Global Automotive Refinish Coatings Market to Grow at 5.97% during 2018-2026

Color is an important deciding factor of people’s choices while buying cars. Unlike a decade ago, most cars today come with glossy finish that makes the car more attractive. As a result, the need for maintaining the car also rises as a small scratch on the body could also impact the appearance. This gives way for players in the global automotive refinish coatings market to grow.

The global automotive refinish coatings market has been steadily growing over the last few years. As Transparency Market Research report recently published finds that the global automotive refinish coatings market was valued at US$7.9bn in 2017. Further, the report also predicts that the global automotive refinish coatings market will grow at a stable 5.9% CAGR during the forecast period.

The growth will predominantly be influenced by a tight competition among major players in the global automotive refinish coatings market. Expansion of product line is the focus for companies as there is a new car launched every few days. Further, the consumer demand is also rapidly evolving, thus keep players on their toes to experiment with new variants in products. The constant evolution of products will drive competition in the global automotive refinish coatings market. Some key players in the global automotive refinish coatings market are Axalta Coatings, BASF SE, PPG Industries, The Sherwin-Williams Company, Valspar Corporation, Akzo Nobel NV, KCC Corporation, and Nippon Paint Holdings.

On the other hand, when it comes to geography, the global automotive refinish coatings market is prospering in Asia Pacific and Latin America. The increasing sales of automobiles in developing nations like India, China, and Brazil is propelling demand in these regions. Further, North America and Europe will continue to remain significant for players in the global automotive refinish coatings market.

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Expansion of Insurance Coverage Bodes Well with Consumer Preferences

Insurances companies have started understanding every nuance of the consumer behavior today. As a result, they are aware that an individual expects the insurance to cover every aspect of car damage, theft, and accident. Reason? A small scratch on the car’s body may end up burning a hole in the consumer’s pocket. Therefore, most automobile insurance companies cover minor damages also. This aspect promotes demand in the global automotive refinish coatings market.

Further, aspects like rising car sales in developing nations across the country and rising awareness about maintenance are supporting growth in the global automotive refinish coatings market. Other trends like rising per capita income, increase in road accidents in Asia Pacific countries, and overall increase in number of automobiles influence growth in the global automotive refinish coatings market.

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Demand for Re-modelling Cars Triggers Need for Niche Products

At the same time, players in the global automotive refinish coatings market have to note an important trend. People are keen about remodeling vehicles according to their choice and styles today. This triggers demand for niche products in the global automotive refinish coatings market. Automobile users prefer funky and classic designs for which the cars require exclusive and rare automotive refinish coatings. This is significant for manufacturers in the global automotive refinish coatings market.

At the same time, the varying consumer requirements will also open new opportunities for manufacturers in the global automotive refinish coatings market. Further, improving quality, efficiency, and reducing cost will also push companies to develop new products in the global automotive refinish coatings market.

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