The worldwide market for automotive refinish coating is straightaway associated with the automotive market & has foreseen remarkable expansion in the past ten years. This is mainly because of quick expansion in the vehicle ownership in growing nations with a ensuing rise in the accident pace. Better governmental regulations regarding high volatile organic compounds might additionally affect the expansion of the worldwide market for automotive refinish coating market is at present anticipated to register a remarkable 5.7% CAGR during 2017-2022. The increasing requirement for recreational vehicles in emerged regions, for instance, Europe and North America must in addition act an imperative part in the overall market which is anticipated to have an evaluation of close to US$ 12 Billion before the end of 2022.
By material type, the worldwide market is categorized into solvent-borne coatings, water-borne coatings, and UV-cured coatings. In terms of the coating structure, the global market is categorized into clear coat, primer, base coat, and top coat. Of these, the primer category has an overall market revenue share of close to one-third of the overall market & is considered to gain remarkable share all through the figured period.
In terms of the vehicle type, the global market is segmented into light commercial vehicles, premium passenger cars, luxury passenger cars, compact passenger cars, heavy commercial vehicles, and mid-sized passenger cars. Of these, the light commercial and heavy commercial vehicles have a comparatively alike market share in the overall market. Whereas both are anticipated to drop market share points, the fall must be significantly more exorbitant in the heavy commercial category. This category is figured to expand with a low CAGR of 5% before the end of the forecast year 2022. There is a fight for domination amongst mid-sized passenger and compact cars in the worldwide market with the latter moving forward ahead. An absolute $ prospect of over US$ 855 Million subsists in the mid-sized passenger car category for the approaching five-year period.
In terms of the resin type, the worldwide market includes acrylic, alkyd, and polyurethane. Among these, the polyurethane has the foremost prospects in the overall market for automotive refinish coating and is likely to gain market share at the cost of other resin type category during 2017. The polyurethane category is estimated to be a valuation of close to US$ 4.7 Billion before the end of 2022. The alkyd category is the second biggest on the basis of resin type on the other hand, in the medium term, is set to lose its market share.
The foremost companies active in the worldwide market is AkzoNobel N.V., BASF SE, PPG Industries Inc., Axalta Coating Systems Ltd, DowDuPont Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co Ltd, Kansai Paint Co., Ltd., KCC Corporation, 3M Company, and others.