- The key vendors in the automotive refinish coatings market in APAC 2015-2019 are AkzoNobel NV, Axalta, BASF SE, Kansai Paint, Nippon Paint and PPG Industries
London, 22 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the automotive refinish coatings market in APAC 2015-2019. The emergence of the light-weighting trend in the automobile sector has led light vehicle OEMs to focus on vehicle weight reduction to improve fuel economy. As a result, new material types such as aluminum, carbon fiber, and plastics are being incorporated in vehicle body and parts instead of steel. The automotive refinish coatings market in APAC 2015-2019 is expected to grow moderately at a CAGR of 6.03% during the period 2015-2019.
Increased demand for automotive refinish coatings from countries such as India and China, which have a relatively high number of vehicles, is boosting market growth. Advances in coating technology and the growing consumer requirements are other growth factors.
“Market players are trying to innovate and realign their product portfolio to develop new products that reduce cycle time and costs for collision repair centers,” says Faisal Ghaus, Vice President of Technavio Research.
“Manufacturers are investing heavily in nanotechnology and improved color capability. Innovation is, hence, the key factor for manufacturers in the competitive automotive refinish market in APAC.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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