Automotive Refinish Coatings Market to Reach US$ 13,231.44 Mn by 2026; Rise in Disposable Income to Drive Market

TMR

ALBANY, New York, January 10, 2019 /PRNewswire/ --

The global automotive refinish coatings market was valued at US$ 7,901.00 Mn in 2017 and is anticipated to expand at a CAGR of 5.97% from 2018 to 2026, according to a new report titled 'Automotive Refinish Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026,' published by Transparency Market Research (TMR). Rise in GDP results in an increase in demand for vehicles. This is anticipated to augment the automotive refinish coatings market.

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Increase in Number of Vehicle Collisions 

Major reasons for the rise in number of vehicle collisions are drunk driving, speeding, distractions, bad weather, and increase in number of cars on the road. Inattention to surroundings, poor visibility, and miscalculation are factors that lead to collisions while reversing. Thus, the number of vehicle collisions is increasing globally. This, in turn, is boosting the demand for automotive refinish coatings.

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Rise in Consumer Preference for Esthetically Appealing Vehicles 

Esthetic appeal, scratch resistance, and durable finish are some of the features of automotive refinish coatings that are influencing vehicle-buying decision of consumers. Buyers are increasingly seeking colors and textures that enhance the esthetic appeal of vehicles. These developments have put clear coat in focus. Clear coat is an exterior coat applied on the automotive body. Rise in disposable income of consumers and increase in GDP of developing countries such as India and China are factors augmenting the automotive refinish coatings market.

Strict Norms Regarding VOC Emissions Hampering Market 

Solvent-borne automotive refinish coatings are formulated by using a solvent and base resin. Upon application of this coating, the solvent material evaporates. Solvents contain significant amount of volatile organic compounds (VOCs), which are toxic and responsible for formation of ozone. Ozone at the ground level is a pollutant and can cause breathing issues. The use of solvent-based automotive refinish coatings leads to deterioration of air quality. Its long-term harmful effects on human health are leading to implementation of strict norms on the usage of solvent-based coatings. Agencies and associations in the U.S. and Europe such as the EPA (Environment Protection Agency) and REACH (Registration Evaluation Authorization and Restriction of Chemicals) have enacted stringent rules pertaining to VOC emissions. A shift from solvent-based to water-based coatings has taken place in Europe and North America.