Global Refinish Paint Market Set for a Positive Growth Forecast at CAGR of 4.0% till 2022
The growth of the refinish paint market for automotive is driven by the increasing demand for cars, high collision rate, rising financial gain level of materialistic population and also the propensity of automobile house owners to repair their vehicle post-collision. The surface paint marketplace for automotive is projected to achieveUSD 8.50 billion by 2022, at a CAGR of 4.0% from 2017 to 2022. It's projected to maintain its dominance throughout the forecast amount thanks to the multiplied car parc, high collision rate, and rising financial gain.
RefinishPaintMarket for automotive is driven by the increasing number of vehicles, high Collision rate and the propensity of the car owners to refinish after collision
The refinish paint market for automotive is estimated at USD 7.00 billion in 2017 and is projected to reach USD 8.50 billion by 2022, at aCAGR of 4.0% from 2017 to 2022. The growth of the refinish paint market for automotive is driven by the increasing demand for cars, high collision rate, rising income level of middle-class population and the propensity of car owners to repair their vehicle post-collision.
Based on resin, the polyurethane resin segment is projected to witness the highest growth during the forecast period in the refinish paint market for automotive
Polyurethane resins have wide preference in clearcoat and basecoat layer. This resin helps formulate automotive coatings with higher gloss and excellent finish. The growth of polyurethane resin is backed by its excellent resistance to UV rays, chemicals, and corrosion. The polyurethane resin based coating also offers superior durability, thereby, lowering maintenance requirements significantly.
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China is the largest and fastest-growing market for automotive refinish paint in APAC as well as globally
China is the largest and fastest-growing market for automotive refinish coating in APAC as well as globally. It is projected to maintain its dominance during the forecast period due to the increased car parc, high collision rate, and rising income of middle-class population in the country. Major key players are focused on inorganic growth strategies such as mergers & acquisitions to enhance its footprint in China and cater the growing demand in this country.
Extensive primary interviews have been conducted to determine and verify the market sizes of various segments and subsegments obtained from the data gathered through secondary research. The breakdown of primary interviews has been given below.
- By Company Type - Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
- By Designation - C level – 55%, D level – 25%, and Others – 20%
- By Region - North America – 35%, Europe – 25%, Asia Pacific – 15%, South America– 15%, and the Middle East & Africa – 10%
Key players profiled in the refinish paint market for automotive report are Axalta (US), PPG Industries (US), BASF (Germany), Sherwin-Williams (US), Kansai Paint (Japan), Nippon Paint (Japan), KCC Corporation (Korea), and AkzoNobel (Netherlands)
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