Automotive Refinish Coatings Market to Grow With 5.97% CAGR From 2018 to 2026 With Increasing Demand for Automobiles - TMR

ALBANY, New York, June 11, 2019 /PRNewswire/ -- According to an analysis of global automotive refinish coatings market by the experts at Transparency Market Research, the market is influenced by a tough competition between prominent players. These businesses are focusing on expanding their product line in order to keep the momentum on their side and stay ahead of their competitors. To cater to the rising demand for variety by the customers, players are also investing heavily on research and development activities. In order to acquire an edge over the rival businesses, players of global automotive refinish coatings market are redefining their business processes. They adopting, mergers, collaboration, and partnerships for expanding their business. Some businesses are acquiring various small and medium scale businesses so as to expand their resource bank and enhance their production capacity.

Some of the prominent influencers of global automotive refinish coatings market are BASF SE, The Sherwin-Williams Company, Valspar Corporation, Axalta Coatings, Akzo Nobel NV, Nippon Paint Holdings, and KCC Corporation.

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According to a recent report by Transparency Market Research, the global automotive refinish coatings market is projected to witness a moderate growth with 5.97% CAGR in the forecast period of 2018 to 2026. Experts also address the fact that by the end of 2017, the market was valued to around US$7.9 bn.

On the basis of process types, the global automotive refinish coatings market's clear coat segment shall dominate the market in the forecast period. The growth will be the result of the ability of clear coat to withstand harsh weather conditions and various other natural influences. Clear coat also provides an impeccable shine and finish to the vehicles which is another reason for the segment to be dominant in the forecast period for global automotive refinish coatings market.

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Geographically, the global automotive refinish coatings market shall witness the highest growth in the region of Asia Pacific. The region shall be leading the market on the basis of major investments from many automobile manufacturers in the region. Asia Pacific has become an automobile hub over the period of time, which is also a prominent factor that is influencing maximum growth of global automotive refinish coatings market in the region.