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.
Continuous
adoption of newer technologies, rising disposable income and growing
consolidation of used vehicle market would be the prime factors for automotive
refinish Coatings market growth. Moreover, increasing road accidents, vehicle
customization (especially in China, India and Brazil) and
growing trend of recreational vehicles are supplementing the overall market
growth. However, environmental hazards related to toxic waste produced from solvent-borne
refinish coatings and price volatility of raw materials would hinder the growth
of the global automotive refinish coatings market.
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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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About
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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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are in professional corporate relations with various companies and this helps
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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