AutoForum - November / December 2018
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
of automotive refinish coatings, a trend that is
The report also finds that with stringent rules
likely to have a significant impact on the marketâ€™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
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