How Has the Automotive Refinish Coatings Market Evolved Historically and What is its Current Size?
The automotive refinish coatings market has seen considerable growth due to a variety of factors.
• There has been substantial expansion in the automotive refinish coatings market in the past few years. The market, worth $9.7 billion in 2024, is projected to see a rise to $10.24 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%. The reasons for growth in the earlier period include an increase in automotive repair and maintenance, a larger number of vehicles on the road, and an aging vehicle fleet. Further factors include a higher frequency of accidents, a consumer preference for aesthetics, along with global growth in the automotive market.
What Is The Projected Growth Of The Automotive Refinish Coatings Market?
The Automotive Refinish Coatings market is expected to maintain its strong growth trajectory in upcoming years.
• The market for automotive refinish coatings is projected to experience robust growth in the upcoming years, reaching a value of $13.16 billion in 2029 with a compound annual growth rate (CAGR) of 6.5%.
This growth is fuelled by the progress in coating formulations, a heightened focus on sustainability, an escalated demand for high-performance coatings, the adoption of digital color matching solutions, the global expansion of automotive repair chains, and shifts in consumer preferences. The forecast period is expected to witness trends such as the development of technology in coating formulations, the use of waterborne coatings for environmental compliance, increased uptake of UV-cured coatings, growing preference for matte finishes, rising implementation of clearcoat technologies, and amplified investments in training and certification.
What Are The Key Drivers Fueling Growth In The Automotive Refinish Coatings Market?
The increasing incidence of accidents is predicted to spur the expansion of the automotive refinish coatings market. Accidents are considered as any harm resulting from collisions involving a vehicle that is partially or entirely on a public road. Automotive refinish coatings are used to repair damage inflicted on the vehicle's body due to accidents. For example, the National Highway Traffic Safety Administration, a government agency based in the US, reported in June 2024 that an approximated 2.38 million people were injured in car accidents in 2022, as opposed to 2.50 million in 2021. As a result, the escalating accident numbers are fueling the advancement of the automotive refinish coatings market.
What Are The Principal Market Segments In The Global Automotive Refinish Coatings Industry?
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
Subsegments:
1) By Primer: Epoxy Primers, Urethane Primers, Wash Primers
2) By Basecoat: Solvent-Based Basecoats, Water-Based Basecoats, Metallic Basecoats
3) By Clearcoat: Urethane Clearcoats, Acrylic Clearcoats, High Solid Clearcoats
4) By Activator: Hardener Activators, Thinner Activators
5) By Filler And Putty: Polyester Fillers, Epoxy Fillers, Spot Putty
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Which Emerging Market Trends Are Altering The Automotive Refinish Coatings Industry?
The significant uptrend emerging in the automotive refinish coatings sector is rooted in technological progression. In an attempt to maintain their standing in the market, primary businesses are flexing their innovative muscles and launching tech-powered solutions. For instance, in November 2023: PPG Industries, Inc., which is based out of the US and renowned for its paint and coating manufacture, rolled out PPG DP7000 Air-Dry Primer across various automotive refinish markets including Europe, the Middle East, and Africa. This deluxe dual-pack acrylic primer adheres to European volatile organic compound (VOC) rules and aligns well with PPG's topcoat systems. It's designed with a swift air drying functionality to boost productivity and the cutback of energy usage. The PPG DP7000 holds the ability to dry at double the speed of rival technologies, functions in all moisture conditions, and enables baking or infrared curing when needed. The primer's advanced attributes aid in boosting the profits of bodyshops and simultaneously cutting down their environmental footprint.
Who Are the Key Players In The Automotive Refinish Coatings Market?
Major companies operating in the automotive refinish coatings market include:
• 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
• 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.
What Are The Regional Insights Into The Automotive Refinish Coatings Market?
Asia-Pacific was the largest region in the automotive refinish coatings market in 2024. The regions covered in the automotive refinish coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
