The demand within the global automotive refinish coatings has been rising on account of advancements in automotive manufacturing.
The need for manufacturing high-end vehicles, characterised by perfect finish and aesthetics, has given a thrust to market growth.
Moreover, automotive manufacturers have established dedicated sections for repair, overhaul, and fine-tuning of automotives.
Therefore, the total volume of revenues within the global automotive refinish coatings market is slated to touch new values.
Furthermore, the investments made towards automotive manufacturing in recent times have superseded all previous investment marks.
Transparency Market Research (TMR) predicts in its report that the global automotive refinish coatings market would expand at a CAGR of 5.97% over the period between 2018 and 2026.
Furthermore, the value of the global automotive refinish coatings market was US$7.9bn in 2017 and the value is expected to increase in the years to come.
Use of automotive refinish coatings for high-end models that could undergo wear and tear in the long run has increased.
It is evident that a mild scratch or bruise on a car can affect its aesthetic appeal.
This is a key consideration from the standpoint of market growth and maturity.
Strategies of Market Players
The need for improved coatings has been gauged by the market vendors who are responding to the market demands.
BASF Coatings GmbH has emerged a key manufacturer in the global automotive refinish coatings market.
The company has been focusing on developing effective, eco-friendly, and durable coatings for automobiles. Furthermore, high-solid coatings are also amongst the specialities of the company.
Development of Custom Repair Shops
The growth of repair shops has emerged as the leading driver of demand within the global automotive refinish coatings market.
Car owners prefer to visit local repair shops as against service stations set up by car companies.
The primary reason behind the aforementioned trend is the relatively low cost charged by the former.
Henceforth, the global automotive refinish coatings market is earning revenues from multiple avenues.
Refinishing of vintage vehicles is a trend that has garnered the attention of the masses.
This propensity has also generated a huge volume of revenues within the global automotive refinish coatings market.