New study predicts material gains for acrylics
A new study has predicted that the global automotive refinish coatings market will be worth about $7bn by 2022, and will continue to grow until at least 2029.
The report by Future Market Insights also identifies acrylics as the material of choice for the industry by 2029, owing to its superior performance characteristics.
It says that, driven by the expanding vehicle parc, the demand for automotive refinish coatings will continue to be on an upward trend, while the expanding production of heavy commercial vehicles has also assisted the growth of refinish paint industry. Steady increase in the number of body and paint shops for repair and refinishing of passenger cars is also spearheading market growth in the region.
Specifically, the report found that the Middle East & Africa (MEA) is expected to be a rapidly growing region in the global automotive refinish coatings market. The presence of a high number of performance and luxury vehicles in the Middle East, especially in UAE, is anticipated to be a key driving factor for the automotive refinish coatings market growth.
It also found that water-borne coatings offer numerous advantages over solvent-borne coatings, making them a preferred choice. These coatings can cover a given area with a relatively smaller amount of product as compared to solvent-borne coatings due to superior technology used in their production. They exhibit low toxicity and VOC content, and possess good resistance to abrasion and heat. Additionally, water-borne coatings are recyclable.
Further, expansion of manufacturing facilities and technical centers by key players, such as BASF, Axalta, PPG Industries, etc., is one of the prominent trends witnessed in the automotive refinish coatings market.