The demand within the global automotive refinish coatings has been rising on account of advancements in automobile manufacturing.
The need for manufacturing high-end vehicles, characterized by perfect finish and aesthetics, has given a thrust to market growth.
Moreover, automobile manufacturers have established dedicated sections for repair, overhaul, and finetuning of automobiles. Therefore, the total volume of revenues within the global automotive refinish coatings market is slated to touch new values.
Furthermore, the investments made towards automotive manufacturing in recent times have superseded all previous investment marks. This is also a key standpoint in gauging the growth dynamics of the global automotive refinish coatings market.
Transparency Market Research (TMR), in its report, predicts that the global automotive refinish coatings market would expand at a CAGR of 5.97% over the period between 2018 and 2026.
Furthermore, the value of the global automotive refinish coatings market was $7.9 billion in 2017, and the value is expected to increase in the years to come. The use of automotive refinish coatings for high-end models that could undergo wear and tear, in the long run, has increased. It is evident that a mild scratch or bruise on a car can affect its aesthetic appeal. This is a key consideration from the standpoint of market growth and maturity.
Strategies of Market Players
The need for improved coatings has been gauged by the market vendors who are responding to the market demands. BASF Coatings GmbH has emerged as a key manufacturer in the global automotive refinish coatings market. The company has been focusing on developing effective, eco-friendly, and durable coatings for automobiles. Furthermore, high-solid coatings are also amongst the specialties of the company. Coatings World is amongst other renowned players operating in the global automotive refinish coatings market. The company supplies coatings to automotive OEMs, and this has given an edge to the company in the global market. Other vendors are making earnest efforts to tie up with automotive manufacturers.
Development of Custom Repair Shops
The growth of repair shops has emerged as the leading driver of demand within the global automotive refinish coatings market. Car owners prefer to visit local repair shops against service stations set up by car companies. The primary reason behind the aforementioned trend is the relatively low cost charged by the former. Henceforth, the global automotive refinish coatings market is earning revenues from multiple avenues. The refinishing of vintage vehicles is a trend that has garnered the attention of the masses. Car enthusiasts buy vintage models and get them modified to new versions. This propensity has also generated a huge volume of revenues within the global automotive refinish coatings market.