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YC shift: The Mexico automotive refinish market is currently US$ 230 million. Body shops/collision repair centers preferred solvent coating and resist using water-based coatings due to high investment, and humid weather conditions in certain parts of Mexico.

Unknown: Auto-insurance companies have very little impact in the Brazilian & Mexican auto refinish market as only 25-30% of the total fleet in Brazil & Mexico are insured. Solvent-based coatings hold the maximum share (more than 95%), but water-based coatings are expected to be the future growth driver.

RI created: MnM recommended that the client should aggressively target non-authorized service centers since these body shops have the largest market share in Brazil & Mexico. Since less than 30% of vehicles are insured, the majority of the car owners prefer to visit non-authorized service centers only, targeting these service centers can generate a revenue opportunity of US$70-80 million in the next 5 years. Some of the key growth areas for the automotive refinish market are, minor scratches (the bulk of the market) and car owners’ preference for local body shops for small paint jobs (scratches/dents, etc.), as they are quick and comparatively cheaper.

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