The demand within the global automotive refinish coatings has beenrising on account of advancements in automobile manufacturing. The need formanufacturing high-end vehicles, characterised by perfect finish andaesthetics, has given a thrust to market growth. Moreover, automobilemanufacturers have established dedicated sections for repair, overhaul, andfinetuning of automobiles. Therefore, the total volume of revenues within theglobal automotive refinish coatings market is slated to touch new values. Furthermore,the investments made towards automotive manufacturing in recent times havesuperseded all previous investment marks. This is also key standpoint ingauging the growth dynamics of the globalautomotive refinish coatings market.
Transparency Market Research (TMR), in its report, predicts that theglobal automotive refinish coatings market would expand at a CAGR of 5.97% overthe period between 2018 and 2026. Furthermore, the value of the globalautomotive refinish coatings market was US$7.9 Bn in 2017, and the value isexpected to increase in the years to come. Use of automotive refinish coatingsfor high-end models that could undergo wear and tear in the long run hasincreased. It is evident that a mild scratch or bruise on a car can affect itsaesthetic appeal. This is a key consideration from the standpoint of marketgrowth and maturity.
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Strategies of Market Players
The need for improved coatings has been gauged by the market vendors whoare responding to the market demands. BASF Coatings GmbH has emerged a keymanufacturer in the global automotive refinish coatings market. The company hasbeen focusing on developing effective, eco-friendly, and durable coatings forautomobiles. Furthermore, high-solid coatings are also amongst the specialitiesof the company. Coatings World is amongst other renowned players operating inthe global automotive refinish coatings market. The company supplies coatingsto automotive OEMs, and this has given an edge to the company in the globalmarket. Other vendors are making earnest efforts to tie up with automotivemanufacturers.
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Development of Custom Repair Shops
The growth of repair shops has emerged as the leading driver of demandwithin the global automotive refinish coatings market. Car owners prefer tovisit local repair shops as against service stations set up by car companies.The primary reason behind the aforementioned trend is the relatively low costcharged by the former. Henceforth, the global automotive refinish coatingsmarket is earning revenues from multiple avenues. Refinishing of vintagevehicles is a trend that has garnered the attention of the masses. Carenthusiast buy vintage models, and get them modified to new versions. Thispropensity has also generated a huge volume of revenues within the globalautomotive refinish coatings market.
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