How Is The Global Refinish Paint Market Defined?
Refinish paint, also known as refinishing paint, refers to a type of paint specifically designed for restoring or updating the appearance of surfaces that have been previously painted or coated. This paint is used in the automotive industry to repair and refinish vehicles after damage or wear to ensure the repaired areas match the original paint color and finish.
Refinish Paint Global Market Report 2024 provides data on the global refinish paint market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The refinish paint market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Refinish Paint Market Size Expected To Expand, And At What Annual Growth Rate?
The refinish paint market has shown strong growth, rising from $7.95 billion in 2023 to $8.38 billion in 2024, with a CAGR of 5.4%. Historical growth factors include rapid urbanization, increased vehicle ownership, environmental regulations, sustainability concerns, growing demand for customization, and aesthetic improvements. The market is projected to grow to $10.41 billion by 2028, with a CAGR of 5.6%. Future growth drivers include a shift toward waterborne and high-solid coatings, digital technology integration, cost-effective solutions, and the expansion of automotive aftermarket services. Key trends include innovations in polyurethane resins, advanced color-matching technology, UV-cured coatings, mobile solutions, and smart coatings.
What Are The Key Drivers Fueling Growth In The Refinish Paint Market?
The rising number of road accidents is expected to boost the refinish paint market. Road accidents involve collisions that result in harm to individuals or property. Factors such as traffic congestion, distracted driving, and impaired driving contribute to their rise. Refinish paint is used to restore the appearance of vehicles after accidents, ensuring aesthetic consistency and maintaining value. For example, the US Department of Transportation reported in April 2023 that drunk driving caused 13,384 fatalities in 2021, up from 11,718 in 2020. This growing number of accidents is driving demand for refinish paint.
Get Your Free Sample of the Global Refinish Paint Market Report
What Are The Principal Market Segments In The Global Refinish Paint Industry?
The refinish paint market covered in this report is segmented –
1) By Product Type: Solvent Borne, Waterborne, Powder
2) By Coating Type: Polyurethane, Epoxy, Acrylic, Other Coating Types
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Bus, Truck
4) By Application: Clearcoat, Basecoat, Primer, Sealer
Which Emerging Market Trends Are Altering The Refinish Paint Sector?
In the refinish paint market, companies are focusing on developing products with basecoat technology to stay competitive. Basecoat technology is applied after the primer and before the clearcoat in the automotive refinishing process. For instance, in August 2022, Axalta Coating Systems Ltd., a US-based paint and coating company, introduced CromaxGen, a next-generation basecoat technology for the automotive refinish industry. This product provides precise color formulas, productivity improvements, and cost optimization, enhancing the productivity and cost-efficiency of body shops in Latin America.
What Is The Leading Region In The Refinish Paint Market?
Asia-Pacific was the largest region in the refinish paint market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the refinish paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
