International. The global automotive refinish coatings market is projected to expand at a CAGR of 5.97% from 2018 to 2026, according to a new report from Transparency Market Research (TMR).
The number of vehicle collisions is increasing globally. This, in turn, is driving demand for automotive refinish coatings.
Aesthetic appeal, scratch resistance and durable finish are some of the characteristics of car finishing coatings that influence consumers' decision regarding vehicle purchases. Buyers are increasingly looking for colors and textures that enhance the aesthetic appeal of vehicles.
These developments have put the clear layer in focus. The transparent layer is an outer layer applied on the body of the car. Rising consumer disposable income and rising GDP of developing countries like India and China are factors increasing the market for automotive finishing coatings.
Based on process, the global automotive finishing coatings market has been segmented into primer, base layer, transparent layer, activator, filler, and others. Transparent coating is a prominent segment in the global automotive refinish coatings market. The clear layer is generally pigment-free and transparent.
It is exposed to stress and is therefore able to withstand adverse weather conditions, such as UV radiation and hail, as well as industrial and natural influences. The transparent layer must have favorable compatibility with the base and primer layers, excellent transparency and optical properties.
In terms of technology, the global automotive finishing coatings market has been divided into solvents, water-based, and others. The solvent segment accounts for the largest share of the market.
However, the demand for solvent-based coatings is gradually decreasing, as they contain volatile organic compounds (VOCs). Solvent-based coatings are composed of liquefying agents that evaporate through a chemical reaction with oxygen. The water-based segment is projected to expand at a rapid pace due to its low VOC content and environmentally friendly nature.
