Kerry Pianoforte, Editor09.30.19
The global automotive refinish coatings market is expected to reach $11.34 billion by 2026, according to a report by Reports and Data. This can be mainly associated with the increasing disposable income, changing lifestyle and buying behavior of people, and the demand for luxury vehicles from the segment.
Further key findings from the report:
• The market is segmented on the basis of resin type into epoxy, alkyd, and polyurethane;
• The polyurethane segment dominated the market in 2018, and is forecasted to grow at a CAGR of 2.2 percent during the forecast period, since it is less expensive, environment-friendly and also versatile;
• The market is segmented on the basis of product into primer, basecoat, clear coat, activator, filler and putty;
• Clear coats, which provide protection to the paint on the vehicles from sun, dust or water, hold the largest share of the market in 2018. It is expected to have a growth rate of 3.4 percent during the forecast period.
It’s no surprise that the Asia Pacific region dominated the industry in 2018 and is expected to remain dominant over the forecast period, at a CAGR of 3.4 percent.
“Market drivers are regionally fragmented, with differences observed between mature and developing markets,” said Ed Hilborne, AkzoNobel’s global segment manager for vehicle refinishes. “The mature European and North American markets are the largest in value and volume of repairs, but the balance is changing with the rapidly growing car population in Asia. It means over time the center of gravity will continue to shift. The regional car parc is predominantly influenced by the economic situation, and while China’s recent slowdown is significant, Asia overall will continue to strongly grow.”
For more insights on the auto refinish market from AkzoNobel, BASF, PPG and Sherwin-Williams, check out our article on page 36.
CHINACOAT 2019
CHINACOAT 2019, now in its 23rd year, will be held November 18-20 in Shanghai. If you are planning on attending, be sure to check out our CHINACOAT Preview on page 42. Coatings World will be exhibiting at this important event. If you are unable to make the trip to China, be sure to sign up on our website for our Live from CHINACOAT email blasts.
We will be reporting live from the show floor.
Further key findings from the report:
• The market is segmented on the basis of resin type into epoxy, alkyd, and polyurethane;
• The polyurethane segment dominated the market in 2018, and is forecasted to grow at a CAGR of 2.2 percent during the forecast period, since it is less expensive, environment-friendly and also versatile;
• The market is segmented on the basis of product into primer, basecoat, clear coat, activator, filler and putty;
• Clear coats, which provide protection to the paint on the vehicles from sun, dust or water, hold the largest share of the market in 2018. It is expected to have a growth rate of 3.4 percent during the forecast period.
It’s no surprise that the Asia Pacific region dominated the industry in 2018 and is expected to remain dominant over the forecast period, at a CAGR of 3.4 percent.
“Market drivers are regionally fragmented, with differences observed between mature and developing markets,” said Ed Hilborne, AkzoNobel’s global segment manager for vehicle refinishes. “The mature European and North American markets are the largest in value and volume of repairs, but the balance is changing with the rapidly growing car population in Asia. It means over time the center of gravity will continue to shift. The regional car parc is predominantly influenced by the economic situation, and while China’s recent slowdown is significant, Asia overall will continue to strongly grow.”
For more insights on the auto refinish market from AkzoNobel, BASF, PPG and Sherwin-Williams, check out our article on page 36.
CHINACOAT 2019
CHINACOAT 2019, now in its 23rd year, will be held November 18-20 in Shanghai. If you are planning on attending, be sure to check out our CHINACOAT Preview on page 42. Coatings World will be exhibiting at this important event. If you are unable to make the trip to China, be sure to sign up on our website for our Live from CHINACOAT email blasts.
We will be reporting live from the show floor.
