Vehicle Ownership Rates Driving Auto Refinish Coating Market
The automotive refinish coating market is expected to grow to $12 billion by the end of 2022.
The automotive refinish coating market has seen substantial growth in the last decade. This is primarily due to rapid growth in vehicle ownership in emerging economies, which has increased the accident rate. Greater governmental regulations with respect to high levels of volatile organic compounds could further impact the growth of the automotive refinish coating market, which is currently projected to record a robust compound annual growth rate (CAGR) of 5.7% from 2017 to 2022.
Polyurethane has the highest potential for growth in the automotive refinish coating market and is anticipated to gain share at the expense of other resin types. The polyurethane segment is predicted to be worth just under $4.7 billion at the end of 2022.