TMR_Research_Reports_2017 Automotive Refinish Coatings Market Research 2024 | Page 3

Automotive Refinish Coatings Market
contributing to the dominance of the region. Asia Pacific, on the other hand, will be the most
promising regional market for automotive refinish coatings market. The widening base of affluent
consumers is translating into the greater frequency of vehicle repair and maintenance activities.
Flourishing Growth of Automotive Sector in Emerging Economies Augments Market
The automotive sector in emerging countries, including Brazil, India, China, and South Africa is
poised to progress at a healthy pace over the forthcoming years. “The increase in the sales of
automobiles across these economies is attributable to factors such as improving economic conditions
and rising disposable income,” says a TMR analyst. The expanding pool of vehicles is creating an
upswing in the consumption of automotive refinish coatings. In addition, increasing disposable income
is leading to significant rise in automobile repair and maintenance activities, which has a direct
positive impact on the worldwide market.
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Stringent Regulations Related to VOC Emissions Hampers Growth Prospects
The protean prices of raw materials required for the production of automotive refinish coatings are
acting as a major deterrent to the growth of the global market. The raw materials used are primarily
derived from crude oil and natural gas. Stringent regulatory reforms pertaining to the VOC emissions,
particularly across industrialized regions such as Europe and North America, are adversely affecting
the global consumption of solvent-based coatings.
This, coupled with the efforts by government and non-government organizations to increase
awareness regarding the hazardous effects of solvent-based coatings on the environment, is
negatively impacting the overall revenue generation of the global automotive refinish coatings market.
Nevertheless, these factors are compelling manufacturers and consumers to shift towards water-
based coatings, which is likely to unfold tremendous gro