Global Agricultural Biotechnology Market Size, Trends & Analysis - Forecasts To 2026 By Type (Molecular Diagnostics, Molecular Markers, Tissue Culture, Vaccines, Genetic Engineering, Others), By Application (Transgenic crops, Synthetic biology-enabled products, Others), By Region (North America, Europe, Asia Pacific, CSA, MEA), Vendor Landscape, End User Landscape and Company Market Share Analysis & Competitor Analysis
Agricultural Biotechnology Market Insights
The global automotive refinish coatings market is expected to generate revenue amounting to USD 9.04 billion in 2020, and is projected to reach to USD 11.31 billion by 2026, growing at a CAGR of 3.80% over the forecast period. Automotive refinish coatings are used by the automotive body shops and repair centers for refinishing the vehicles. Rising vehicle ownership in emerging economies including China, India, Mexico, South Korea, and Brazil among others is driving the market growth for automotive refinishing coatings. Growing trend of aftermarket modifications and rising road collisions is further anticipated to drive the market growth. Rise in usage of refinish coatings for automotive maintenance, repair, and aftermarket painting for better visual appearance is also driving the market growth. Automotive refinish coatings offers many properties such as surface protection, and resistance to corrosion among others are propelling the market growth. Growing need for customized designs and paints on the vehicles across various regions including North America, Europe, Asia Pacific, and Central & South America is further projected to propel the market growth of automotive refinish coatings. Technological advancements, coupled with continuous product development to enhance the performance of refinish coatings, will propel the market growth during the forecast period. However, volatile raw material prices are likely to hamper the market growth over the coming years.
Agricultural Biotechnology Market Size: By Segmentation
The global automotive refinish coatings market is segmented on the basis of technology into solvent-borne coatings, water-borne coatings and UV cured coatings. The solvent-borne coatings segment is expected to hold the largest market share in the global automotive refinish coatings market during the forecast period. Increasing applications in luxury cars, coupled with consumer preferences for vehicle maintenance, are projected to propel the demand for solvent-borne coatings segment. UV cured coatings segment is expected to grow at a high CAGR during the forecast period. Availability in custom color, fast cure time, and outstanding performance are some of the major factors expected to propel the market growth for UV cured segment. On the basis of resin type, the global automotive refinish coatings market is segmented into acrylic, alkyd, and polyurethane among others. The polyurethane segment is expected to hold the largest market share during the forecast period. Polyurethane resin segment offers superior properties such as excellent performance in various environmental conditions and resistance to extreme temperatures among others. Polyurethane is extensively used in tropical environments and offer fungus resistance and UV protection. These are some of the major factors expected to propel the market growth for polyurethane segment during the forecast period. Acrylic segment is expected to hold significant market share in the global automotive refinish coatings market over the coming years. Growing demand from mid-range automobiles including passenger vehicles and commercial vehicles are driving the market for acrylic segment.
On the basis of coat type, the market is segmented into primary & filler, basecoat, clear coat, and activator among others. The primer & filler segment is expected to hold a significant market share in the global automotive refinish coatings market during the forecast period. Primer & filler is applied on the vehicle surfaces in order to create a base for the desired paints. Automotive manufacturers are using primer & fillers to protect the surfaces from the external environment.
Agricultural Biotechnology Market Size: By Region
On the basis of region, the market of Automotive Refinish Coatings is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The Asia Pacific region is expected to dominate the market and is also estimated to expand at a rapid pace during the forecast period. The presence of automotive manufacturing base in China, Japan, and India and coupled with increasing passenger vehicles sales, is expected to propel the market growth in the region. Growing demand for vehicle maintenance, repair, and modifications are also expected to boost the market growth in the region. Increasing use of old refurbished vehicles along with rising vehicle ownership are expected to propel the market growth in the Asia Pacific region.
Agricultural Biotechnology Market: Share & Competitor Analysis
Some of the key players operating in the agricultural biotechnology market include: Bayer CropScience, Syngenta, Dow AgroSciences, Mycogen Seeds, Certis, Monsanto Company, Vilmorin, DuPont Pioneer Hi-Bred, Evogene, KWS SAAT, Rubicon, ADAMA Agricultural Solutions Ltd., and Performance Plants Inc., among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In May 2020, BASF’s premium automotive refinish brand “Glasurit” got confirmed as a recommended supplier for BMW in 44 markets worldwide.
In December 2019, BASF planned to double production capacity of automotive refinish coatings at Jiangmen site, China.
In April 2017, Axalta opened regional auto refinish training center in Dubai. This facility is also likely to offer refinish services in the region.
In March 2017, PPG expanded new waterborne and high solids coating production plant in Wuhu, China.
Check the Press Release on Global Agricultural Biotechnology Market Report
Agricultural Biotechnology Market: By Type
Agricultural Biotechnology Market: By Application
Agricultural Biotechnology Market: By Region
The global Agricultural Biotechnology Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Agricultural Biotechnology Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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