The growth in the automotive refinish coatings market is being driven by increasing recreational vehicle sales and rising disposable income. A revenue of $8,244.3 million was generated by the market in 2017, and it is projected to grow at a 5.1% CAGR during the forecast period (2017–2023). Automotive refinish coatings are applied on the body of a vehicle to restore its aesthetics. These refurnish coatings can be applied to the vehicles in various environments in contrast to paints and coatings that are applied in automotive factories.
The automotive refinish coatings market is being driven by the increasing average age of vehicles. Vehicles that were manufactured during the 2000s had a low average lifespan. Owing to technological advancements, vehicles being manufactured in present times have an increased average lifespan. For example, the average age of vehicles in the U.K. increased to 7.8 years in 2015 from 6.8 years in 2003. The demand for refinish coatings is rising, as with the increasing average age, vehicles become prone to environmental damage in the form of corrosion.
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Another contributing factor in the automotive refinish coatings market progress is the rise in the number of vehicle collisions. An increase in the vehicle collision rate has been observed due to the increasing number of vehicles on the road, which ultimately leads to congestion. In 2015, 48,923 vehicle crashes were reported in the U.S., which was 8.8% higher than the previous year. The demand for automotive refinish coatings is increasing with the growing vehicle collision incidence, as these necessitate damage repairs and refurbishing.
The growing popularity of recreational vehicles (RV), especially in the developed countries in Europe and the North America, is adding to the growth of the automotive refinish coatings market. RVs are vehicles modified to include a living space and basic home amenities. Different vehicles, such as school buses, trailers, vans, and even trucks, are used for this purpose. The Recreation Vehicle Industry Association mentioned that the sales of these vehicles have seen an exponential increase in the past 8 years. As they are mostly customized as per the customer’s liking, the demand for automotive refinish coatings is increasing.
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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.
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.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.
