The latest report by IMARC Group, titled “Automotive Refinish Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global automotive refinish coatings market size reached a value of US$ 9.6 Billion in 2021.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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 12.7 Billion by 2027, exhibiting a CAGR of 4.5% during the forecast period (2022-2027).
- 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.
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