Demand for Automotive Refinish Coatings Expected to Soar in APAC in Coming Years

With the increasing income of people and the surging gross domestic product (GDP) of many countries, the sales of automobiles are booming, which is, in turn, pushing up the demand for automotive refinish coatings. For example, due to the surge in the GDP, the sales of automobiles in China grew by 28.03 million four-wheelers in 2016. This subsequently fueled the demand for refinish coatings, as these coatings are heavily required for automobile maintenance and repair.

Similarly, in India, the sales of used cars increased from 1.6 million units in 2011 to 3.3 million units in 2016. The U.S. also witnessed a massive rise in the sales of used trucks and cars, with the sale of 17.6 million units in 2016, because of the lower prices of these vehicles in comparison to new vehicles. Apart from this, the mushrooming demand for recreational vehicles is also fueling the sales of automotive refinish coatings.

With the ballooning sales of these vehicles, manufacturers are increasingly focusing on making modifications, in order to provide economically viable and customized RVs to customers. This growing trend of modification and customization of RVs is fueling the demand for automotive refinish coatings, thereby driving the expansion of the global automotive refinish coatings market. Primer & filler, basecoat, and clearcoat are the most widely used types of automotive refinish coatings around the world.

Out of these, the application of these coatings is predicted to rise rapidly on two-wheelers in the coming years, owing to the soaring sales of both used and new two-wheelers globally. Across the globe, the demand for automotive refinish coatings is predicted to surge in Asia-Pacific (APAC) in the upcoming years. This is ascribed to the mushrooming sales of vehicles in the regional countries such as China and India and the growing number of vehicle manufacturing facilities in the region.

Hence, it can be safely said that the demand for automotive refinish coatings will shoot up in the future, primarily because of the surging sales of automobiles, ballooning popularity of customized RVs, increasing average lifespan of vehicles, and the growing incidence of road accidents in various countries.

Read More: https://www.psmarketresearch.com/market-analysis/automotive-refinish-coatings-market

Read More

Automotive Refinish Coatings Market Overview, with Recent Technologies, Applications, Growth, Insights and Status 2024

The segments of the automotive refinish coatings market are vehicle age, product type, auto type, resin type, and technology. The auto type segment is subdivided into commercial vehicles, cars, two-wheelers, and others. in 2017, the cars category dominated the market in terms of revenue generation by holding a share of 70.1%. This can be attributed to the rise in accidental insurance claims. The second-largest category was commercial vehicles, owing to the increasing popularity of RVs in developed nations.

Get a Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/automotive-refinish-coatings-market/report-sample

Based on technology, the automotive refinish coatings market categories are UV-cured, water-borne, and solvent-borne coatings. The solvent-borne category accounted for close to 60.0% share in terms of volume in 2017, as these are more cost-effective than other technologies. Owing to the demand for eco-friendly technologies in order to comply with low volatile organic compound emission regulations, the water-borne category is expected to be the fastest growing during the forecast period. 

On the basis of product, the automotive refinish coatings market is segmented into clearcoats, basecoats, primers and fillers, and others. In terms of value, the clearcoats category has been dominating the market, with an estimated contribution of more than 35.0% in 2017. Primers and fillers are expected to register significant growth during the forecast period, with 4.8% CAGR.

Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=automotive-refinish-coatings-market

Globally, Asia-Pacific has been the largest automotive refinish coatings market, with an estimated contribution of more than 30.0% in 2017. This can be attributed to the increase in the number of collisions in developing countries due to increased congestion and population, growing GDP of the region, and increase in the demand of vehicles in countries such as China, India, and Vietnam, among others. Moreover, the increasing commercial fleet due to logistics demand, and the rise in disposable income driving the rental cab service market, are few other factors driving the demand for the automotive refinish coatings in Asia-Pacific.

Therefore, the market for automotive refinish coatings is slated to advance during the forecast period owing to the growing number of vehicles on the road and resulting accidents.

Read More