The growth in the automotive refinish coatings market is being driven by growing revenue and disposable income. A revenue of $ 8,244.3 million was generated by the market in 2017, and it is projected to grow at a 5.1% CAGR during the forecast period (2017-2023). Automotive refinish coatings are applied on the body of a vehicle to restore its aesthetics. These refurnish coatings can be applied to the various environments in which they are applied in automotive factories.
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The automotive refinish coatings market is being driven by the increasing average age of vehicles. Vehicles that were manufactured during the 2000s had a low average lifespan. Owing to the advancements, vehicles being manufactured in present times have an increased average lifespan. For example, the average age of vehicles in the UK increased to 7.8 years in 2015 from 6.8 years in 2003. The demand for refinish coatings is rising, with the increase in the average age of vehicles.
Another factor in the automotive refinish coatings market is the rise in the number of vehicle collisions. An increase in the collision rate, which leads to congestion. In 2015, 48,923 vehicle crashes were reported in the US, which was 8.8% higher than the previous year. The demand for automotive refinish coatings is increasing with the growing vehicle collision incidence, as these necessitate damage repairs and refurbishing.
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The growing popularity of recreational vehicles (RV), especially in the developing countries in Europe and North America, is adding to the growth of automotive refinish coatings market. RVs are vehicles modified to include a living space and basic home amenities. Different vehicles, such as school buses, trailers, vans, and even trucks, are used for this purpose. The Recreation Vehicle Industry Association has mentioned that it has grown 8 years. As they are mostly customized for the customer’s market, the demand for automotive refining is increasing.
The segments of the automotive refinish coatings are vehicle age, product type, auto type, resin type, and technology. The auto type segment is subdivided into commercial vehicles, cars, two-wheelers, and others. in 2017, the cars category dominated the market in terms of revenue generation by holding a share of 70.1%. This can be attributed to the accidental insurance claims. The second-largest category is commercial vehicles, owing to the increasing popularity of RVs in developed nations.
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UV-cured, water-borne, and solvent-borne coatings. The solvent-borne category accounted for as close to 60.0% as of September 2017, as these are more cost-effective than other technologies. Owing to the demand for eco-friendly technologies, the water-terminal is expected to be the fastest growing during the forecast period.
Therefore, the market for automotive refinish coatings is slated to advance during the forecast period owing to the growing number of vehicles on the road and resulting accidents.
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