International. The top five players in the global automotive refinish coatings market accounted for 65% of its value in 2015, pointing towards a highly consolidated nature of the market.
Axalta Coatings Systems LLC and PPG Industries, the top two suppliers, have a cumulative share of more than 40% of the market, Transparency Market Research (TMR) reported in a new study.
"Most of the companies operating in the market are focusing towards the development of aquatic varieties of automotive refinish coatings," says TMR's principal analyst. The global automotive refinish coatings market is projected to progress to a CAGR of 5.7% from 2016 to 2024, reaching a valuation of US$10.8 billion in 2024, up from US$6.6 billion recorded in 2015.
On the basis of product varieties, the base layer will continue to dominate the market until 2024, accounting for 31% of the total market revenue.
The automotive sector in emerging countries, including Brazil, India, China and South Africa, is poised to progress at a healthy pace in the coming years. "The increase in car sales across these economies is attributed to factors such as improving economic conditions and rising disposable income," says a TMR analyst.
The expansion of the vehicle group is creating an uptick in the consumption of automotive refinish coatings. In addition, the increase in disposable income is leading to a significant increase in car repair and maintenance activities, which has a direct positive impact on the global market.
