Automotive Refinish Coatings Market in APAC 2015-2019
About Automotive Refinish Coatings
Automotive coatings are products that enhance the appearance and durability of a vehicle by protecting it from harsh external factors such as UV radiation, extreme temperatures, and foreign particles such as stones, rubble, and debris. Automotive refinish coatings are used in the automotive OEM aftermarket industry for vehicle repairs and refinishing.
The major end-users are collision repair centres and automotive body shops. The major success determining factors of the market include reliability, OEM colour matching, strong distribution network, quick cycle times, and sustainability.
Technavio forecasts the automotive refinish coatings market in APAC to post a CAGR of 6.03% during 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the automotive refinish coatings market in APAC for 2015-2019. To arrive at a ranking of the leading vendors and to calculate the market size, the report considers revenue generated from the sales of automotive refinish coatings. The report presents the vendor landscape and a corresponding detailed analysis of the top five vendors in the market. It also provides data on the different segments of the market, based on the following:
Technavio Announces the Publication of its Research Report – Automotive Refinish Coatings in APAC 2015-2019
Technavio recognizes the following companies as the key players in the Automotive Refinish Coatings in APAC: AkzoNobel NV, Axalta, BASF SE, Kansai Paint, Nippon Paint, and PPG Industries.
Other Prominent Vendors in the market are: Berger Paints, Color Communications, Jotun, KCC, NOROO, Sherwin-Williams, and Valspar.
Commenting on the report, an analyst from Technavio’s team said: “One trend that boosts growth in this market is emergence of vehicle light-weighting and specialized products. The emergence of the light-weighting trend in the automobile sector has led light vehicle OEMs to focus on vehicle weight reduction to improve fuel economy. As a result, new material types such as aluminum, carbon fiber, and plastics are being incorporated in vehicle body and parts instead of steel.”
According to the report, recent increase in number of operating vehicles is a major driver that promotes growth in this market. Accelerated economic activity, along with prevailing healthy economic conditions, has led to a rise in consumer spending, thereby creating demand for vehicles in these countries. The growing number of accidents in these countries because of poor infrastructure and road safety standards has led to the enhanced demand for automotive refinish coatings.
Further, the report states that the increase in prices of raw materials is a key challenge faced by this market. Prices of raw materials such as polymers, cellulosics, adhesion promoters, titanium dioxide, epoxy resins, and related solvents have been rising in recent years. In addition, fluctuations in oil prices and shortage of raw materials such as base chemicals for resins have contributed to the rising cost.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook