Unlocking Opportunities: Automotive Refinish Coatings Market Size, Share, and Growth Forecast 2030
The global automotive refinish coatings market continues to demonstrate resilience and growth potential, even in the face of the ongoing COVID-19 pandemic. With a sustained increase in demand driven by a desire to enhance vehicle aesthetics and durability, these coatings are poised to maintain their sales momentum.
Driving Factors for Market Growth
Automotive refinish coatings are increasingly sought after for their ability to provide effective protection against harsh weather conditions and UV radiation, safeguarding vehicles from potential damage. The steady growth in vehicle registrations and miles driven, particularly in mature markets, remains a key contributing factor to the industry’s stability.
The market’s performance is further bolstered by innovations in coating technologies, including eco-friendly materials with low solvent content. Investments in new manufacturing facilities and capacity expansion projects also play a pivotal role in driving the sector’s growth.
However, the automotive refinish market faces challenges such as volatile organic compounds (VOC) legislation, market stagnation, complexity, and consolidation in collision centers. Additionally, the rise of self-driving cars and electric vehicles is expected to reshape the industry landscape.
Challenges Amid the Pandemic
The COVID-19 pandemic disrupted supply chains and led to a scarcity of labor, impacting the automotive refinish coatings industry. Many regions, including the Middle East, Africa, and Latin America, heavily rely on imports of refinish coatings from countries like the United States and China. Lockdowns and restrictions disrupted import-export activities, resulting in delays and a backlog of demand. This situation has prompted the need for domestic refinish coating facilities in these regions.
Rise of Waterborne Coatings
Waterborne coatings are gaining popularity due to their eco-friendly nature and the increasing scrutiny on toxic chemicals. Solvent-borne coatings, which were once the industry standard, are losing market share due to high VOC content and government regulations limiting the use of toxic chemicals. UV-cured coatings, particularly in automotive forward lighting, have gained prominence and now command a significant share of the automotive refinish coatings market.
Asia Pacific: A High-Growth Region
While mature markets in Europe and North America continue to lead in repair volume and value, Asia Pacific is experiencing rapid growth in car ownership. Despite a temporary decline in car sales in China in early 2020, strategic developments and capacity expansion projects are expected to benefit China’s automotive refinish coatings market by 2025.
BASF, for instance, doubled its capacity for automotive refinish coatings production in China in response to growing demand. Partnerships like the one between BASF and DiDi, the leading mobile transportation platform, have led to a significant rise in the utilization rate of automotive refinish coating production plants in China. This development is set to fuel growth in the Asia Pacific automotive refinish coatings market.
The global automotive refinish coatings market is highly competitive, with the top five players accounting for over 50% of the market share. Key players include BASF SE, AkzoNobel N.V., Coating Systems Ltd., PPG Industries Inc., The Sherwin-Williams Company, DowDuPont Inc., Kansai Paint Co., Ltd., and Nippon Paint Holdings Co. Ltd.
As the industry continues to evolve and adapt, these players remain at the forefront of innovation, sustainability, and growth in the global automotive refinish coatings market.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/automotive-refinish-coatings-market
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This press release first seen on Brilad