Automotive Refinish Coatings Market Growth Outlook Through 2024-2033
Posted by ramtbrc on April 25th, 2024
Overview and Scope
Automotive refinish coatings refer to coatings that are made up of alkyd, polyurethane, and acrylic that are used by body shops and repair centers. The automotive refinish coatings are used in vehicles to cover the damages on the body of the vehicle that is caused by accidents, stones, or temperature.
Sizing and Forecast
The automotive refinish coatings market size has grown strongly in recent years. It will grow from .22 billion in 2023 to .76 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to automotive repair and maintenance, increased number of vehicles on the road, aging vehicle fleet, rising incidence of accidents, consumer preferences for aesthetics, global expansion of automotive market..
The automotive refinish coatings market size is expected to see strong growth in the next few years. It will grow to .24 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to advancements in coating formulations, increased emphasis on sustainability, rise in demand for high-performance coatings, digital color matching solutions, globalization of automotive repair chains, changing consumer preferences.. Major trends in the forecast period include technological advancements in coating formulations, waterborne coatings for environmental compliance, rise in adoption of uv-cured coatings, growing popularity of matte finishes, rising adoption of clearcoat technologies, increased investment in training and certification..
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Segmentation & Regional Insights
The automotive refinish coatings market covered in this report is segmented –
1) By Product Type: Primer, Basecoat, Clearcoat, Activator, Filler and Putty
2) By Technology: Solvent-borne Coatings, Water-borne Coatings, UV-cured Coatings, High Solid Coatings, Powder Coatings
3) By Resin: Polyurethane, Alkyd, Acrylic, Epoxy
4) By Application: Passenger Cars, Commercial Vehicles, Two-Wheeler
5) By End Use: OEM, Aftermarket
Asia-Pacific was the largest region in the automotive refinish coatings market in 2023. The regions covered in the automotive refinish coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising number of accidents is expected to propel the growth of the automotive refinish coatings market going forward. Accidents refer to any injury due to crashes involving a vehicle partially or fully on a public road. Automotive refinish coatings help to cover the damages caused to the vehicle body due to accidents. For instance, in January 2022, according to the Times of India, an Indian daily newspaper, road crashes rose by 10% in 2021, and over 400 people died in accidents. The number of road accidents was 796 in 2020, which increased to 874 in 2021. The number of road accidents in 2020 accounted for 347, which increased to 389 in 2021. Therefore, the rising number of accidents is driving the growth of the automotive refinish coatings market.
Key Industry Players
Major companies operating in the automotive refinish coatings market report are KCC Corporation, BASF SE, PPG Industries Inc., Nippon Paint Holdings Company Limited, KAPCI Coatings Company, The Valspar Corporation, The Sherwin-Williams Company, 3M Company, Akzo Nobel N.V., Kansai Paint Company Limited, Bernardo Ecenarro SA, SEM Products Inc., Sheboygan Paint Company, Cresta Paint Industries Limited, Alps Coating Sdn Bhd, Masco Corporation, Jotun AS, Hempel A/S, Valspar Corporation, Berger Paints Ltd., Lord Corporation, Beckers Group, Cabot Corporation, HMG Paints Limited, Shanghai Kinlita Chemical Co. Ltd., Tikkurila Oyj, Karl WÖRwag Lack- Und Farbenfabrik Gmbh & Co. Kg, Duluxgroup (Investments) Pty. Ltd., Carpoly Co. Ltd., Kangnam Jevesco Co. Ltd., Mankiewicz Gebr. & Co., Shawcor Ltd.
The automotive refinish coatings market report table of contents includes:
1. Executive Summary
2. Automotive Refinish Coatings Market Characteristics
3. Automotive Refinish Coatings Market Trends And Strategies
4. Automotive Refinish Coatings Market - Macro Economic Scenario
5. Global Automotive Refinish Coatings Market Size and Growth
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31. Global Automotive Refinish Coatings Market Competitive Benchmarking
32. Global Automotive Refinish Coatings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Refinish Coatings Market
34. Automotive Refinish Coatings Market Future Outlook and Potential Analysis
35. Appendix
