Paints that improve the external appearance and durability of an automobile by shielding it from harsh external factors like heat, UV radiation, cold and grit are technically known as automotive refinish paints or automotive coatings. The automotive refinish paints are widely used in automotive aftermarkets, after vehicle repairs and refinishing. North American automotive refinish paints market is a part of the chemical industry such as paints, coatings and pigments. North American automotive refinish paints companies are investing heavily in R&D activities because use of advanced technologies will cater the consumer’s requirements. Automobile companies are introducing programs like direct-repair facilities that is enhancing their performance levels and driving the growth of North American automotive refinish paints market.
According to the study “North America Automotive Refinish Paint Industry Situation and Prospects Research report”, the various products in the North American automotive refinish paints are primer, base coat, top coat, and clear coat. The clearcoat segment will account for a major share in the next few years due to its huge demand. Clearcoat is the final layer after basecoat in the automotive refinish paint process which provides durability, scratch resistance, chemical resistance, protects against UV rays and provides a lustrous look to the vehicle. Advanced technology has led to introduction of polyurethane resins in the automotive refinish paints that are widely used as clearcoat and basecoat. This resin provides the automobile with higher gloss, excellent finish, superior durability, lowering maintenance requirements, excellent resistance to UV rays, chemicals, and corrosion.
Solvent borne paints are another type of automotive refinish paints that offers higher gloss and excellent adhesion compared to other newer technologies. Solvent borne automotive refinish paints are less affected by environmental conditions such as temperature and humidity during the curing phase. However, due to implementation of various stringent environmental regulations in North America, there is a decline in the consumption of solvent borne automotive refinish paints. This trend has also encouraged the development of water-borne products, which have a lesser negative impact on the environment.
The leading players in North America automotive refinish paints market are 3M, Kazoo Nobel N.V., Axalta Coating Systems, PPG Industries, Sherwin Williams Company, Dow Chemical Company, HMG Paints Limited, Covestro AG, DSM, Nippon Paint Holdings Co., Ltd, U.S. Paint Corporation, Samhwa Paints Industrial Co., Ltd, Novol Sp. Z.o.o., Noroo Paint & Coatings, The Lubrizol Corporation, WEG Group, Alps Coating Sdn. Bhd., and Guangzhou Zhenroumei Chemical Coating Limited. These prominent players in the market are intensely focusing on mergers and acquisitions activities to withstand the huge competition. Advanced technology in refinish paints market will increase the competitive environment amongst the leading players.
It was observed that there is a significant rise in the used vehicle market and increasing numbers of road accidents have resulted in growth of the base coat category in North American automotive refinish paints market in the recent years. High disposable incomes and tendency of timely repairs are amongst the key factors influencing the growth of the automotive refinish paints market in North America. The growth in North America automotive sector, rising economy levels, need for a personal vehicle per individual and modernization will propelled the automotive refinish paints market over the next few years.
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Ankur Gupta, Head Marketing & Communications