Automotive Refinish Coatings Market to Grow With 5.97% CAGR From 2018 to 2026 With Increasing Demand for Automobiles - TMR - Seite 2

Rising Insurance Coverage to Boost the Market

Insurance providers are now very well acquainted with the nuance of consumer behavior. They understand that customers are willing to have insurance cover for any sort of damage to their vehicle. This is the reason that is compelling the insurance companies to provide insurance covers on paint jobs on the vehicle. Owing to the insurance covers by various companies, the global automotive refinish coatings market is experiencing the projected growth in the forecast period.

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Furthermore, the rise in the sales of the vehicles in various growing economies is also helping the global automotive refinish coatings market to grow over the period of time. Rising per capita income and growth of disposable income of the people of multiple country also accounts for the growth of global automotive refinish coatings market. Finally, the growth of road accidents where the vehicle paint job is completely ruined, is yet another factor that is supporting the global automotive refinish coatings market to grow in the projected time.

Growing Demand of Customization of Cars to Offer Various Opportunities to the Players

As a result of growing trend of customizing the cars, new doors have opened for players operating in the global automotive refinish coatings market. Consumers are inclining towards getting their cars customized as per their requirement. This creates a huge requirement for out of the line and radical paint jobs. This overall influences the growth of automotive refinish coatings market globally. However, the high price of the services involved in car customization may hamper the growth of market during the forecast period. Nonetheless, with the ever rising demand of keeping the vehicle as good as new for a long period of time shall keep the momentum of the automotive refinish coatings market progressing and shall help the market to grow during the forecast period.

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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Automotive Refinish Coatings Market (Process - Primer, Base Coat, Clear Coat, Activator, Filler; Technology - Solvent-borne, Water-borne) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026."