Refinish Paints Market: Introduction
Refinish paints are made from resins, additives, solvents, and pigments. The resin binds and holds all the pigments together. The refinish paints industry is a raw material intensive industry. Rise in demand for passenger & recreational vehicles, implementation of new technologies, increase in disposable income, growth in the number of road accidents and inclination of vehicle owners to repair their vehicles after collisions are anticipated to drive the global refinish paints market. Volatility in raw material costs, dearth of skilled professionals, and environmental issues regarding solventborne paints are key restrains to the market.
Refinish Paints Market: Segmentation
Global refinish paint market can be segmented based on resin, vehicle type, technology, and region. In terms of resin, the refinish paints market can be divided into polyurethane resins, epoxy resins, acrylic resins. Polyurethane resin coating provide superior finish and resistance to corrosion, UV rays, and chemicals. It requires less maintenance due to superior strength. These attributes of the resin are anticipated to boost the demand for polyurethane resins during forecast period.
Based on vehicle type, the global refinish paints market can be segregated into light commercial vehicles, heavy commercial vehicles, busses, and passenger cars. The passenger cars segment is projected to dominate the refinish paints market due to the increase in demand for passenger car globally. Additionally, the trend of customization of cars and rise in income of middle class population propel the refinish paints market.
In terms of technology, the refinish paints market can be categorized into solventborne and waterborne. Solventborne refinish paints provide netter finish in terms of glossiness and uniform film formation and strong resistance to deformation of layer. These factors drive the solventborne segment. However, shift from solventborne refinish paints to waterborne refinish paints or powder coatings is increasing due to environmental norms in the US and countries in Europe .
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Refinish Paints Market: Region
In terms of region, the global refinish paints market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to continue to dominate the refinish paints market during the forecast period due to high disposable income and inclination of vehicle owners to repair their vehicles after collision.
The refinish paints market in Asia Pacific is anticipated to expand at a considerable pace during the forecast period. Demand for passenger vehicles and recreational vehicles is rising in developing economies such as China and India. Furthermore, rise in disposable income and rapid urbanization are expected to drive the demand for passenger vehicles in these countries during the forecast period. Various global refinish paints market are planning to set up their manufacturing units in this region. This, in turn, is estimated to boost the refinish paints market in Asia Pacific.
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Refinish Paints Market: Competitive Landscape
Manufactures operating in the refinish paints market adopt various strategies such as mergers and acquisitions, expansion of product line, joint ventures, and collaborations to increase their share in the refinish paints market.
Major players operating in the global refinish paints market include Akzo Nobel N.V., Donglai., Novol SP. Z o.o., Noroo Paint & Coatings Co., Ltd. (subsidiary of noroo holdings co., ltd.), the Lubrizol Corporation, Nippon Paint Holdings Co., Ltd. , KCC Corporation., Mipa SE, Cresta Paint Industries LTD., The Sherwin-Williams Company, Alpscoating., Guangzhou Zhenroumei Chemical Coating Limited, KAPCI Coatings, PPG Industries, Inc. , BASF SE, 3M, Axalta Coating Systems, LLC, and Kansai Paint CO.,LTD.
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