“The trend has compelled many key manufacturers to increase focus on the development of effective water-borne varieties of automotive refinish coatings in the past few years”, states a TMR analyst. The trend is expected to have a transformative impact on the market’s dynamics in the near future.

TMR estimates that the global automotive refinish coatings market will exhibit a healthy 5.7% CAGR over the period between 2016 and 2024. Growing at this pace, the market, which valued US$6.6 bn in 2015, is expected to rise to US$10.8 bn by 2024.

Transparency Market Research estimates that the global automotive refinish coatings market will exhibit a healthy 5.7% CAGR over the period between 2016 and 2024. At this pace, the market, which had a valuation of US$6.6 bn in 2015, holds the prospects of rising to US$10.8 bn by 2024.

On the basis of product varieties, the automotive refinish coatings market has been examined in the report for primers, clean coats, base coats, fillers, and activators. Of these, the segment of base coat accounted for a dominant share of over 30% of the overall market 2015.

A significant rise in the used vehicle market and rising numbers of road accidents have resulted in growth of the base coat market in the past few years. The market share of this product segment is, however, expected to decline moderately across the forecasting horizon owing to the increasing availability of internal substitutes such as additives with primer.

The segment of activators is expected to witness the most prominent growth in the global automotive refinish coatings market in the next few years, due to its property of drying the coatings faster. The expansion of car parc in emerging economies is expected to augment the usage of activators in the global market, allowing it to witness a rise in its share from 12.6% in 2016 to 14% in the global market by 2024.

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