index           

                6.5 Automotive Refinish Coatings Market, By Vehicle Type                           

                                6.5.1 Passenger Cars      

                                6.5.2 Commercial Vehicles          

                                6.5.3 Two Wheelers       

                                6.5.4 Market Size Estimations & Forecasts (2019-2024)   

                                6.5.5 Y-o-Y Growth Rate Analysis              

                                6.5.6 Market Attractiveness Index           

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                    

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Product              

                                7.2.3 By Technology       

                                7.2.4 By Resin Type        

                                7.2.5 By Distribution Channel     

                                7.2.6 By Vehicle Type    

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Product              

                                7.3.3 By Technology       

                                7.3.4 By Resin Type        

                                7.3.5 By Distribution Channel     

                                7.3.6 By Vehicle Type    

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Product              

                                7.4.3 By Technology       

                                7.4.4 By Resin Type        

                                7.4.5 By Distribution Channel     

                                7.4.6 By Vehicle Type    

                7.5 Latin America                            

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Product              

                                7.5.3 By Technology       

                                7.5.4 By Resin Type        

                                7.5.5 By Distribution Channel     

                                7.5.6 By Vehicle Type    

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Product              

                                7.6.3 By Technology       

                                7.6.4 By Resin Type        

                                7.6.5 By Distribution Channel     

                                7.6.6 By Vehicle Type    

8. Key Player Analysis                                    

                8.1 Axalta Coating Systems                         

                                8.1.1 Business Description           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis      

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Covestro AG                              

                8.3 BASF SE                        

                8.4 Kansai Paint Co. Ltd.               

                8.5 NOROO Paint & Coatings                      

                8.6 Mitsui Chemicals                      

                8.7 PPG Industries  Inc.                 

                8.8 Nippon Paints                            

                8.9 Sherwin Williams                      

                8.10 3M Company                          

                8.11 TCI Powder                              

9. Market Outlook & Investment Opportunities                                 

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global,Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • The segment-level analysis in terms of by type, application, end-use,along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development

  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  • Global Automotive Refinish Coatings Market By Region, From 2020-2025 ( USD Billion )
  • Global Automotive Refinish Coatings Market By Product, From 2020-2025 ( USD Billion )
  • Global Primer Market By Region, From 2020-2025 ( USD Billion )
  • Global Basecoat Market By Region, From 2020-2025 ( USD Billion )
  • Global Clearcoat Market By Region, From 2020-2025 ( USD Billion )
  • Global Activator Market By Region, From 2020-2025 ( USD Billion )
  • Global Filler & Putty Market By Region, From 2020-2025 ( USD Billion )
  • Global Automotive Refinish Coatings Market By Technology, From 2020-2025 ( USD Billion )
  • Global Solvent-borne Coatings Market By Region, From 2020-2025 ( USD Billion )
  • Global Water-borne Coatings Market By Region, From 2020-2025 ( USD Billion )
  • Global UV-cured Coatings Market By Region, From 2020-2025 ( USD Billion )
  • Global Automotive Refinish Coatings Market By Resin Type, From 2020-2025 ( USD Billion )
  • Global Polyurethane Market By Region, From 2020-2025 ( USD Billion )
  • Global Alkyd Market By Region, From 2020-2025 ( USD Billion )
  • Global Acrylic Market By Region, From 2020-2025 ( USD Billion )
  • Global Automotive Refinish Coatings Market By Distribution Channel, From 2020-2025 ( USD Billion )
  • Global Automotive OEMs Market By Region, From 2020-2025 ( USD Billion )
  • Global Aftermarket Market By Region, From 2020-2025 ( USD Billion )
  • Global Automotive Refinish Coatings Market By Vehicle Type, From 2020-2025 ( USD Billion )
  • Global Passenger Cars Market By Region, From 2020-2025 ( USD Billion )
  • Global Commercial Vehicles Market By Region, From 2020-2025 ( USD Billion )
  • Global Two Wheelers Market By Region, From 2020-2025 ( USD Billion )

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