Global Automotive Refinish Coatings Market is expected to reach USD 14.88 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for automotive refinish coatings as they improve the durability and enhance the appearance of vehicles will fuel market growth over the next eight years. Furthermore, aging of vehicles, rising demand for repair, maintenance, and aftermarket modifications will augment product demand over the forecast period.
The waterborne technology was valued at USD 3.40 billion in 2015 and is expected to witness significant rise on account of excellent heat resistance, adhesion, and abrasion properties. Furthermore, its advantage over solvent borne coatings including less toxicity, less flammability, and reduction of air emissions will propel market growth over the forecast period.
The basecoat is expected to witness significant revenue rise at a CAGR of 6.9% from 2016 to 2024 over the forecast period as it provides color, decorative effects and exterior aesthetic to vehicles. Increasing demand for solid basecoats in motorcycles, trucks and cars owing to the ease of application coupled with basic color effect will increase industry size.
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Further key findings from the report suggest:
View all related Reports from Same category: http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
Grand View Research has segmented the global automotive refinish coatings market on the basis of resin type, technology, product, vehicle age, and region:
Global Automotive Refinish Coatings Resin Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
Global Automotive Refinish Coatings Technology Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
Global Automotive Refinish Coatings Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
Global Automotive Refinish Coatings Vehicle Age Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
Global Automotive Refinish Coatings Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
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