Automotive Refinish Coatings Market: Rising Consumer Disposable Income Plays Important Role in Market Growth By 2024
The top five players in the global automotive refinish coatings market represented 65% of its value in 2015, pointing towards highly consolidated nature of the market. Axalta Coatings Systems LLC and PPG Industries, the top two vendors, held a cumulative share of over 40% of the market, finds Transparency Market Research (TMR) in a new study. “The majority of companies operating in the market are focusing towards the development of effective water-borne varieties of automotive refinish coatings,” says TMR’s lead analyst. The global automotive refinish coatings market is anticipated to progress at a CAGR of 5.7% from 2016 to 2024, rising to a valuation of US$10.8 bn by 2024 from US$6.6 bn in 2015 Booming Second Hand Vehicle Market Triggers Demand for Automotive Refinish Coatings in North America On the basis of product varieties, base coat will continue to dominate the market until 2024, accounting for 31% of the overall market revenue. The ...