Global Automotive Refinish Coatings Market to Reach US$ 14.9 Billion by 2032, Bolstered by Product Innovations

February 25, 2022 | Automotive Industry

The latest report by IMARC Group, titled “Automotive Refinish Coatings Market Report by Resin Type (Polyurethane, Alkyd, Acrylic, and Others), Product Type (Primer, Basecoat, Activator, Filler, Topcoat, and Others), Technology (Solvent-Borne, Water-Borne, UV-Cured), Vehicle Type (Passenger Cars, Commercial Vehicles, and Others), and Region 2024-2032,” finds that the global automotive refinish coatings market reached a value of US$ 10.5 Billion in 2023. Automotive refinish coatings refer to coatings used in automotive repair centers or body shops torepair and refurbish automobiles and other types of vehicles. These coatings enhance the façade and recover the damages caused by external factors like temperature, impact from stones, and accidents. They exhibit various properties such as resistance to corrosion, surface protection, aesthetic appeal, resistance to harsh weather, heat, temperature, and water. As a result, these coatings are applied to the passenger and commercial vehicles in the form of a primer, filler, topcoat, basecoat, and activator or hardener coatings. Nowadays, automotive refinish coatings are gaining traction as they are highly effective for all automobiles.

Global Automotive Refinish Coatings Market Trends: 

The market is primarily driven by the rapid growth of the automotive industry and the increasing number of road accidents. In recent years, rapid urbanization and inflating disposable income levels have resulted in the demand for passenger vehicles, thereby fueling the market growth. Besides this, the growing popularity of recreational vehicles, especially across developed countries, isalso facilitating the demand for automotive refinish coatings. In addition, the rising consumption of waterborne, high solids, and UV-cured coatings dueto zero VOC emission is increasing the product adoption rate. Furthermore, technological advancements and continuous product development to enhance the performance of refinish coatings are creating a positive outlook for the market. Moreover, manufacturers are introducing environment-friendly refinish coatings that are made from organic chemicals, and have custom colors and faster cure time. Looking forward, the market is expected to reach a value of US$ 14.9 Billion by 2032, exhibiting a CAGR of 3.8% during the forecast period (2024-2032).

Market Summary: 

  • Based on the resin type, the market has been segmented into polyurethane, alkyd, acrylic, and others.
  • On the basis of the product type, the market has been classified into primer, basecoat, activator, filler, topcoat, and others.
  • The market has been categorized based on technology into solvent-borne, water-borne, and UV-cured.
  • On the basis of the vehicle type, the market has been segregated into passenger cars, commercial vehicles, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being3M Company, Akzo Nobel N.V., Axalta Coating Systems Limited, BASF SE, Clariant AG, Dupont De Nemours Inc., Kansai Paint Corporation Limited, KCC Corporation, Nippon Paint Holdings Corporation Limited, PPG Industries Inc., and The Sherwin-Williams Company.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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
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Global Automotive Refinish Coatings Market to Reach US$ 14.9 Billion by 2032, Bolstered by Product Innovations
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