Refinish Paint Market Analysis & Forecast 2022

The refinish paint market for automotive is projected to grow from USD 7.00 billion in 2017 to USD 8.50 billion by 2022, at a CAGR of 4.0%. In this study, 2016 is considered as the base year to estimate the size of the automotive refinish coating market, while 2017 to 2022 is considered as the forecast period. The major factor driving the refinish paint market for automotive is the increasing demand for vehicles worldwide along with their collision rate and the ability of car owners to repair vehicles post the collision.

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Based on technology, the solventborne led the refinish paint for automotive coating market. However, due to stringent environmental regulations in North America and Europe, the market share for this segment is expected to decrease during the forecast period. They are increasingly being replaced by other technologies such as waterborne and powder coating in automotive refinishing due to the growing concerns regarding the content of VOC in solvents.

By resin type, the polyurethane resin segment accounted for the largest share of the refinish paint market for automotive in 2016. The growth of this segment is backed by its preference in clearcoat and basecoat layers due to its excellent weather, corrosion, and mechanical resistance.

By vehicle, the passenger car segment led the refinish paint market for automotive and is expected to maintain its dominance during the forecast period. Increasing demand for cars in emerging economies such as China, India, Mexico, and others is fueling the growth of this segment. The growth is also backed by the rising income of the middle-class population and increased the propensity of car owners to refinish after the collision.

APAC is the largest and fastest-growing market for automotive refinish coating market. China and India are the fast-growing markets in APAC. Key factors expected to drive the refinish paint market for automotive in APAC are the increased car parc, high collision rate, and strong economic conditions.

Companies operating in the refinish paint market for automotive are majorly focusing on inorganic growth to increase its global footprint and market share. Axalta (US), PPG Industries (US), BASF (Germany), Sherwin-Williams (US), Kansai Paint (Japan), Nippon Paint (Japan), KCC Corporation (Korea), and AkzoNobel (Netherlands) are some of the leading players in the refinish paint market for automotive.

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Extensive usage of blow molding resins for packaging products is expected to drive the growth of the market

The blow molding resins market is estimated at USD 36.67 billion in 2017 projected to reach USD 51.95 billion by 2022, at a CAGR of 7.2% from 2017 to 2022.

Blow molded products are being increasingly used across the globe, owing to their excellent properties, such as strong resistance to chemicals and moisture, flexibility in design, excellent impact resistance, and a wide range of hardnesses (flexible, semi-rigid, and rigid).

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The blow molding resins market has been segmented on the basis of type, application, and region. Among types, the polyethylene blow molding resins segment is projected to grow at the highest CAGR between 2017 and 2022. Polyethylene blow molding resins are being preferred in various applications, owing to their low cost, moisture resistance, high chemical resistance, and excellent processability. These are used to produce blow molded products, such as household containers, personal care containers, fuel tanks, water tanks, and bottles.

The packaging applications segment of the blow molding resins market is projected to grow at the highest CAGR between 2017 and 2022. Increasing consumption of blow molding resins in packaging applications for pharmaceutical, food & beverages, chemical, and personal care products is expected to drive the growth of the segment. Automotive & transportation is the second-fastest market for blow molding applications. Blow molding resins are used to produce auto-parts, such as panes and railings, bumper support, fenders, mudguards, door locking systems, consoles, garnish pillars, cockpit systems, and fuel tanks. Polyethylene, polypropylene, polyvinyl-chloride, polystyrene, polyethylene terephthalate, and acrylonitrile butadiene styrene are the commonly used blow molding resins in the automotive application. These resins are preferred in automotive applications owing to their minimal corrosion, which leads to longer vehicle life, substantial design freedom, innovation and creativity in vehicle development, and flexibility in integrating components.

The Asia Pacific blow molding resins market is projected to grow at the highest CAGR between 2017 and 2022. The increasing per capita expenditure on healthcare, personal care, and food products, large consumer base, growing urban population, low labor costs, and easy availability of raw materials are attracting international pharmaceutical, chemical, and food & beverage manufacturers to shift their production facilities to the region, thus creating high demand for the blow-molded products produced by blow molding resins in these industries. The Asia Pacific is the global manufacturing hub for the chemical industry, accounting for more than 50% of global chemical production output; this increases the demand for products, such as cans and containers, produced with the use of blow molding resins in the chemical industry.

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Key Strategies Adopted by Leading Players in the Global Methyl Tertiary Butyl Ether Market

Methyl Tertiary Butyl Ether (MTBE) is extensively used in gasoline, as it enables reduction in the knocking effect that leads to inefficient burning and engine damage in gasoline engines.

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Major companies offering MTBE are majorly involved in expansions and acquisitions to strengthen their positions in the MTBE market. These market players have adopted expansions as their major strategy to expand their global reach. Some companies concentrated more on the agreements and joint ventures strategy.

