LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive refinish coatings market is expected to reach USD 11.29 billion by 2020, growing at a CAGR of almost 6%.
This research report titled ‘Global Automotive Refinish Coatings Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the market study considered the revenue generated through sales of water-based, solvent-based, and other automotive refinish coatings by considering 2015 as the base year.
Automotive refinish coatings require proper application and efficient use to produce the best results. Automotive refinish coating vendors are leveraging on this factor by providing support to their customers through various aftermarket support service programs. These programs help vendors in developing relationships with their customers and retaining them, thereby providing a competitive advantage.
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Technavio’s chemicals and materials analysts categorize the global automotive refinish coatings market into three major segments by technology. They are:
Global automotive refinish coatings market for solvent-based coatings
Solvent-based coatings can be categorized into high-solid solvent-based and conventional solvent-based coatings. Most conventional solvent-based coatings emit high levels of VOCs. Stringent regulations regarding the emission of VOCs, especially in North America and Western Europe, are compelling the market players to develop eco-friendly alternatives to coatings.
According to Ajay Adikhari, a lead paints, coatings, and pigments analyst from Technavio, “These alternatives have the same characteristics as that of solvent-based coatings and do not emit VOCs. These products are also available at more economical prices than products produced using other technologies. The adoption rate is lower in developing economies owing to the lack of well-defined regulations. However, growing awareness regarding eco-friendly alternatives is foreseen to increase their consumption significantly.”
Global automotive refinish coatings market for water-based coatings
The low VOC content of these coatings has fostered high adoption in developed regions owing to stringent regulations regarding emissions. Water-based coatings contain water, which takes time to evaporate. The time required depends on environmental conditions such as temperature, air flow, and humidity. Although solvent-based coatings dry faster than water-based coatings, they release harmful fumes while drying. Water-based coatings can also release such fumes if mixed with reducers, but even when they are mixed with reducers they release less fumes than solvent-based coatings.
“The market growth in APAC, especially in China, is attributable to the growth in the automotive industry and the growing preference for water-borne coatings. Axalta, a prominent vendor in the market, has enhanced its presence in water-based automotive coatings through investments in Brazil, China, and Germany,” says Ajay.
Global automotive refinish coatings market for others
Electrocoating is a finishing process that uses an electrically charged immersion. Electrocoating has advantages such as superior adhesion, high color, corrosion resistance, and minimum consumption of water. However, electrocoating also involves higher capital investment than pre-treatment does. Electrocoat coatings are mainly used on automobile suspension components, wheels, general finishes, and appliance bodies.
Electrocoatings also provide line productivity, cost efficiencies, and environmental benefits. Electrocoatings require less manpower and have precise film-build control and higher transfer efficiency leading to cost efficiency. These have low VOC content and are, thus, safe for the workers and the environment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Axalta Coating
- PPG Industries
- Sherwin Williams
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