LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive refinish coatings market to grow at a CAGR of nearly 6% during the forecast period, according to their latest market research report.
The increasing demand for UV-curable coating and nanocoating is one of the major trends being witnessed in the global automotive refinish coatings market 2018-2022. The automotive industry focusses on using low-cost advanced technologies to improve performance. Numerous research activities are being undertaken for the development of new coating technologies such as UV-curable coating and nanocoating.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive refinish coatings market is the increased focus on R&D and innovative methods to reduce the cycle time:
Global automotive refinish coatings market: Increased focus on R&D and innovative methods to reduce the cycle time
Global companies are investing in R&D activities to introduce new technologies in refinish coatings to cater to the changing customer requirements and improve their product portfolio. Several companies are focusing on the development of new products to reduce the cycle time, improve efficiency, and reduce operational costs.
According to a senior analyst at Technavio for research on specialty chemicals, “Under the direct repair program, direct repair facility shops enter into strategic partnerships with insurance companies. Direct repair program streamlines claim settlement in case of road accidents and reduce the time required for documentation and cycle time. These programs help in reducing cycle time and improve performance by providing them knowledge on lean six sigma programs and implementation of new technologies.”
Global automotive refinish coatings market: Segmentation analysis
The global automotive refinish coatings market research report provides market segmentation by technology (solvent-based coatings and water-based coatings) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The solvent-based coatings segment held the largest market share in 2017, accounting for nearly 61% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 43%. The region is expected to dominate the market through 2022, with an increase in its market share.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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