The automotive refinish market has grown strongly, increasing from $11.60 billion in 2023 to $12.39 billion in 2024, at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period was driven by rising vehicle ownership, the aging vehicle population, expansion in automotive manufacturing, globalization, and stricter environmental regulations. The market is expected to reach $16.20 billion by 2028, growing at a CAGR of 6.9%, with growth driven by higher accident rates, rising Original Equipment Manufacturer (OEM) standards, the rise of do-it-yourself (DIY) culture, and changing vehicle ownership patterns. Key trends include innovations in refinishing products, advancements in paint and coating technologies, and digital color-matching technology.
Global Automotive Refinish Market Key Driver
The increase in demand for bicycles is projected to boost the growth of the bicycle component aftermarket market. Bicycles, manually powered vehicles with two wheels, are gaining popularity due to increasing health awareness, demand for eco-friendly transportation, and recreational use. The bicycle component aftermarket provides replacement parts and accessories to maintain and enhance bike performance. For instance, in May 2024, the Portland Bureau of Transportation reported a 5% increase in biking in 2023 compared to 2022 and a 4.8% rise from 2021. The bicycle component aftermarket market, valued at $2.0 billion in 2023, is anticipated to reach $2.7 billion in 2024 and grow to $5.9 billion by 2028, driven by the rising demand for bicycles and the need for component replacements and upgrades.
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Global Automotive Refinish Market Segments
The automotive refinish market covered in this report is segmented –
1) By Product Type: Primer, Base Coat, Top Coat, Clear Coat
2) By Material Type: Polyurethanes, Acrylics, Alkyd
3) By Technology: Solvent Borne, Water Borne, Ultraviolet (UV) Cure
4) By Applications: Passenger Vehicle, Commercial Vehicle
5) By End User: Original Equipment Manufacturer (OEM), Aftermarket
By Geography:The regions covered in the automotive refinish market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the automotive refinish market in 2023.
Major Automotive Refinish Industry Players
BASF SE, 3M Company, WEG SA, The Sherwin-Williams Company, Covestro AG, PPG Industries Inc., AkzoNobel N.V., Nippon Paint Holdings Co. Ltd., KCC Corporation, Axalta Coating Systems Ltd., Kansai Paint Co. Ltd., Allnex Group, Reichhold LLC, Samhwa Paints Industrial Co. Ltd, Novol Sp. Z.o.o, James Briggs Limited, SEM Products Inc., HMG Paints Ltd, Bernardo Ecenarro S.A., KAPCI Coatings, Alps Coating Sdn. Bhd., NOROO Paint & Coatings Co. Ltd., TOA Performance Coating Corporation CO. Ltd.
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Automotive Refinish Market Overview
Automotive refinishing is the process of repainting or recoating vehicles, their exterior parts, or components for both protective and decorative purposes. It is commonly used for partial body collision repairs, customization, and restoring the appearance of used vehicles. Water-based acrylic polyurethane enamel paint is currently the most widely used refinish coating due to its environmental benefits and ability to provide a glossy, vibrant finish.
Automotive Refinish Global Market Report 2023 provides data on the global automotive refinish market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive refinish market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
