Vancouver, BC -- (SBWIRE) -- 12/09/2020 -- The Global Automotive Refinish Coatings Market is anticipated to garner a revenue of USD 11.69 billion by the end of 2027, according to the latest research study by Emergen Research. The market is predominantly propelled by the rising disposable income, lifestyle modifications and management of expenses, and the rising requirement and trend for luxury vehicles.

Automotive refinish coatings are extensively used for the maintenance of vehicles, improving the servicing to enhance the resilience and appearances of vehicles by shielding them from harmful UV radiations and any other environmental damages. Rising investment in the research and development sector to produce innovative refinish coatings is anticipated to propel market growth further.

However, stringent regulations and policies regarding the product having high amounts of VOC are anticipated to restrain the market's growth during the projected timeline. The extensive use of products containing high amounts of VOCs cause air pollution and smog. To control air pollution and improve air quality, governments worldwide are continually implementing stringent pollution control measures. This is anticipated to circumvent the market restraining factors.

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Key Highlights from the Report:
- The metal substrates sub-segment contributed to the largest share of the industry in 2019 and is presumed to continue its dominance during the estimated years, registering a substantial CAGR, considering metal surfaces are more inclined to corrode over a period of time.
- The passenger vehicles segment is presumed to command the market share during the projected timeline due to the higher requirement for luxury vehicles with an exponential surge in disposable income and the changing lifestyles of people. The segment held a 40.3% market share in 2019.
- Clear coats held the most significant share of the industry in 2019 and are anticipated to grow at a rate of 3.9% during the projected period. This can be accredited to the enhanced protection offered by coatings to the vehicle's outer surface from dust, sand, and other environmental factors.
- The Asia Pacific is anticipated to witness a massive market expansion during the estimated timeframe due to the rising need for commercial and passenger vehicles, the rising populace, and the increasing congestion in emerging economies like India, China, and Japan.
- Some prominent companies in the global automotive refinish coatings market are Axalta Coating Systems Ltd., The Sherwin Williams Company, BASF SE, PPG Industries Inc., Nippon Paint Holding Co. Ltd., Berger Paints India Ltd., Mitsui Chemicals, Kansai Paints Co. Ltd., Matrix System Automotive Finishes, and AkzoNobel N.V., among others.

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For the purpose of this study, Emergen Research has segregated the Global Automotive Refinish Coatings Market based on resin type, product, technology, application, substrate, and region:

Resin Type Outlook (Revenue, USD Billion; 2017-2027)
- Polyurethane
- Epoxy
- Alkyd
- Others

Product Outlook (Revenue, USD Billion; 2017-2027)
- Clearcoat
- Putty
- Primer
- Basecoat
- Filler
- Activator

Technology Outlook (Revenue, USD Billion; 2017-2027)
- UV-cured Coatings
- Water-borne Coatings
- Solvent-borne Coatings

Substrate Outlook (Revenue, USD Billion; 2017-2027)
- Plastic
- Metal
- Glass
- Other

Application Outlook (Revenue, USD Billion; 2017-2027)
- Commercial vehicles
o Heavy Commercial Vehicle (HCV)
o Light Commercial Vehicle (LCV)
- Passenger vehicles
o Two-Wheeler
o Executive
o Compact
o Luxury

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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
o U.S.
o Canada
o Mexico
- Europe
o U.K.
o France
o Germany
o BENELUX
o Rest of Europe
- Asia Pacific
o India
o South Korea
o China
o Japan
o Rest of APAC
- Latin America
o Chile
o Brazil
o Argentina
o Rest of LATAM
- Middle East & Africa
o Saudi Arabia
o U.A.E.
o Rest of MEA

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