The Automotive refinish paints are effectively optimized by the automotive body shops and repair centers for refinishing the vehicles. The worldwide automotive refinish paints market had observed tremendous growth throughout the recent last years. This majorly owed to augment in the number of vehicles smashes in conjunction with a proclivity of owners to renovate their vehicles.
According to the report analysis, ‘Global Automotive Refinish Paint Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use’ states that in the worldwide automotive refinish paint market there are numerous players which recently working more actively for leading the fastest market growth and registering the great value of market share across the globe throughout the very short span of time while increasing application of paints, augmenting the durability of the paint, decreasing the price linked with the product and services and spreading the awareness related to benefits of the refinishing paints includes3M, 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., Guangzhou Zhenroumei Chemical Coating Limited and numerous others.
In addition, the automotive paints industry has progressed along with the automotive industry. The requirement for the automotive paints and developments in the paint technology are fundamentally prejudiced by aspects such as the need trends in the automotive industry, conservational regulations, health & safety standards, buyers’ preferences, lifestyles, and increasing economy. Not only has this, but the effective growth in the number of accidents, positive implementation of the newer technologies and enormous growth in the disposable income in the underdeveloped economies are also the major aspects that are probable to boost the automotive refinish coatings market growth. Moreover, the foremost growth in the demand for recreational vehicles in the developed regions of North America and Europe is further anticipated to propel the refinish coatings market.
Although, the market for automotive refinish coatings positively observed a progressive growth owing to numerous strategies implemented by the key market players. Acquisition and enlargement are among the noteworthy strategies accepted by the companies. For instance, Axalta Coating System, commissioned a new manufacturing unit at Wuppertal, Germany to establish the eco-friendly waterborne coatings. With this enlargement, the company schedules to address the proficient growth to the demand for coatings in Europe, Africa, and Middle East markets due to the centralized location of Wuppertal.
Nonetheless, the foremost growth in the awareness regarding the safety of vehicle paints by restorative scratches and indemnities on the vehicle surfaces has enormously pitched the market growth in the U.S. Furthermore, expanding consumer base in Asia Pacific and Middle East regions on account of increasing the disposable income are predicted to support the growth in the review period. Therefore, in the coming year, it is anticipated that the market of automotive refinish paints will increase around the globe over the coming future.
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Ankur Gupta, Head Marketing & Communications