According to a new report by Allied Market Research,
titled, “World Automotive Refinish Coatings Market – Opportunities and Forecast, 2014-2020,” the global
market for automotive refinish coatings would be worth $11.3
billion by 2021 and shall grow at a CAGR of 6.3% during 2015-2021.
Solvent-borne refinish coating technology segment currently accounts for about
half of the revenue; however, by 2020, water-borne refinish coating revenues
would match-up to solvent-borne segment.
Within
different product categories, basecoat refinish coating segment would remain
the largest market with about 33.0% revenue in 2014. Polyurethane would be the
largest resin segment, both in terms of volume and revenue, in 2014. The key
reason driving the growth of polyurethane segment is its characteristic as a
foam that assists manufacturers to make automotive seating, which can be
assembled, disassembled and recycled.
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Key findings of the study:
·
The Asia
Pacific and North American regions collectively held about 62% of the
overall automotive refinish Coatings market revenue in 2014
·
The water-borne coating
segment is expected to grow at the fastest rate
·
In 2014, base coat and
clearcoat collectively accounted for more than half of the overall refinish
Coatings market revenue.
Asia
Pacific currently leads the global automotive refinish Coatings market.
The key reason driving the growth of the Asia-Pacific market are
increasing car parc , rising purchasing power and rise in number of road
accidents. The Asia-Pacific would continue to lead the market during
the forecast period due to rising demand of vehicle customization. LAMEA would
be the fastest growing geographical region in the overall market.
The
major players in the market are adopting acquisition as their key strategies.
The report provides a comprehensive analysis of the key companies operating in
the market such as Axalta Coating Systems, BASF SE, Kansai Paint Co. Ltd., Akzo
Nobel N.V., PPG Industries, Inc., Nippon Paints, and Matrix System Automotive
Finishes.
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Market Research (AMR) is a full-service market research and business
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achieve sustainable growth in their respective market domain.
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us in digging out market data that helps us generate accurate research data
tables and confirms utmost accuracy in our market forecasting. Each and every
data presented in the reports published by us is extracted through primary
interviews with top officials from leading companies of domain concerned. Our
secondary data procurement methodology includes deep online and offline
research and discussion with knowledgeable professionals and analysts in the
industry.
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