The global Automotive Refinish Coatings Market is expected to reach USD 14.29 Billion by 2030. The growth can be attributed to various factors, such as increasing disposable income, changing lifestyles and buying behavior of people, and demand for luxury vehicles.
Automotive refinishing coatings are used by end-users to maintain and service vehicles, protect them from harsh temperatures and UV radiation, and enhance their appearance and durability. Innovations in coatings, such as eco-friendly materials with low solvent content, are also driving market growth.
However, the market growth is hindered by strict regulations on products containing volatile organic compounds (VOCs). To reduce air pollution caused by VOCs, governments have implemented control measures.
The report provides further insights on the market, including segmentation based on resin type, product, technology, substrate, and application. Key findings include the dominance of the polyurethane segment and clear coat product, the popularity of solvent-borne coatings technology, and the use of metal substrates. The Asia Pacific region is expected to remain the dominant market due to the high demand for passenger and commercial vehicles.
Key players in the market include:
PPG Industries Inc., The Sherwin Williams Company, Axalta Coating systems Ltd., AzkoNobel N.V BASF SE, Convestro AG, Kansai Paints Co. Ltd., Esdee Paint Ltd., KCC Corporation, KAPCI Coating Co. Ltd., NOROO Paint Coatings Co. Ltd, The Lubrizol Corporation, S.Coat Co., Ltd., Nippon Paint Holding Co. Ltd., and Berger Paints India Ltd., among others. These companies have adopted various strategies, such as mergers, acquisitions, and partnerships, to stay competitive and drive new developments in the market.
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The automotive refinish coatings market has seen notable innovation in recent years as follows:
One significant innovation is the development of eco-friendly coating materials with low solvent content, which address concerns about the environmental impact of VOC-containing products. Another innovation is the advancement of technology in coatings, such as the use of UV-cured coatings, which offer faster curing times and increased durability compared to traditional solvent-borne coatings. Additionally, advancements in the formulation of coatings for specific substrates, such as plastic and metal, have also contributed to the growth and innovation in the automotive refinish coatings market.
Some of the top companies in the automotive refinish coatings market are:
- PPG Industries
- AkzoNobel N.V.
- Axalta Coating Systems Ltd.
- BASF SE
- Sherwin-Williams Company
- Kansai Paint Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- 3M Company
- Covestro AG
- The Valspar Corporation
These companies are major players in the automotive refinish coatings market and offer a range of products such as primers, basecoats, clearcoats, and other coatings used for automotive repair and refinishing.
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