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Automotive refinish coatings are required for the automotive vehicles to protect them from external factors such as climate, road conditions and accidents. These automotive vehicles are painted to repair the damages caused by external factors. The market aims to grab major share in the market in near future because of the increasing number of road accidents, adoption of new technologies and rising personal disposable income.
The global automotive refinish market is expected to reach USD XXX million by 2023 as a comparison to USD XXX million in 2017. It aims to evaluate the market during the forecast period of 2018-2023.
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(1) It protects the vehicles from corrosion, heat differences and UV-light.
(2) It creates a smoother surface and therefore making a better final product.
(3) It has excellent weather resistance.
(4) It has superior application properties i.e. fast drying so a vehicle being repainted or repaired can be returned to the owner more quickly.
The market is segmented by product type, material type, the technology used, vehicle type and end-use. Based on product type, it is further divided into Primer, Base coat, top coat and clear coat. The material type is divided into Polyurethanes, Acrylics and alkyd. By technology, it is divided into Solvent-Borne, Waterborne and UV Cure. On the basis of vehicle type, it is divided into passenger cars, commercial vehicles, light commercial vehicles (LCV), heavy commercial vehicle (HCV). While passengers’ cars are further divided into compact, Midsize, Executive and luxury. The end- use of the automotive refinish coatings are OEM, Aftermarket.
The automotive refinish coatings market covers the major regions of North America, Asia-Pacific, Europe and the Middle East and Africa. The Asia Pacific is the largest consumer of the refinish coatings. This is because of the increase in the vehicles, growing cab services in the market and the increasing repairs of the automobiles have driven the growth of the market. Further, the increased number of road accidents has increased the demand of the market globally. The Asia Pacific is followed by North America and Europe in order to grab market share in the near future.ull
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The major competitors of the market are 3M, Kazoo Nobel N.V., Axalta Coating Systems, PPG Industries, The Sherwin Williams Company, The Dow Chemical Company, HMG Paints Limited, Covestro AG, DSM, Nippon Paint Holdings Co., Ltd, U.S. Paint Corporation, Samhwa Paints Industrial Co., Ltd, Novol Sp. Z.o.o. and Other Major & Niche Key Players. All the companies are running successfully on the competitive front. The latest news related to the PPG industries is that industries have received the necessary approvals from Indian authorities to expand its coatings JV by creating a second joint venture with Asian Paints.