Prominent players majorly adopted the expansions strategy to enhance their customer network in the MTBE market. For instance, in July 2015, Evonik Industries (Germany) expanded its C-4 output at Antwerp and Marl (Germany) to increase the output of MTBE. This helped the company to improve its market position and support its plans for an increase in customers. In July 2016, Eni S.p.A (Italy) expanded its MTBE production plant in Ravenna for a 50% capacity expansion during maintenance in August. The Ravenna site on the Adriatic coast, between Venice and San Marino, can produce either Methyl Tertiary Butyl Ether (MTBE) or Ethyl Tertiary Butyl Ether (ETBE) and is currently geared to manufacture the former. The plant has a capacity of 140,000 tons, and a 50% increase would lift this to around 210,000 tons. This is expected to help the company meet the increased demand for MTBE.

Major MTBE producers are SABIC (Saudi Arabia), Evonik Industries (Germany), CNPC (China), Huntsman (US), Eni (Italy), Sinopec (China), LyondellBasell (Netherlands), Shell (Netherlands), ENOC (UAE), and Qafac (Qatar). SABIC (Saudi Arabia) and LyondellBasell (Netherlands) are the most active players in the MTBE market. These companies adopted various strategies to enhance their market shares in the global MTBE market between 2017 and 2022.

SABIC (Saudi Arabia) develops, manufactures, sells, and markets MTBE for gasoline blending, and is the largest MTBE producer in the world. The company has adopted acquisitions as a major growth strategy to enhance its regional presence. For instance, SABIC entered into an agreement with Shell for a 50% stake in its Sadaf Chemicals. This acquisition is expected to cater to the interests of both the companies in the future and further optimize operations at Sadaf.

LyondellBasell (Netherlands) manufactures, sells, and markets MTBE for gasoline blending. It is one of the major players that have established a strong foothold in the MTBE market and is the second-largest MTBE producer in the world. The company is focused on expansions as its key growth strategy to meet the growing demand from customers. In 2017, the company announced its decision to build the world’s largest Propylene Oxide (PO) and Tertiary Butyl Alcohol (TBA) plant in the Houston area. The project is estimated to cost approximately USD 2.4 billion. TBA will be converted to two ether-based oxyfuels, MTBE and ETBE. 

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Refrigeration Oil Market worth $1.4 billion- Global Forecast 2024

The refrigeration oil market is estimated to grow from USD 1.1 billion in 2019 to USD 1.4 billion by 2024, at a CAGR of 4.7%. Refrigeration oil is a high-temperature formulation consisting of additives and oil. It is specially formulated to perform in extreme environments. It is designed for use in cooling systems. The primary function of refrigeration oil is to lubricate the compressor bearings and other moving parts. It is also used to reduce friction on metal parts, decrease wear on the compressor, and extend the life of the system.

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Based on oil type, the refrigeration oil market is segmented into mineral oil and synthetic oil. The synthetic oil segment accounted for the largest share, in terms of value, in 2018. The synthetic oil segment is further sub-segmented into POE, PAG, and others. The POE oil segment is estimated to grow at the highest rate during the forecast period, in terms of value. The superior performance of POE oils in comparison to other synthetic oils makes it a suitable option for refrigeration and air conditioning applications. Besides, POE oil has high thermal stability and excellent wear performance.

Based on the application, the refrigeration oil market is segmented into refrigerators & freezers, air conditioners, automotive AC systems, and aftermarket applications. The refrigerator & freezer application segment is estimated to grow at the highest rate, in terms of both value and volume, during the forecast period. This dominance is due to the changing lifestyle of consumers in developing countries and the increasing global demand for refrigerated food products. The expanding trade of food products is another factor driving the demand for refrigeration oil.

APAC is estimated to be the fastest-growing market for refrigeration oil during the forecast period, in terms of value. APAC dominates the refrigeration oil market due to rapid economic growth, particularly in the consumer goods and automobile industries. Also, the increasing disposable income of people in the region makes APAC an attractive market for refrigeration oil manufacturers. The rapid urbanization in APAC, coupled with the improved living standard, is driving the refrigeration oil market.

JXTG Group (Japan), Idemitsu Kosan Co., Ltd. (Japan), BASF SE (Germany), ExxonMobil Corporation (US), Royal Dutch Shell plc. (Netherlands), TOTAL S.A. (France), China Petroleum Corporation (China), Petroliam Nasional Berhad (PETRONAS) (Malaysia), Fuchs Petrolub SE (Germany), Johnson Controls (Ireland), The Lubrizol Corporation (US), BP P.L.C. (UK), and Chevron Corporation (US) are the leading manufacturers of refrigeration oil. These players are focusing on new product launches to cater to specific demands of end customers and expansions to increase their geographic reach. Besides, they have adopted the strategy of partnership & agreements to increase their market reach, enhance their product portfolio, and strengthen their market positions.

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Global Growth of Digital Inks Driven by Top 3 Markets: China, the US, and Japan

Improvements in digital printing have led to the increased use of digital inks in high-end point-of-purchase retail applications, such as soft signage printing. In soft signage printing, vinyl is being replaced with fabrics as a substrate, owing to the lightweight nature of fabrics.

The digital inks market is projected to reach USD 4.17 billion by 2023, at a CAGR of 9.1% from 2018 to 2023. The development of the digital textile market has majorly contributed to the growth of the digital inks market.

