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The market for automotive refinish coatings is being propelled by the growing focus on automobile repair and maintenance to increase its durability. The expanding production and sales of vehicles owing to improved living standards and rapid urbanisation are favouring the market growth. With the rising inclination of the population towards vehicles with improved aesthetics, innovative automotive refinish coatings are being developed to mimic luxury surfaces and enhance consumer experiences. The increasing consumer expenditure on vehicle maintenance is leading to the increased demand for automotive refinish coatings. Technological advancements are supporting the development of innovative refinish coatings such as burnish-resistance matte finish coatings and self-healing coatings to boost the longevity of vehicles. Furthermore, the rising demand for environmentally-friendly products is surging the interest towards sustainable alternatives, such as water-borne coatings instead of traditional solvent-borne solutions, which is anticipated to provide impetus to the growth of the market in the forecast period.
BASF SE (OTCMKTS: BASFY), one of the leading companies in the market, launched its most advanced water-borne basecoat line in September 2020. It is developed to meet the highest applications of modern body shops while providing environmentally friendly and highly efficient finish results. With its value of volatile organic compounds (VOCs) consistently below 250g/l, the product line is the eco-friendliest automotive refinish coatings in the market.
Furthermore, in June 2020, BASF signed an agreement with Guangzhou Automobile Group New Energy Co. Ltd. (GACNE), a subsidiary of GAC, to strengthen their strategic partnership in order to explore digital coatings solutions for the automotive sector. The new platform aims to support paint shops in China to improve quality, enhance efficiency, and create a new customer experience for GACNE.
Market Analysis by Product Type, Technology, Resin, Vehicle Type, and Region:
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The major players in the global automotive refinish coatings market are Akzo Nobel N.V., 3M Company, BASF SE, Berger Paints India Limited, KCC Corporation, and NIPSEA Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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