London, 18 March 2015: Technavio, the independent tech-focused global research firm, has published a report on the Global Automotive Refinish Coatings Market 2015-2019, which is expected to witness moderate growth, posting a CAGR of 3.94 percent during the period 2014-2019.
The augmented demand for automotive refinish coatings from countries such as India, China, and Brazil, which have a relatively high number of vehicles, is boosting market growth to a great extent. Improvements in coating technology and the increasing demand for water-based or waterborne coatings are some other important growth factors.
“Manufacturers of refinish coatings often leverage insights from new light vehicle coatings to develop innovative products that match original equipment manufacturers standards,” says Faisal Ghaus, Vice President of TechNavio.
“The light-weight revolution is thus driving the need for new, and frequently multiple, substrates on the exterior of the vehicle with improved functionality.
Key Market Drivers
- Increase in Number of Vehicles
- Advances in Technology
- Increased Collaboration in Supply Chain
- Growing Consumer Requirements
- Demand from Emerging Markets
Key Market Trends
- Growing Preference for Water-based Products
- Support Services from Vendors
- Vehicle Light-weighting and Emergence of Specialized Products
- Increasing Emphasis on Innovation
Key Market Vendors
- AkzoNobel NV
- Axalta Coating Systems LLC
- BASF SE
- PPG Industries Inc.
- Sherwin-Williams
To define the market circumstances 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.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
