Eco-efficient Automotive Refinish Coatings to Remain High in Demand: FMI Study

VALLEY COTTAGE, N.Y. – The global sales of automotive refinish coatings worth US$ 7 billion are likely to be sold by 2022, estimates a recent study published by Future Market Insights (FMI). Increasing automotive production and sales, especially in the passenger cars landscape, is expected to remain instrumental in the rising sales of automotive refinish coatings, projects FMI. However, growing environmental concerns and stringent regulations on the use of paints & coatings for automotive refinishing will have a significant impact on stakeholders’ strategies in the automotive refinish coatings market, in the coming years.

The United States Environment Protection Agency (EPA) has established National Volatile Organic Compound Emission Standards under the Clean Air Act (Act), which aims on reducing the emissions of Volatile Organic Compounds (VOC) from the use of automobile refinish coatings. Many countries in the European Union (EU) have also imposed strict vehicle refinishing regulations to control harmful VOC emissions. This is expected to trigger the production of waterborne automotive refinish coatings with low solvent content. Many stakeholders are bolstering the use of bio-based hardeners in the manufacturing of automotive refinish coatings in order to ensure their environmental compatibility, projects the FMI study.

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Sales of Polyurethane Coatings to Increase despite High Demand for Acrylics

With the growing demand for low-VOC coatings in the automotive refinish industry, acrylics remain the most preferred raw material in the manufacturing of automotive refinish coatings, finds FMI. An acrylic-based automotive refinish coating composition is primarily used to get a clear automotive refinish paint with good spraying solids content, and is preferred due to its fast dust-free times. However, in 2019, the demand for polyurethane-based automotive refinish coatings accounted for nearly 40% revenue share of the global market, which signifies a slight shift in preferences among stakeholders and changes in market dynamics.

Increasing applications of polyurethane in the paints & coatings industry are mainly triggering the rise in its adoption in the automotive refinish coatings market. The high product quality and glossy finish of polyurethane base coat will continue to maintain its demand in the market, opines the FMI study. Furthermore, among all the other types of automotive refinish coatings, such as primer, clear coat, base coat, and top coat, the adoption of acrylic and polyurethane base coat is expected to remain highest in the automotive refinish coatings market in the coming years.

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While the adoption of polyurethane and acrylic-based automotive refinish coatings is rising in the industry, leading market players are also increasing focusing on introducing innovative materials to further improve the quality of their products. Furthermore, the adoption of high-quality automotive refinish coatings surpassed the US$ 1 billion mark in executive and luxury cars in 2018, and this is expected to emerge as a lucrative trend in the market, in the coming years,” opines a lead analyst at FMI.

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