Solvent based coatings account for the largest technology segment in the global automotive refinish coatings market, by occupying around 60% share in 2015, says Technavio.
Technavio has announced its latest market research report on automotive refinish coatings for the forecast period, 2016-2020. This market analysis, under the paints, coatings, and pigments vertical, discusses the major drivers and key emerging trends that will influence the growth of the global automotive refinish coatings market during the forecast period. Some of the top vendors listed in this industry analysis include Axalta Coating, AkzoNobel, BASF, PPG Industries, and Sherwin Williams.
Among various regions, APAC will be the fastest-growing region in the global market, and is expected to generate revenues of around $5 billion by 2020. China, India, and Japan will emerge as the key revenue-generators with China being the largest producer as well as the consumer of paints and coatings.
“The trend of nanocoatings has gained huge prominence in the global automotive refinish coatings market. The key vendors in the market are focusing on R&D activities and product introductions such as nanoparticles in the coating technologies, which is a new concept in the market. Vendors like PPG offers CeramiClear clearcoat that uses nanotechnology to provide more resistance to scratch, etch, and mar,” says Ajay Adhikhari, a lead analyst at Technavio for research on paints, coatings, and pigments.
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This new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased focus on R&D
Technological advances in automotive refinish coatings will contribute to the growth of the global automotive adhesives, coatings, and sealants market. To enhance the product portfolio, the key vendors in the market have increased their R&D expenditure. For instance, BASF and PPG Industries are focusing on the R&D of efficient refinish coatings which reduces time cycle in automotive body shops and thereby minimize operational costs.
Support services leading to efficient use of coatings
To produce the best results, the automotive refinish coatings require proper application and effective use. The market vendors are focusing on such factors by offering support to their customers through various aftermarket support service programs. These programs help vendors in developing relationships with their customers and retaining them, subsequently providing a competitive advantage. For instance, BASF offers customer-oriented services such as cost-per-unit invoicing, wherein the customer’s cost is linked to the number of perfectly-coated parts instead of the volume of coatings consumed. The company also provides services such as the development of customized colors and testing of the applicability of the coatings on the paint line, and logistics, analytical, and consulting services.
Growing vehicle fleet
The rising number of vehicles on roads is leading to an increase in traffic, which in turn, is increasing the possibility of collisions and accidents. Moreover, weak traffic rules in regions like APAC are further increasing the chances of collisions leading to the growth of the automotive repair market, which includes the automotive refinish coatings market. The vehicle segment in the section can be classified as global passenger vehicle production, global light commercial vehicle production, and global heavy commercial vehicle production. In the automotive industry, the small vehicle segment in the passenger vehicle segment has significant growth opportunities. The sales in this segment are expected to cross 30 million units by 2020. Some of the light commercial vehicles include vans, pick-up vans, and similar vehicles. The upsurge in commercial transportation within cities, states, and across national borders due to an increase in trade activities will lift the commercial heavy vehicles market. Further, government expenditure on infrastructure development and projects like power generation, mining activities, road construction, and smart cities will also drive the demand for these vehicles, which will further accelerate the demand for these coatings.
Some of the other prominent vendors identified in this report are Nippon, Kansai, and Valspar.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Automotive Refinish Coatings Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Coatings Adhesives and Sealants Market 2016-2020
- Global Industrial Coatings Market 2016-2020
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