International. The global automotive refinish coatings market would be worth US$11.3 billion in 2021 and will grow at a CAGR of 6.3% during 2015-2021. The solvent-based refinish coating segment currently accounts for about half of revenue; however, in 2020, water-based refinish coating revenue would match the solvent segment.
The continued adoption of new technologies, increasing disposable income, and increasing consolidation of the used vehicle market would be the major factors for the growth of the automotive refinish coatings market. Moreover, the increase in traffic accidents, vehicle customization (especially in China, India, and Brazil), and the growing trend of recreational vehicles are complementing the growth of the overall market.
The Asia Pacific and North America regions collectively accounted for about 62% of the total automotive revenue in the refinish market in 2014.
The key reason driving the growth of the Asia-Pacific market is the increasing car fleet, purchasing power and number of traffic accidents. This script will continue to lead the market during the forecast period, owing to the increasing demand for vehicle customizations. Lamea would be the fastest growing geographic region in the global market.
