With the top five players accounting for over 65%
share in the global market for automotive refinish coatings, the
competitive landscape looks consolidated. Among the top five players,
the two most dominant ones, namely PPG Industries and Axalta Coatings
Systems, LLC, held about 40% share in the market in 2015. A
noticeable trend in the global automotive refinish coatings market is
the shift from solvent-based to water-based coatings. This has been
primarily brought about by stringent regulatory reforms of
environmental bodies.
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Solvent-based automotive refinish coatings have
majorly contributed to the market so far in terms of revenue, and
regulations framed against it by authorities will likely negatively
impact the market. As of now, manufacturers are focusing on
developing efficient water-based automotive refinish coatings. This
would have an impact on the market’s contours in the upcoming
years.
A report by Transparency Market Research predicts the
global market for automotive refinish coatings to rise at a healthy
CAGR of 5.7% from 2016 to 2024. Expanding at this pace, the market is
forecasted to reach a value of US$10.8 bn by 2024 from US$6.6 bn in
2015.
High Disposable Incomes Make North America Market
Leader
Depending upon the different types of products, the
global market for automotive refinish coatings has been segmented
into base coats, primers, clean coats, fillers, and activators. Among
them, the base coat segment held the leading share of over 30% in the
market in 2015. The swift uptake of used vehicles and rising numbers
of road accidents have propelled the segment substantially in the
past couple of years. Going forward, however, the segment will trim
some of its shares because of the availability of internal
substitutes such as additives with primer.
Geographically, the key segments of the global market
for automotive refinish coatings are North America, Europe, Asia
Pacific, Latin America, and the Middle East and Africa. Of them,
North America leads the overall market and is trailed by Asia Pacific
and Europe. Factors driving the market in North America are high
disposable incomes and timely repairs carried out by owners of
vehicles, along with the growth in the market for used vehicles.
Strict regulations, on the contrary, is negatively impacting the
market in the region.
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India, China, Brazil, and South America Power
Growth in Global Market
Automotive markets in the fast-expanding economies of
the world such as India, Brazil, China, and South Africa are
forecasted to grow at a healthy clip from 2016 and 2021. The soaring
automobile sales in the region will likely be fuelled by factors such
as increasing disposable incomes and robust growth in GDPs. “Rise
in sales of automobiles across these countries is expected to lead to
a sizeable expansion of the pool of vehicles and have a direct
positive impact on the overall demand for automotive refinished
coatings,” explains the lead analyst of the report.
Raw Material Price Volatility Crimps Growth
Strict emission-related reforms regulating the use of
certain chemicals and elements in automotive refinish coatings is
majorly countering the sales of solvent-based products. Such
solvent-based coatings containing higher levels of VOCs compared to
water-based products were the main growth drivers in the market. This
coupled with the volatility in prices of important raw materials
needed in the manufacture of automotive refinish coatings is also
expected to act as a barrier to the market’s growth. The price
volatility of raw materials result from fluctuating crude oil and
natural gas prices from which they are derived.
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This review is based on the findings of a TMR report
titled “Automotive Refinish Coatings Market (Product Type - Primer,
Base Coat, Clear Coat, Activator, Filler; By Technology - Solvent
Borne Coatings, Water Borne Coatings) - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
This report segments the global automotive
refinish coatings market as follows:
Automotive Refinish Coatings Market –
Product Analysis
- Primer
- Base coat
- Clear coat
- Activator
- Filler
- Others
Automotive Refinish Coatings Market –
Technology Analysis
- Solvent Borne
- Water Borne
- Others
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material for business reports.
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