Global Automotive Refinish Coatings Market size is expected to reach US$ 10.57 Bn. by 2029, at a CAGR of 4% during the forecast period.
Automotive Refinish Coatings Market Overview:
The market report for Automotive Refinish Coatings includes information on market share and company profiles for the leading international competitors along with a thorough analysis of the competition. The scope of the study includes a complete examination of the Automotive Refinish Coatings Market as well as the factors influencing regional variations in the growth of the industry.
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Market Scope:
After market engineering, which included market statistics calculations, market size estimations, market predictions, market breakdown, and data triangulation, was complete, extensive primary research was carried out to gather data and confirm important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the general market segments and sub-segments detailed in this study. In order to provide vital information during the study, all data collected during the market engineering process is submitted to comprehensive qualitative and quantitative analysis.
Automotive Refinish Coatings Market Segment:
By 2029, the primer & filler market segment is anticipated to have the greatest market share worldwide based on product type. The desire for improved vehicle characteristics, such as surface smoothening, and rising vehicle production are two reasons anticipated to fuel the segment’s expansion.
In terms of technology, the solvent-borne sector dominated the global market in 2021. Due to the strict limitations on VOC emission levels, the category is anticipated to grow slowly. However, technological and innovative developments have resulted in a rise in high solid formulations.
The UV-cured technology is also anticipated to see a CAGR of % in terms of value by 2029 due to its accessibility in bespoke colours, quick cure times, and superior performance at a reasonable cost. The rising use of this technology is anticipated to strengthen the market potential and enhance demand for it.
According to region, the Asia Pacific region had the largest market share in the global market in 2021. This was largely due to rising vehicle production, rising spending power on luxury vehicles, customization of the vehicles, and an increase in the region’s focus on high levels of comfort and safety. Europe and North America follow the Asia Pacific in terms of consumption.
Automotive Refinish Coatings Market Key players:
• Axalta Coating Systems
• BASF SE
• Kansai Paint Co. Ltd.
• Mitsui Chemicals
• PPG Industries, Inc.
• Nippon Paint Holding Co. Ltd.
• Sherwin Williams
• 3M Co.
• Matrix System Automotive Finishes
• AzkoNobel N.V.
• Convestro AG
• KCC Corporation
• The Valspar Corporation.
• The Sherwin-Williams Company
• Esdee Paints Limited
• The Lubrizol Corporation
• Berger Paints India Limited
To identify the market’s leaders and project market revenue, primary and secondary research are both used. CEOs, marketing executives, and seasoned front-line employees were just a few of the notable thought leaders and subject matter experts that participated in the in-depth interviews for the main study. As a part of the primary study, extensive interviews with important thought leaders and business experts—including CEOs, marketing executives, and seasoned front-line staff—were conducted.
The secondary study included a review of the annual and financial reports of the major manufacturers. Secondary data is employed to calculate percentage splits, market shares, growth rates, and global market breakdowns. The results of these calculations are then put up against the original data in comparison. The Automotive Refinish Coatings market is dominated by the following businesses:
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Regional Analysis:
The regional market research report for Automotive Refinish Coatings also includes information on the specific market driving forces and changes in market legislation that have an impact on current and future market trends. Current and forthcoming trends are studied in order to evaluate the potential market as a whole and find profitable patterns to lay a stronger foundation. The evaluation of the regional market is built on the basis of the current environment and expected trends.
COVID-19 Impact Analysis on Automotive Refinish Coatings Market:
A stop in activities between January 2020 and May 2020 resulted in a fall in the growth of end-user industries utilising Automotive Refinish Coatings. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. The market for Automotive Refinish Coatings manufacturers as well as the profits of companies operating in these sectors consequently experienced a sharp decline. This affected the market’s growth in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business demand for Automotive Refinish Coatings has been severely decreased.
Key Questions Answered in the Automotive Refinish Coatings Market Report are:
- Which market segment has the highest percentage of Automotive Refinish Coatings in 2021?
- To what extent is there competition in the market?
- What are the primary factors influencing the growth of the Automotive Refinish Coatings market?
- What portion of the market does region Automotive Refinish Coatings control?
- What is the expected market CAGR from 2022 to 2029?
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