Why will Demand for Automotive Refinish Coatings Soar in U.S. in Future?

With the increasing income of people and surging gross domestic product (GDP) of countries, the sales of automobiles are rising. This is, in turn, pushing up the requirement for automotive refinish coatings, especially in developing countries such as China and India. For example, in China, due to the growing GDP, the sales of four-wheelers rose by 28.03 million in 2016. This massively propelled the demand for refinish coatings, as they were required in abundance for vehicle repair and maintenance. 

Besides the aforementioned factors, the growing deployment of recreational vehicles (RVs) is also fueling the growth of the automotive refinish coatings market. In recent times, the sales of RVs have increased sharply, especially in Europe and North America, primarily because of the increasing disposable income of people. For example, the global RV shipment rose from 28,346 units in 2015 to 33,398 units in October 2016. With the burgeoning requirement for RVs, automakers are focusing on various modifications for providing customized and economically viable models to customers. 

Because of the above-mentioned factors, the revenue of the automotive refinish coatings market will surge from $7,855.3 million in 2016 to $11,099.7 million by 2023, while the market will advance at a CAGR of 5.1% during forecast period. Depending on product type, the market is divided into clearcoat, basecoat, and primer & filler categories. Out of these, the clearcoat category is predicted to exhibit the fastest growth in the market during the forecast period. This is credited to the fact that these coatings protect basecoats from damage and give a shiny look to the vehicle.

Across the globe, the demand for automotive refinish coatings is predicted to surge in Asia-Pacific (APAC) in the upcoming years. This is ascribed to the mushrooming sales of vehicles in the regional countries such as China and India and the growing number of vehicle manufacturing facilities in the region.

Hence, it can be safely said that the demand for automotive refinish coatings will shoot up in the future, primarily because of the surging sales of automobiles, ballooning popularity of customized RVs, increasing average lifespan of vehicles, and the growing incidence of road accidents in various countries.

Source: www.psmarketresearch.com

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