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.
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