China is the largest market for digital inks in the world. Growth in the Chinese retail sector has driven the demand for digital inks in the country, especially in the advertising & promotion application. Growth has also been witnessed in the Chinese retail sub-sectors, such as cosmetics, jewelry, sports & leisure articles, furniture, communication devices, household appliances, and consumer electronics. The US and Japan, the next two largest markets after China, will also offer significant growth opportunities for the players involved in the digital inks market.

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Key Questions

• What is the reason behind the high growth rate of the digital inks market?
• New players are venturing into the digital inks market. How will this affect the digital inks industry?
• The digital inks market is witnessing rapid changes. How far is digital textile printing likely to drive the innovation?
• How is digital printing replacing solvent-based printing?

The slowdown of the publishing market is a restraint for the digital inks market. The emergence of the online media has contributed to a rise in digital content, which, in turn, has impacted the print media business. Ink consumption is declining due to the low demand for published books, printed newspapers, and catalogs.

Key players operating in the digital inks market include Sun Chemical (US), INX International Ink (US), Toyo Ink SC Holdings Co. (Japan), JK Group (Italy), and Nazdar Company (US), among others. These companies focus on enhancing their product portfolios to grow in the digital inks market.

GFRG (Glass Fiber Reinforced Gypsum) Market by End User (Residential and Non-Residential), and Region

Based on end-user, the GFRG market has been segmented into residential and non-residential. The non-residential end-user segment is projected to lead the GFRG market during the forecast period, in terms of value and volume. The growth of the non-residential end-user segment can be attributed to the increased use of GFRG in non-residential buildings, such as offices, institutes, hospitals, gymnasiums, cinema theatres, museums, and auditoriums.

Europe is the largest market for GFRG, in terms of value and volume. The growth of the GFRG market in Europe can be attributed to the presence of leading GFRG manufacturers, such as Knauf Danoline (Denmark), Gillespie (UK), and the growth of the building & construction industry in the region. The GFRG market in MEA is projected to grow at the highest CAGR, in terms of volume and value, owing to the increase in the number of construction activities in this region.

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The GFRG market is projected to reach USD 3.44 billion by 2023, at a CAGR of 7.0% between 2018 and 2023. Developed economies across the globe are targeting long-term investments in the building & construction industry. This factor, in turn, is expected to increase the number of construction projects, thereby offering a positive outlook for the GFRG market. The increased spending on infrastructural projects is also contributing to the growth of the GFRG market.

The growth of the exterior segment can be attributed to the increased use of GFRG as walls and claddings in industrial and non-residential buildings, such as auditoriums, offices, institutes, hospitals, and cinema theaters.

Formglas (US), USG Corporation (US), Chiyoda UTE (Tokyo), Continental Building Products (US), CertainTeed (US), Knauf Danoline (Denmark), Saint-Gobain Gyproc (France), and Georgia-Pacific (US) are the key players operating in the GFRG market. These players offer a wide range of GFRG to strengthen their competitive position and cater to the growing demand for GFRG from the building & construction industry.

Rising demand for personal care products across the globe is expected to drive the growth of the aroma ingredients market

The aroma ingredients market is expected to grow from USD 2.27 billion in 2018 to USD 2.83 billion by 2023, at a CAGR of 4.5% between 2018 and 2023. The market has been segmented based on type, application, and region. Based on type, the synthetic ingredients segment of the market is projected to grow at the highest CAGR, in terms of value between 2018 and 2023. The growth of the synthetic ingredients segment of the aroma ingredients market can be attributed to its low cost, high performance, and easy availability.

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Aroma ingredients are defined as organic compounds with a defined chemical structure which are isolated from microbial fermentation, plant or animal sources, or produced by organic synthesis. The increasing demand for personal care products, coupled with changes in lifestyles and consumer preferences is fueling the growth of the aroma ingredients market. However, the requirement of significant investments in R&D and stringent governmental regulations are hampering market growth.

Based on application, the toiletries segment of the aroma ingredients market is projected to grow at the highest CAGR in terms of value between 2018 and 2023. Due to the increasing purchasing power of the middle-class population, there is a rise in the demand for soaps, shampoos, conditioners, and hygiene products in emerging countries, which in turn, is fueling the growth of the aroma ingredients market in the toiletries application.

The APAC aroma ingredients market is projected to grow at the highest CAGR in terms of value, between 2018 and 2023. Increasing disposable incomes of middle-class populations in emerging economies of the APAC region, coupled with the flourishing personal care industry, make the region an attractive market for aroma ingredients. Growing demand for personal care and hygiene products in the region are also leading to high consumption of aroma ingredients in this region.

The key players in the aroma ingredients market include Symrise (Germany), Takasago International Corporation (Japan), Sensient Technologies Corporation (US), MANE (France), Robertet SA (France), T. Hasegawa Co., Ltd. (Japan), Frutarom (Israel), Givaudan (Switzerland), Firmenich SA (Switzerland), and International Flavors & Fragrances Inc. (US).

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