Automotive Refinish Coatings Market | Global Industry Report 2023-2028

Automotive Refinish Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A2696

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Market Overview:

The global automotive refinish coatings market size reached US$ 10.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.

Automotive refinish coatings are utilized on after-market automobiles, motorcycles, bicycles, trucks, and vans. They are used on new/old passenger and commercial vehicles to cover up damages on the body, which are caused by extreme temperatures, accidents and impacts from stones.Some of the commonly available refinish coatings are filler, primer, topcoat, basecoat and activator or hardener coatings. They are either solvent-borne, water-borne or ultraviolet (UV) cured. Amongst these, water-borne coatings have lower levels of volatile organic compounds (VOCs) than solvent-borne variants, which makes them highly effective for all automobiles.

Global Automotive Refinish Coatings Market

Automotive Refinish Coatings Market Trends:

The increasing requirement for recreational and repair and maintenance activities of vehicles, along with the rising fatal road accidents, represents one ofthe major factors positively influencing the demand for automotive refinish coatings worldwide. In addition, the growing sales of luxury vehicles on account of rapid urbanization and improving income levels is catalyzing the demand for automotive refinish coatings to maintain the aesthetic appearance of vehicles. Apart from this, key players are introducing environment-friendly refinish coatings manufactured using organic chemicals and offering customization colors and printing to enhance the experience of the consumer. Besides this, the increasing consciousness among the masses about vehicle maintenance is resulting in the rising adoption of automotive refinish coatings around the world. Furthermore, the growing environmental awareness and several initiatives undertaken by governments of numerous countries are driving the usage of low volatile organic compounds (VOC) emissions. This is offering lucrative growth opportunities to market players operating in the industry.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive refinish coatings market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on resin type, product type, technology, and vehicle type.

Breakup by Resin Type:

Polyurethane
Alkyd
Acrylic
Others

Polyurethane dominates the market as it is resistant to water, oil, and grease and can perform in harsh environments.

Breakup by Product Type:

Primer
Basecoat
Activator
Filler
Topcoat
Others

Basecoat currently represents the most popular product type.

Breakup by Technology:

Solvent-borne
Water-borne
UV-cured

Solvent-borne technology accounts for the majority of the total marketshare as it contains higher levels of organic compounds and prevents corrosion.

Breakup by Vehicle Type:

Passenger Cars
Commercial Vehicles
Others

Passenger cars currently dominate the market.

Breakup by Region:

North America
- United States
- Canada
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa

The Asia Pacific holds the majority of the global automotive refinish coatings market share due to the increasing sales of vehicles in the region.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are 3M Co., Akzo Nobel N.V., Axalta Coating Systems, BASF SE, Clariant AG, DuPont de Nemours, Inc., Kansai Paint Co.Ltd., KCC Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., and The Sherwin-Williams Company.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Resin Type, Product Type, Technology, Vehicle Type, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	3M Company, Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, Clariant AG, Dupont De Nemours Inc., Kansai Paint Co. Ltd., KCC Corporation, Nippon Paint Holdings Co. Ltd., PPG Industries Inc. and The Sherwin-Williams Company
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global automotive refinish coatings market was valued at US$ 10.0 Billion in 2022.

We expect the global automotive refinish coatings market to exhibit a CAGR of 4.4% during 2023-2028.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary closure of numerous manufacturing units for vehicles, thereby negatively impacting the demand for automotive refinish coatings.

The rising requirement for recreational and maintenance activities of vehicles, along with the introduction of environment-friendly refinish coatings, which offer customization of colors and printing, is primarily driving the global automotive refinish coatings market.

Based on the resin type, the global automotive refinish coatings market has been divided into polyurethane, alkyd, acrylic, and others, where polyurethane currently exhibits a clear dominance in the market.

Based on the product type, the global automotive refinish coatings market can be categorized into primer, basecoat, activator, filler, topcoat, and others. Currently, basecoat accounts for the majority of the total market share.

Based on the technology, the global automotive refinish coatings market has been segregated into solvent-borne, water-borne, and UV-cured. Among these, solvent-borne technology currently holds the largest market share.

Based on the vehicle type, the global automotive refinish coatings market can be bifurcated into passenger cars, commercial vehicles, and others. Currently, passenger cars exhibit a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.

Some of the major players in the global automotive refinish coatings market include 3M Co., Akzo Nobel N.V., Axalta Coating Systems, BASF SE, Clariant AG, DuPont de Nemours, Inc., Kansai Paint Co.Ltd., KCC Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., and The Sherwin-Williams Company.

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