Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The increasing population had led the demand for automotive vehicle thereby has increasing growth of Automotive Refinish coating as these coating protect the vehicle with certain protection properties. Also, these coating has provide an advantage to vehicle for its lifespan in terms of protection from environmental effect which enhances the demand for the growth of the market. The market is expected to have significant growth during the forecast period.
The key factor driving the growth of the market is increasing number of accidents, adoption of newer technologies and rising disposable income in the developing economies are the major factors driving the market growth. For instance in October 2020 Nippon Paint India had launched a new automotive refinishes product system under the n-MAX brand. The launch will expands the presence in Indian and international car refinishing market through a new state of art product line designed to excel in all geographical regions and weather conditions across the world. Besides growing demand of recreational vehicles in the developed regions of North America and Europe is further propelling the demand for automotive refinish coatings market.
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the automotive refinish coatings market. In addition, complete analysis of changes on the automotive refinish coatings market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. COVID-19 impact on the automotive refinish coatings market was negative as majority of production of automotive vehicle production had stopped thereby demand for automotive refinish coatings was hampered due to pandemic.
The automotive refinish coatings market is segmented based on material type, coating structure, resin type, vehicle type and geography
The automotive refinish coatings market is available in different material type including solvent-borne coatings, uv-cured coatings, and water-borne coatings. Solvent borne coating is expected to have significant growth due to properties, appearance and durability. Therefore the segment is expected to drive the growth of market at steady pace. However, waterborne coating is projected to witness fastest growth during the forecast period. The growth is owing to high corrosion resistant and protection properties. The widespread use of waterborne coating is ultimately boosting the demand in the market.
The automotive refinish coatings are present in different coating structure including activator, basecoat, clearcoat, filler & putty, primer. The primer coating structure is widely used in the automotive refinish coatings market. The primer is major used due to its application of weather resistance, appearance. Also, primer are ideally developed in solvent borne and water-borne materials, and powders.
The automotive refinish coatings has different resin type like acrylic, alkyd, polyurethane. Polyurethane is projected to witness significant growth in automotive refinish coatings market. The growth of segment is driven by abrasion resistance, hydrolytic stability. Also, polyurethane properties like high versatile chemistry, condition of extreme high temperature has fuel the demand for the growth of market. In addition, Acrylic refinish coatings is anticipated to have lead in the market gang major market share for the automotive refinish coatings market owing to longer lifespan and providing glossy finishing to vehicles.
The automotive refinish coatings are majorly used in different vehicle type including premium passenger cars, light commercial vehicles, compact passenger cars, luxury passenger cars, mid-sized passenger cars, heavy commercial vehicles. Light commercial vehicles is projected to have significant growth attributing to production process and significant contribution to economic weight reduction is further driving the growth of the market.
Geographically automotive refinish coatings market is studied for the following region North America, Europe, Asia Pacific and RoW. Asia Pacific is anticipated to dominate and witness the growth at the highest pace during the forecast period. The growth of region is attributed to emerging development of the region. Besides increasing urbanization is driving the demand for vehicle thereby fueling the growth of automotive refinish coatings market. Also, growing investment, increasing number of new automotive industries in key countries like China followed by India is fueling the growth of market in the region. In addition, North America followed by Europe is expected to witness significant growth during the forecast period.
The key players in automotive refinish coatings market are 3M Company, Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, Clariant AG, Dupont De Nemours Inc., Kansai Paint Co. Ltd., KCC Corporation, Mitsui Chemicals India Pvt. Ltd, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., The Sherwin-Williams Company and Valspar among others.
September 2020: BASF had launched their latest automotive refinish coating line lowest value of VOCs. The product are designed to meet the modern body shops. The development of the waterborne basecoat line had a major focus on sustainable aspects. Besides the innovative formulation optimizes the processing properties fast and in efficient application. Also, it enables spray painters to produce highly efficient and at the same time environmentally friendly refinishing results.
The report analyses the global metal roofing market based on material type, coating structure, resin type, vehicle type and geography. The automotive refinish coatings market is available in different material type including solvent-borne coatings, uv-cured coatings, water-borne coatings. The automotive refinish coatings are present in different coating structure including activator, basecoat, clearcoat, filler & putty, primer. The automotive refinish coatings has different resin type like acrylic, alkyd, polyurethane. The automotive refinish coatings are majorly used in different vehicle type including premium passenger cars, light commercial vehicles, compact passenger cars, luxury passenger cars, mid-sized passenger cars, heavy commercial vehicles. Geographically automotive refinish coatings market is studied for the following region North America, Europe, Asia Pacific and RoW.
The key players in automotive refinish coatings market are 3M Company, Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, Clariant AG, Dupont De Nemours Inc., Kansai Paint Co. Ltd., KCC Corporation, Mitsui Chemicals India Pvt. Ltd, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., The Sherwin-Williams Company and Valspar among others.
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