Automotive Refinish Coating Market to Reach USD 19,352.3 Million by 2034 as Demand for Personalization in Cars Soars | Future Market Insights, Inc.
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Various factors propelling the demand for Automotive Refinish Coatings are:
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How is Focus on Sustainability Affecting Automotive Refinish Coatings Market?
Growing environmental concerns among consumers are compelling them to prefer eco-friendly products over conventional products. Restrictions imposed by governments over the use of various environment-degrading products also have resulted in the consumer base of the market shifting to eco-friendly refinish coatings.
In North America, governments have imposed strict regulations on the use of solvent-based coatings as these coatings emit VOCs and fumes, which cause diseases and pollute the environment. This is expected to hamper the growth of the automotive refinish industry in the region
Contrary to this, the sales of water-based coatings are expected to grow. Being eco-friendlier, water-based coatings are expected to become the most preferred product type in the automotive refinish coatings market over the forecast period.
Key Takeaways from the Automotive Refinish Coating Market
"The growing popularity of electric vehicles (EVs) supports the automotive refinishing market. Many EV owners want to enhance the distinctiveness of their vehicles with new coatings, further fueling market growth. As the automotive landscape evolves, the refinishing coating market is set to expand, driven by consumer preferences for customization, protection, and technological advancements," says a Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
To increase their market position, major players in the market are concentrating on merger and acquisition strategies along with product development. To boost their yearly turnover, they are still boosting their production capacity. For instance:
Recent Developments in the Automotive Refinish Coating Market
Some of the Leading Companies Operating in the Automotive Refinish Coatings Market are
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Key Segments of Market Report
By Material Type:
Based on the material type, the automotive refinish coating market is divided into epoxy, polyurethanes, acrylics, and alkyd.
By End-use:
Based on end-use, the automotive refinish coating market can be segregated into OEM and aftermarket.
By Technology:
Based on the technology, the automotive refinish coating market is segmented into solvent-borne and water-borne.
By Vehicle Type:
Based on the vehicle type, the automotive refinish coating market is divided into passenger cars, compact, midsize, and luxury.
By Product Type:
Based on the product type, the automotive refinish coating market is divided into the primer, base coat, top coat, and clear coat.
By Commercial Vehicles:
Based on commercial vehicles, the automotive refinish coating market is bifurcated into LCV and HCV.
By Region:
The sector has been analyzed with these regions covered: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
Heightened Demand from Automotive Sector to Steer Africa Automotive Refinish Coatings Market Past US$ 165.4 Million by 2033
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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