The basecoat is expected to witness significant revenue rise at a CAGR of 6.9 percent from 2016 to 2024 over the forecast period as it provides color, decorative effects and exterior aesthetic to vehicles.Increasing demand for solid basecoats in motorcycles, trucks and cars owing to the ease of application coupled with basic color effect will increase industry size.
Further key findings from the report suggest:
- Global automotive refinish coatings market demand was 916.4 kilo tons in 2015 and is expected to witness high gains in light of growing vehicle sales in China, India, and Mexico.
- Acrylics was a prominent segment and accounted for 21.1 percent of the overall volume in 2015. The product will show growth in light of its high usage in waterborne technology. Furthermore, superior properties including resistance to stain, blistering, cracking, and extreme temperatures will fuel its demand over the forecast period.
- North America accounted for 22.8 percent of the global revenue share in 2015 and is expected to witness significant gains in light of growing need for repair, maintenance, and customization over the upcoming years.
- Latin America will witness significant revenue growth at a CAGR of 6.6 percent from 2016 to 2024 as a result of increasing automotive vehicle sales in Argentina, Brazil, and Columbia. Prevalence of road accidents along with the growing trend of recreational vehicles in Brazil will fuel industry expansion.
- Automotive refinish coatings industry is dominated by key participants including BASF, Axalta Coating Systems, PPG Industries, AkzoNobel and Sherwin-Williams. Ongoing product development by various companies to manufacture high-performance and cost-efficient coatings is expected to augment product consumption over the next eight years.
- In December 2015, PPG Industries in collaboration with Asian Paints introduced product line of environment base high performance waterborne automotive refinished paint in Sri Lanka to expand the customer base.