Refinishing coatings are also applied to components and body of vehicle to protect from deterioration caused by foreign particles such as stone and other debris.An increasing demand for refinishing of vehicles across the globe, has led to significant improvements in automotive refinish coatings market such asdevelopment of advance coating material which are eco-friendly and low-solvent content. These products also provide good blend of ease of use, speed, durability and color match.

The global Automotive Refinish Coatings market is anticipated to reach USD$ 10.9 billion by 2020, expanding at a CAGR of 6.9% between 2016 and 2020. Increasing number of accidents, adoption of newer technologies and rising disposable income in the developing economies are the major factors that are expected to boost the market growth. Moreover, growing demand of recreational vehicles in the developed regions of North America and Europe is further expected to fuel the refinish coatings market.

Asia-Pacific region is the largest consumer of refinish coatings and accounts for more than 35% of the global consumption. This is mainly due to increasing sales of pre-owned vehicles, growing cab services, and increasing vehicle repair and body shops in the region. To provide a thorough understanding of the market scenario, the global automotive refinish coatings market is further segmented based on product type, technology and resin consumed in different refinish coatings.

Along with this factor, the fluctuating prices of key raw materials required for the production of automotive refinish coatings, which are mostly derived from crude oil and natural gas, are also expected to restrain the market’s growth to a certain extent in the coming years. Nevertheless, these factors are expected to drive the market for water-based refinish coatings, the product varieties known to have lesser impact on the environment, and bring about new developments in terms of product varieties and reliability of water-borne coatings.

Read Full Report: http://www.gosreports.com/global-automotive-refinish-coatings-market-research-report-2016/

Joanna | Executive – International Business and partner Relations
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