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Eco-friendly Nature of Low Solvent Refinish Content Coatings Explains Their Popularity
The demand for automotive refinish coatings is driven by the cost and frequency of vehicle maintenance, accident rates, aftermarket painting, and large-scale damage. Eco-friendly automotive refinish coatings comprising low solvent content have also helped to no small degree. Companies in the automotive refinish coatings market are investing in new manufacturing units along with capacity expansion at existing ones.
UV-Cured Coatings Widely Deployed in the Automotive Forward Lighting Industry
Water-borne coatings are especially popular because of their non-polluting nature and governmental regulations on VOC and use of toxic components. It is anticipated that solvent-borne coatings will steadily lose market share in the automotive refinish coatings market over the forecast period. Initially, solvent-based automotive refinish coatings were the default option, but environmental concerns have limited their acceptability amongst consumers recently. Another segment of note in the automotive refinish coatings market is UV-cured coatings. UV-cured coatings have gained prominence in the automotive forward lighting industry, where they have been used for 15 years.
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Over Reliance on Developed Economies in the Automotive Refinish Coatings Market
The automotive refinish coatings market is restrained by certain factors such as collision centre consolidation, VOC legislation, and the ever-increasing popularity of electric vehicles. COVID – 19 has massively impacted the manufacturing sector, and the automotive industry is no exception. Global supply chain disruptions coupled with labour scarcities still need return to pre-pandemic levels. The developing world is heavily dependent on imports of automotive refinish coatings from the U.S, European Union, and China. Naturally, there have been significant delays and a backlog running into several months in the automotive refinish coatings market.
China Dictating Terms of Innovation in the Automotive Refinish Coatings Market
Europe and North America account for the bulk of repair value and volume in the automotive refinish coatings market. Nonetheless, the tide is shifting towards the APAC region with China already the world’s largest automotive market in absolute terms. Several giants such as Peugeot, Renault, Nissan, Honda, and GM have manufacturing plants in the city of Wuhan. In 2019, BASF announced its plans to double current production capacity of automotive refinish coatings at its Jiangmen plant with production expected to begin in Q1 2022. In 2020, DiDi and BASF, entered into an agreement where BASF agreed to supply DiDi with automotive refinish coatings produced at its Jiangmen facility. DiDi, one of the world’s largest transportation platforms, plans to expand its automotive refinish coatings plants in China eight-fold by end-2021. Thus, there is immense scope in the APAC automotive refinish coatings market.
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The five largest companies have captured more than half of the automotive refinish coatings market with the leaders being BASF SE and AkzoNobel N.V respectively. Other companies with a stake in the automotive refinish coatings market include Coating Systems Ltd., PPG Industries Inc., The Sherwin-Williams Company., DowDuPont Inc., Kansai Paint Co., Ltd., Nippon Paint Holdings Co Ltd.
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