Automobiles need to be repaired frequently so as to enhance the façade and make it look shiny and new. Also, road accidents and extreme weather conditions such as high temperature can cause damage to the vehicles. Due to all these reasons, it becomes essential to give vehicles for repair and refinish and this is expected to drive the demand for automotive refinish coatings. The global demand for automotive refinish coatings is expected to rise at a significant pace in the coming years as consumers are increasingly purchasing automobiles. This is expected to drive the market to reach US$10.8 bn by 2024 after being valued at US$6.6 bn in 2015. The automotive refinish coatings market is expected to exhibit a 5.7% CAGR between 2016 and 2024, as stated by Transparency Market Research (TMR), a market intelligence company. Another factor, which is expected to aid the growth of the market is the growing population and rise in disposable income, driving the sales of automobiles.
Browse the full Global Automotive Refinish Coatings Market Report:https://www.mrrse.com/automotive-refinish-coatings-market
Key Transformation in Automotive Refinish Coatings Market as Consumers Shift to Water-based Coatings
The global automotive refinish coatings market is on the edge of a crucial transformation characterized by the shift from solvent-based to water-based coatings. Strict regulatory reforms by the environmental bodies are behind this alteration in the consumer preference. There are strict regulations regarding volatile organic compounds (VOC) emissions, especially in Europe and North America, which is restricting the use of solvent-based automotive refinish coatings. Solvent-based automotive refinish coatings have been major contributors to the revenue of the market and with the introduction of stringent regulations by environment and government bodies, the market is expected to receive a huge blow.
In light of these regulations by concerned bodies, the focus has shifted to water-based automotive refinish coatings, which is comparatively safer for the environment owing to lesser emissions than solvent-based coatings. Players in the market are now increasingly focused on developing water-borne coatings for refinishing automobiles.
Base Coat Market to Witness a Decline as Internal Substitutes Gain Traction
The global automotive refinish coatings is segmented on the basis of product, into base coats, primers, fillers, clean coats, and activators. Of these, the base coat segment led in the past, accounting for 30% of the market in 2015. The growing market of used vehicles in the past few years was behind the growth of the base coat market. Also, the growing number of road accidents led to the growth in the demand for base coats. However, it is expected that the base coat segment is most likely to lose shares in the coming years, as additives and primer, which are internal substitutes, witnesses a higher demand.
Browse the full Press Release of Global Automotive Refinish Coatings Market at :https://www.mrrse.com/automotive-refinish-coatings-market
The activators segment is expected to witness a tremendous growth in the global automotive refinish coatings market in the coming years. This is owing to their property of drying the coating quickly. In addition to this, the stupendous increase in car parc, in emerging nations over the last few years and also the years to come, will help drive the activators segment, increasing its share in the market from 12.6% to 14% by 2024.