The global automotive refinish coatings market is expected to gain traction from their extensive usage by vehicle body shops and repairers to give vehicles a refreshing look. At the same time, such coatings help in preventing corrosion and rust. Fortune Business Insights™ published this information in an upcoming report, The report further mentions that the demand for automotive refinish coatings depends on car parc, accident rates, and repair frequency.

A list of all the prominent automotive refinish coatings manufacturers operating in the global market:

BASF SE
Flora Refinish Coatings LLC
PPG Industries Limited
Nippon Paint Inc.
Stahl Holdings BV
AkzoNobel NV
The Sherwin-Williams Company
Axalta Worldwide
TCI Powder Refinish Coatings
Kansai Nerolac
Eastman Chemical Company
Carl Schlenk AG

Drivers & Restraints-

Increasing Cost of Indigenous Car Parts to Propel Growth

The rising cost of indigenous car parts is expected to augment the automotive refinish coatings market growth in the coming years. Coupled with this, the implementation of new road safety legislation, as well as the increasing adoption of Advanced Driver Assistance Systems (ADAS) would spur the demand for automotive refinish coatings.

Furthermore, the rising trend of personalization and customization of products is resulting in the high demand for customized vehicles in the automotive industry. Customers nowadays are seeking trendy looks of their vehicles and hence are using automotive refinish coatings. Also, in cases of accidents, people tend to personalize their vehicles to maintain their resale values. However, these coatings often contain toxic chemicals that may pose a hazard to the environment. It can hinder growth.

Regional Analysis-

Asia Pacific to Dominate Fueled by Rising Number of Cars

Regionally, Asia Pacific is expected to account for the largest automotive refinish coatings market share in the near future. This growth is attributable to the rising number of cars in the region. Additionally, in emerging countries, road infrastructures are still under development. It would further drive the demand for vehicle refinish products. North America, on the other hand, is set to grow steadily because of the increasing demand for the refurbishment of old vehicles.

In Europe, the market for automotive refinish coatings would grow considerably fueled by the presence of a large number of reputed automotive manufacturers in the region. Coupled with this, the higher usage of cabs because of surging tourism and the increasing sales of pre-owned cars would support growth. Latin America is set to grow significantly stoked by the high demand for commercial vehicles in the region. It is attributable to the expanding mining industry. Finally, the Middle East & Africa would grow rapidly backed by the increasing number of vehicular accidents occurring in this region.

Information Source: https://www.fortunebusinessinsights.com/automotive-refinish-coatings-market-103040