The global market for automotive refinish coatings
features a markedly high level of consolidation, with the top five
companies accounting for a share of over 65% of the global market in
2015, observes Transparency Market Research in a recent market
intelligence report. The top two vendors, PPG Industries and Axalta
Coatings Systems, LLC, together held over 40% share of the global
market in the said year. Strict regulatory reforms related to VOC
emissions from coatings, especially across developed regions such as
North America and Europe have led to a substantial reduction in
demand for solvent-based coatings.
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“The trend has compelled many key manufacturers to
increase focus on the development of effective water-borne varieties
of automotive refinish coatings in the past few years”, states a
TMR analyst. The trend is expected to have a transformative impact on
the market’s dynamics in the near future. TMR estimates that the
global automotive refinish coatings market will exhibit a healthy
5.7% CAGR over the period between 2016 and 2024. Growing at this
pace, the market, which valued US$6.6 bn in 2015, is expected to rise
to US$10.8 bn by 2024.
Coating Activators to Witness Most Promising
Growth
Of the key product varieties examined in the report,
the segment of base coat presently dominates the global market and is
expected to acquire a share of nearly 31% of the global market by
2024. However, the segment of activators is expected to exhibit the
most promising growth over the forecast period and witness a slight
rise in its share in the global market by 2024. North America is
dominant regional market and is expected to retain its position, but
lose prominence to Asia Pacific in terms of growth opportunities.
Flourishing Automotive Markets in Emerging
Economies to Emerge as Key Driver
Key emerging economies of the world, including
countries such as India, China, Brazil, and South Africa are expected
to witness a significant expansion of their automotive markets over
the period between 2016 and 2021. The rise in automotive sales across
these countries is expected to be triggered by factors such as rising
disposable incomes and the promising growth of GDPs in the past few
years.
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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. Rising disposable incomes in emerging
economies are also expected to lead to a sizeable rise in vehicle
repair and maintenance activities, which is a key driver of the
automotive refinish coatings market in developed regions such as
North America and Europe.
Shifting Consumer Preference from Solvent-based to
Water-based Products to Hamper Market’s Growth
In the past few years, several stringent
emission-related reforms have been imposed that regulate the usage of
certain chemicals and elements in automotive refinish coatings. This
has dealt a huge blow on the sales of solvent-based products, which
have been known to include higher levels of VOCs as compared to
water-based products. Attempts made by environment sustenance and
government bodies to raise awareness among consumers in this regards
have led to a significant decline in the overall global consumption
of solvent-based coatings in the past few years. Being the dominant
revenue generator of the global automotive refinish coatings market,
hampered growth of the segment also directly implies a huge blow to
the market’s overall growth prospects.
Along with this factor, the fluctuating prices of key
raw materials required for the production of automotive refinish
coatings, which are mostly derived from crude oil and natural gas,
are also expected to restrain the market’s growth to a certain
extent in the coming years. Nevertheless, these factors are expected
to drive the market for water-based refinish coatings, the product
varieties known to have lesser impact on the environment, and bring
about new developments in terms of product varieties and reliability
of water-borne coatings.
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This review of the market is based on a recent market
research report published by Transparency Market Research, titled
“Automotive Refinish Coatings Market - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast, 2016-2024.”
For the study, the global automotive refinish
coatings market is segmented into:
Automotive Refinish Coatings Market - Product
Analysis
- Primer
- Base coat
- Clear coat
- Activator
- Filler
- Others
Automotive Refinish Coatings Market - Technology
Analysis
- Solvent Borne Coatings
- Water Borne Coatings
- Others
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