SAN FRANCISCO, July 21, 2016 /PRNewswire/ —
The global automotive refinish coatings market is expected to reach USD 14.88 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for automotive refinish coatings as they improve the durability and enhance the appearance of vehicles will fuel market growth over the next eight years. Furthermore, aging of vehicles, rising demand for repair, maintenance, and aftermarket modifications will augment product demand over the forecast period.
The waterborne technology was valued at USD 3.40 billion in 2015 and is expected to witness significant rise on account of excellent heat resistance, adhesion, and abrasion properties. Furthermore, its advantage over solvent borne coatings including less toxicity, less flammability, and reduction of air emissions will propel market growth over the forecast period.
The basecoat is expected to witness significant revenue rise at a CAGR of 6.9% from 2016 to 2024 over the forecast period as it provides color, decorative effects and exterior aesthetic to vehicles.Increasing demand for solid basecoats in motorcycles, trucks and cars owing to the ease of application coupled with basic color effect will increase industry size.
Browse full research report with TOC on “Automotive Refinish Coatings Market Analysis By Resin Type (Acrylic, Alkyd, Polyurethane), By Technology (Waterborne, Solvent borne, UV-Cured), By Product (Primer, Basecoat, Filler, Topcoat), By Vehicle Age (<5, 5-10, >10) And Segment Forecasts To 2024“ at: http://www.grandviewresearch.com/industry-analysis/automotive-refinish-coatings-market
Further key findings from the report suggest:
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Grand View Research has segmented the global automotive refinish coatings market on the basis of resin type, technology, product, vehicle age, and region:
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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