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AutoForum - November / December 2018

BODYSHOP NEWS

New global refinish report highlights changes and major players A new report on the global automotive refinish coatings market has found that the sector is highly consolidated, with five companies holding 65 percent market share in recent years. Transparency Market Research found that two

TMR analysts say the ongoing trend has forced

countries is likely to, in turn, act as catalysts in

major companies, Axalta Coatings Systems and

many manufacturers to concentrate more on

the growth of the automotive refinish coatings

PPG Industries alone hold 40 percent share in the

development of effective waterborne varieties

market.

global market.

of automotive refinish coatings, a trend that is

The report also finds that with stringent rules

likely to have a significant impact on the market’s

Another finding of the report is the numerous

dynamics in future.

strict rules and regulations regarding emissions

and regulation pertaining to VOC emissions,

and how these have been levied for declining

particularly in Europe and North America, the

It is expected that the global automotive refinish

usage of certain elements and chemicals in

consumption of solvent-based coatings has seen

coatings market is likely to display a 5.7 percent

automotive refinish coatings. This has seen the

a massive reduction.

compound annual growth rate (CAGR) during the

sales of solvent-based products dwindle, including

forecast period 2016-2024. The market, which

higher levels of organic compounds in comparison

The global automotive refinish coatings market is

was valued at US$6.6 billion in 2015, is likely to

to water-based products.

currently segregated into clear coat, primer, base

touch US$10.8 billion by the end of the assessed

coat, filler, activator, and others. Of these, base

period.

coat holds the top position in the market and is

Several efforts made by government and environment sustenance bodies are likely to

also expected to hold a 31 per cent share of the

According to the researchers, developing

increase knowledge amongst consumers, and this

global market by the end of the assessed period.

countries across the world are likely to witness a

has seen a steep decline of sales in solvent-based

On the other hand, the activators segment is

surge in their automotive market over the years.

coatings in recent years.

predicted to display high growth during the same

Countries such as China, South Africa, India, and

period, ensuing in a minimal rise in its share by

Brazil are expected to remain at the forefront of

2024 with North America anticipated to hold the

this surge, due to rising populations and increases

dominating position in the market.

in disposable income. The rise in these developing

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