Introduction
Refinish coating is utilized mostly in automotive repair center or body shop for refinishing vehicles. The automotive refinish coating market has shown marked development over the most recent couple of years with the rising number of accidents that force owners to fix them. Moreover, administrative guidelines on high volatile natural compound covering levels could affect the automotive refinish coating market in the near future.
COVID-19 Impact analysis
- COVID-19 pandemic is upsetting organizations supply chain in the paint and coatings area. Organizations are dealing with the orders, stock levels, and on the way shipments. Moreover, because there are less to no demands the producers are facing difficulties in storing the material, which are increasing their inventory cost and also damaging the products. Most of the materials are getting wasted because of no usage, which is further adding up to their problems.
- Due to COVID-19 the paint industry has faced a lot of difficulties because of less demand and production. They are one of the worst affected market segments in this pandemic. However, it is seeing a rise in the market again and is expected to recover in the coming months.
- One of the most important reason for this decline was a smaller number of vehicles on the road owing to pandemic. There was no transportation; hence, no production or construction activity occurred, which was one of the major reasons of diminished demand for paint and coatings.
Top Impacting Factors
The rising number of vehicle crashes, and the always changing requirements of the consumers such as, body work, paint jobs have substantially expanded the interest for refinish paint. Likewise, the rising interest for sporty and recreational vehicles is also driving the demand of refinishing coatings. However, the restrictions identified with the environment and the tough laws on volatile organic compound (VOC) emission. None the less the advancement of innovations, for instance, UV-cured and waterborne coatings alongside the extension of the pre-owned vehicle markets is required to support the market in the coming years.
The passenger vehicle segment is a key driver for refinish paint market for automotive and is relied upon to keep up its strength during the conjecture time frame. Expanding number interest for vehicles in rising economies like China, India, Mexico, and others is helping the segments. The development is additionally sponsored by the rising pay of middle class population and expanded propensity of vehicle proprietors to fix their vehicle post any collision.
Market Trends
- The refinish paint market for automotive in Asia-Pacific expected to observe the most noteworthy development during the last few years. Rising economies, such as China, India, and different Southeast Asian nations are drawing in various market players to set up their assembling base in Asia-Pacific. These producers are contending to arrive at a broad client base in nations.
- Polyurethane resins consist the largest share in the refinishing paint market. This resin helps formulate automotive coatings with higher gloss and excellent finish. The growth of polyurethane resin is backed by its excellent resistance to UV rays, chemicals, and corrosion. The polyurethane resin based coating also offers superior durability, thereby, lowering maintenance requirements significantly.
- Dow Chemical is expected to provide reactive PU plasticizers, which are considered to be useful for polyurethane moisture curing adhesives used in automotive glass bonding. Polyurethane wide range of automotive coating products portfolio ranges from automotive OEM & luxury vehicles coatings to commercial, agricultural, defense & plastic layers with auto-refinish paint manufacturers.
- In the course of recent years, the utilization of solvents in refinishing paint has declined extraordinarily as buyers are moving more towards waterborne and high solids coatings. Still solvents are a significant in coatings formulation, since solvents can aid film arrangement, diminish viscosity, permit various coats to mix together throughout application and permit the covering to stream effectively over the substrate. In current refinish coatings, these materials join together to separate, beautify and protect vehicles.
Key Benefits of the Report
- This study presents the analytical depiction of the Refinish Paint Market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the refinish paint market share.
- The current market is quantitatively analyzed to highlight the refinish paint market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed refinish paint market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the refinish paint market Report
- Who are the leading market players active in the refinish paint market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the challenges faced in the "Refinish Paint Market" Market?
- What are the key benefits of the "Refinish Paint Market" Market report?
Refinish Paint Market Report Highlights
| Aspects | Details |
 By Coating Type |
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 By Product Type |
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 By Application |
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 By Region |
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 Key Market Players | Axalta Coating Systems, 3M Company, Nippon Paint Holdings Co Ltd, The Sherwin-Williams Company, Kansai Paint Co., PPG Industries, Akzo Nobel NV, KCC Corporation, BASF SE, DowDuPont Inc |
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