North America to Dominate the Automotive Refinish Coatings Market
North America is expected to dominate the Automotive Refinish Coatings market during the forecast period. This is due to the increasing disposable income of people in this region. The increasing number of used vehicles will also fuel the demand for automotive refinish coatings in the region.
Selected Regulatory Analysis Done in the Full Report
By formulation, the water-borne coatings segment will enjoy the largest share in the Automotive Refinish Coatings market during the forecast period. There is a high demand for water-borne coatings from original equipment manufacturers (OEMs) due to their benefits over solvent-borne based coatings, which contain high levels of volatile organic compounds (VOCs). By vehicle type, the passenger cars segment will have the largest share in the market due to increase in sales of used cars.
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Selected Driving Factors Mentioned in the Full Report
The growth of the automotive sector will boost the demand for automotive refinish coatings during the forecast period.
Increased investments in R&D activities will augment the Automotive Refinish Coatings market during the forecast period.
The increasing awareness about the environmental impacts of VOC emissions will drive the demand for water-borne coatings, which in turn will drive the Automotive Refinish Coatings market.
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Key Players of the Automotive Refinish Coatings Market
The key players of the Automotive Refinish Coatings market include PPG Industries, BASF SE, and Axalta Coating Systems.
PPG acquired certain assets of Futsian Xinshi in Janaury 2017, and opened a new center for automotive refinish professionals in Pilar, Argentina, in August 2017.
BASF SE completed the acquisition of Guangdong Yinfan Chemistry in September 2016.
Axalta Coating Systems provides undercoats, basecoats, and high gloss clearcoats for passenger and commercial vehicles.
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