Automotive vehicles require to be repaired frequently to improve the façade and to recover the indemnities caused by external aspects such as extreme temperature, stones, damage owing to the accidents and similar others. Automotive refinish coatings are utilized by the automotive body shops and repair centers for refinishing the vehicles. The worldwide automotive refinish market had observed a tremendous growth throughout the last 5 years. This was mainly owing to augment in the number of vehicle collisions in conjunction with proclivity of owners to reparation their vehicles.
According to the report analysis, ‘Global Automotive Refinish Industry Research Report 2021 Segmented by Major Market Players, Types, Applications and Countries Forecast to 2027’ states that PPG Industries, Akzo Nobel, Sherwin-Williams (Valspar), Axalta Coating Systems, BASF and many more are the foremost corporates which presently operating in the global automotive refinish industry for leading the highest market growth and registering the great value of market share around the globe more effectively over the near duration while decreasing the associated prices of such, employing the young and active personnel, increasing the applications and features of such, analysing the strategies and policies of government as well as corporates, implementing the policies of enlargement and profit making, spreading the awareness connected to the applications and features of such, establishing the several research and development programs, improving the qualitative and quantitative measures of such, and delivering the better consumer satisfaction.
By types, the global automotive refinish industry is segmented into solvent borne, water borne and several others. By applications, the Global Automotive Refinish Market is categorized into passenger vehicle and commercial vehicle.
In addition, the effective growth in number of accidents, implementation of newer technologies and increasing disposable income in the underdeveloped economies are the foremost factors that are projected to boost the automotive refinish market growth. Moreover, the effective growth in demand of recreational vehicles in the developed regions of North America and Europe is further projected to fuel the refinish market.
Nonetheless, the market is predicted to observe significant growth in the forecast period on account of growing vehicle ownership around economies including China, India, Mexico, South Korea, and Brazil. The significant augment in trend of aftermarket modifications and increasing road collisions is projected to fuel the product requirement.
Increasing usage of refinish for automotive maintenance, repair, and aftermarket painting on account of visual appearance, surface protection, and resistance to corrosion, exciting weather, temperature, heat, and water is projected to encourage industry expansion. Moreover, the effective growth in need for customized designs and paints on the vehicles is probable to support the growth.
The significant augment in awareness regarding the fortification of vehicle paints by healing scratches and indemnities on the vehicle surfaces has surged the market growth around U.S. Moreover, enlarging consumer base in Asia Pacific and Middle East countries on account of increasing the disposable income is projected to support the growth in the forecast period. Therefore, in the near years, it is predicted that the market of automotive refinish will increase around the globe more effectively over the near future.
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Ankur Gupta, Head Marketing & Communications