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Global Automotive Refinish Coatings Market Analysis By Region
- Apr 04, 2018 -

From a regional perspective, the automotive refinish coatings market in APEJ is projected to witness a relatively faster growth rate over the forecast period. The market in APEJ is expected to register a CAGR of 6.2% in terms of value over the forecast period. APEJ is expected to account for over 40% market share by volume during the forecast period. Also, owing to increasing vehicle fleet in APEJ, the region is expected to gain a significant BPS in market share.

Steady economic growth in emerging economies such as China and India can create good opportunities for the APEJ automotive refinish coatings market over the forecast period. There is enormous demand for luxury vehicles, executive and midsize vehicles in these countries. The demand for automotive refinish coatings is also increasing in the commercial vehicles segment in the APEJ automotive refinish coatings market. The remarkable growth in China and India has led to increased government expenditure in automotive industries. The automotive refinish coatings industry in India is growing at a CAGR of more than 5% since the last few years and will offer substantial growth opportunities in the near future. Strategic expansion of automotive refinish coatings players in China can be taken as another opportunity in the regional automotive refinish coatings market, for refinish coatings of passenger cars. Also, the presence of small players in these countries might also propel revenue growth of the automotive refinish coatings market in the near future.

automotive refinish coatings market

The automotive refinish coatings market in North America is expected to reach US$ 2,230.4 Mn by the end of 2027, increasing at a CAGR of 5.7% over the forecast period. Sales in North America is expected to grow 1.8X by the end of 2017 as compared to 2016 end. The North America regional market is expected to represent a higher incremental $ opportunity than the Western Europe market for automotive refinish coatings. North America is projected to create an incremental $ opportunity of US$ 910.2 Mn between 2017 and 2027 while Western Europe is projected to create an incremental $ opportunity of US$ 774.4 Mn between 2017 and 2027. North America is expected to represent a market attractiveness index of 2.7 and is inclined towards high growth–moderate value, which can be attributed to the presence of major key players in the region and increased investment by new vehicle owners towards maintenance and appearance of their vehicles.