The automotive refinish coating market is the major part of the automotive market and has been observed considerable expansion in the previous decade. The growth of the market is attributed to swift expansion in ownership of vehicle which in turn resulting in increased accidental rate. High government rules and regulations related to volatile organic compounds are likely to further exhibit robust single-digit CAGR during 2017-2022.
Analysis of Market Based on Segments
Polyurethane consists of maximal potential in market for automotive refinish coatings and is projected to procure share at the expenditure of other resign type segment by the end of 2017. By the end of 2022, the polyurethane is estimated to reach more than US$ 4.5 Bn. In the polyurethane segment, the North America is anticipated to remain most lucrative region in the market. Based on resin type, alkyd is projected to hold second position however, it is projected to lose shares of the market in the medium term. The alkyd segment in the Europe along with the North America is forecasted to surpass billion dollars by the end of assessment period.
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By vehicle type, light commercial vehicles as well as heavy commercial vehicles are projected to secure comparative same share of the market throughout the forecast period. However, both the segments are projected to lose market share points, while relatively steeper drop is likely to be experienced by the heavy commercial segment. Further, the segment is poised to expand at low CAGR of single-digit through 2022. It is advised to major stakeholders in the market to take into consideration while devising its strategies.
The battle in between mid-sized and compact passenger cars for supremacy in the market with final inching ahead. A total dollar opening of over US$ 855 Mn occurs in the mid-sized passengers cars are usually preferred in the North America as well as Europe owing to such counties are well-developed as well as the consumers are less sensitive for price compared than its counterparts in developing countries. Though, if any market player is planning to enter into compact passenger car segment, the report advices to concentrate over APEJ region as it exhibits highest CAGR throughout the assessment period.
In terms of revenue the primer segment secure share of almost one-third of the market by coating structure as well as it is poised to secure substantial market share during the forecast period. The primer market in North America is estimated to contribute one-third share to the market during the assessment period and is projected to secure value of more than US$ 1.2 Bn by the end of 2022.
The leading players operating in the market have been profiled in the report, which includes BASF SE, The Sherwin-Williams Company, KCC Corporation, Nippon Paint Holdings Co Ltd, Akzo Nobel NV, PPG Industries, DowDuPont Inc., Axalta Coating Systems Ltd., Kansai Paint Co., and 3M Company. The report reveals that these leading market players will have large contribution in the growth of the market throughout the forecast period. Key strategies of these players and their long-term vision is also included in the report.