Articles
Automotive Refinish Coatings Market Trends, Leading Players and Future Analysis
by Vijay K. Web MarketingClearcoats, primers, fillers, and basecoats are used on vehicles in case of accident repairs or a major overhaul. Garages and service centers prefer clearcoats over other layers as these products protect the basecoat and offer a shiny look. As the final coating, clearcoats offer durability, scratch resistance to the overall coating, and protection against environmental damage. Owing to the increasing production of automobiles, which are witnessing a rising number of accidents and damage because of other reasons, the value of the automotive refinish coatings market will rise from $7,855.3 million in 2016 to $11,099.7 million by 2023, at a CAGR of 5.1% between 2017 and 2023.
Not surprisingly, Asia-Pacific utilized the highest volume of automotive refinish coatings due to the spurring demand for two-wheelers, commercial vehicles, and passenger cars in the emerging economies of India and China. Besides, the expansion of the commercial fleet, on account of the high logistics demand, is fueling the sales of trucks in these countries. With India notorious for its alarmingly high road accident rate, trucks require refinish coatings on regular occasions. For instance, India registered 0.72 commercial vehicle sales in 2020.
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The automotive refinish coatings can be water-borne, solvent-borne, and ultraviolet (UV)-cured. Solvent-borne coatings offer higher durability, gloss, flexibility, and distinctness of image (DOI) in comparison to other refinishing products, which is why they have been the most popular till now. On the other hand, water-borne coatings use water as a carrier instead of conventional solvents, which makes these products less flammable. In recent years, regulatory authorities have increased their focus on water-borne coating technologies, as they help in reducing the emission of hazardous air pollutants (HAP) and volatile organic compounds (VOCs).
These automotive refinish coatings are applied to cars, two-wheelers, and commercial vehicles. In the coming years, the usage of these products would rise rapidly on two-wheelers due to the booming population that is adopting these vehicles in large numbers. For instance, India registered sales of over 17 million two-wheelers in 2020. Owing to the surging demand, companies such as Berger Paints India Limited, NOROO Paint & Coatings Co. Ltd., Nippon Paint Holding Co. Ltd., The Lubrizol Corporation, Kansai Paint Co. Ltd., Guangdong Yinfan Chemistry Co. Ltd., KCC Corporation, and KAPCI Coating Co. Ltd. are producing improved vehicle refinish coatings.
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Thus, the high production of automobiles and availability of new and improved automotive refinish coatings will amplify the usage of such materials in the foreseeable future.
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About Vijay K. 
Web Marketing
211 connections, 3 recommendations, 864 honor points.Joined APSense since, May 17th, 2016, From New York, United States.
Created on Apr 7th 2021 06:16. Viewed 209 times.
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