Automotive Refinish Coatings Market Size
:
Automotive Refinish Coatings Market size was USD 10.45 billion in 2021 and projected to grow from USD 11.6 billion in 2023 to USD 18.7 billion by 2032, exhibiting a CAGR of 5.5% during the forecast period.
Automotive refinish coatings are used in automotive shops and repair garages for refinishing the vehicles. The automotive refinish coatings help in improving the appearance and strength of the vehicles along with increasing the demand for recreational vehicles. Automotive refinish coatings covers the painting of vehicles like trucks, cars and other vehicles. It may be done partially or totally as per the necessity for the parts of vehicles, mostly after completing the repair of vehicles. The count of vehicle collisions is increasing on a large scale which can be prevented by elevation using the refinish coatings.
Market Highlights
Automotive Refinish Coatings Market is expected to project a CAGR of 5.5% during the forecast period, 2022-2032
Automotive refinish coatings Market is expected to reach USD 18.7 billion, growing at a CAGR of 5.5% during forecast period. The growing requirement for recreational, repair and maintenance activities of vehicles is expected to boost the growth of the market. The increasing road accidents denote the major necessity of Refinish Coatings, thereby having positive impact on the demand for automotive refinish coatings worldwide. The increasing sales of luxury vehicles due to urbanization and high income is driving the demand for automotive refinish coatings and will boost the market growth.
Automotive Refinish Coatings Market Segmentation:
Polyurethane segment is expected to grow with high CAGR during the forecast period
Automotive Refinish Coatings Market is classified based on the Resin into Alkyd, Polyurethane, Acrylic, and Epoxy. Polyurethane segment is expected to dominate the market in the forecast period owing to the advanced properties possessed by polyurethane like resistance to high temperatures and outstanding performance in different environmental conditions. The demand for polyurethanes is increasing due to the high resistivity to abrasion, to grease, oil, and water, which is expected to boost the growth of the segment in the market.
Water-borne Coatings segment is expected to grow with high CAGR during the forecast period
Automotive Refinish Coatings Market is classified based on the Technology into UV-Cured Coatings, Solvent borne, Water-borne Coatings and Others. The water- borne Coatings segment is expected to dominate the market in the forecast period owing to the high demand for water-borne coating due to the wide range of applications in the automotive sector and better properties. Several developments in the technology and the preference for opting water-borne coatings is increasing due to their negligible VOC content and non-toxicity are expected to boost the growth of the automotive industry
Market Dynamics:
Growth Drivers
Growing Trend of Vehicle Customization is Expected to Drive the Growth of the Market
The emergence of vehicles customization in the market is increasing which is creating a need for finished coatings globally. This trend has resulted in prioritizing and customizing the appearance of their vehicles using Automotive Refinish Coatings. This is expected to improve the appearance and strength of vehicles supported by the coatings and is expected to boost the growth of the automotive refinish coatings market.
The Advancements in Production Technologies is Expected to Drive the Growth of the Market
This investments in Research & Development activities for the automobile stream is growing which resulted in the generation of low weight vehicles and is expected to aid in the growth of the market during the forecast period. The reach of environment friendly coatings is increasing with the low solvent content and is driving the growth of the market. The demand for commercial vehicles is increasing in the mining industry and the demand for passenger cars is also increasing to facilitate the requirement for personalized transportation services which is expected to boost the growth opportunities for the market. The sale of refinish coatings to the vehicle owners is creating growth opportunities for the manufactures thereby, increasing the market share.
Restraint
Toxicity Associated with the Refinish Coatings May Hamper the Market Growth
Solvent-based refinish coatings are associated with toxicity which may impact the growth of the market. The existence of volatile organic compounds in the solvent-borne coating is a challenge as it poses a harmful emission into the environment. The restriction of usage of high volatile organic compounds may restrain the growth of the Automotive Refinish Coatings Market.
Recent Developments:
- In September 2020, BASF introduced new water-borne coatings solutions line, which is advanced refinish product line aids in offering eco-friendly solutions for automotive applications.
- In February 2020, AkzoNobel signed an agreement with the BMW Group for the supply of refinishing products including paints & coatings.
Automotive Refinish Coatings Market
Key Players Covered:
- BASF SE
- 3M Company
- Nippon Paint Holdings Co. Ltd.
- Axalta Coating Systems Ltd.
- Akzo Nobel N.V.
- Clariant AG
- Sherwin-Williams Company
- Dupont De Nemours Inc.
- KCC Corporation
- Kansai Paint Co. Ltd.
- PPG Industries Inc.
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Automotive Refinish Coatings Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific dominated the market in 2021 and is expected to maintain its dominance in the forecast period owing to the increase in purchase of cars in this region. The demand for vehicle refinish products is expected to be increased as there is an improvement related to road infrastructure in several countries. The increasing sales of cars for usage as cabs and rental services is expected to boost the growth of the automotive refinish coatings market.
Impact of Covid-19 on Automotive Refinish Coatings Market
The COVID-19 outbreak had resulted in the economic downfall worldwide. Several countries had imposed lockdowns and travel bans to control the spread of coronavirus. The requirement of automotive was declined, therefore the supply of automotive coatings also had decreased. Pandemic resulted in the downfall of the Automotive Refinish Coatings Market and it had a negative impact on the growth of the Automotive Refinish Coatings Market.
Automotive Refinish Coatings Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Automotive Refinish Coatings Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 5.5% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Product Type |
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Technology |
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Resin |
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Vehicle Age |
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Vehicle Type |
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By Region |
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Frequently Asked Questions (FAQ):
Automotive Refinish Coatings Market size was estimated at USD 10.45 billion in 2021 and is expected to reach USD 18.7 billion in 2032.
Automotive refinish coatings are used in automotive shops and repair garages for refinishing the vehicles. The automotive refinish coatings help in improving the appearance and strength of the vehicles along with increasing the demand for recreational vehicles.
Polyurethane and Water borne coatings segment accounted for the largest Automotive Refinish Coatings market share.
Key players: BASF SE, 3M Company, Nippon Paint Holdings Co. Ltd., Axalta Coating Systems Ltd., Akzo Nobel N.V., Clariant AG, Sherwin-Williams Company, Dupont De Nemours Inc., KCC Corporation, Kansai Paint Co. Ltd., PPG Industries Inc. and Other Prominent Players are the key players in the Automotive Refinish Coatings Market.
Growing Trend of Vehicle Customization and The Advancements in Production Technologies are the factors driving the Automotive Refinish Coatings market.
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