The refinish paint market has seen considerable growth due to a variety of factors.
• The refinish paint market has grown steadily in recent years. It will increase from $8.38 billion in 2024 to $8.87 billion in 2025, at a compound annual growth rate (CAGR) of 5.8%.
The growth is driven by urbanization, the growing vehicle fleet, environmental regulations, sustainability concerns, increased demand for customization, and the focus on aesthetics.
The refinish paint market is expected to maintain its strong growth trajectory in upcoming years.
• The refinish paint market is expected to grow to $10.97 billion by 2029 at a CAGR of 5.5%.
This growth will be driven by a shift to waterborne and high solids coatings, integration of digital technologies, the demand for cost-effective solutions, and expansion in the automotive aftermarket. Trends include innovations in resins, advanced color-matching solutions, UV-cured coatings, and the rise of mobile apps and smart coatings.
The escalation in road mishaps is predicted to stimulate the expansion of the refinish paint market in the future. These mishaps, colloquially known as traffic crashes or motor accidents, include any incident involving one or multiple vehicles on a public thoroughfare that cause damage to people, property or both. A surge in such incidents can be attributed to traffic jams, lack of concentration while driving, and intoxicated driving. Refinish paint becomes pivotal when it comes to reverting the exterior look of the vehicle to its state prior to the accident. It necessitates the replication of the vehicle’s original color and finish, crucial for visual uniformity and preserving the vehicle's worth. For example, data from Eurostat in March 2024, a statistical office of the European Union based in Europe, reveals that in 2022, fatalities caused by road mishaps in Europe soared to 20653, a rise of 3.7% from 19917 in 2021. Hence, the surge in accidents is fueling the growth of the refinish paint market.
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
Subsegments:
1) By Solvent Borne: Alkyd-Based Paints, Epoxy-Based Paints, Acrylic-Based Paints
2) By Waterborne: Water-Based Acrylic Paints, Water-Based Epoxy Paints
3) By Powder: Thermosetting Powder Coatings, Thermoplastic Powder Coatings
Leading entities in the refinish paint market are concentrating on the creation of solutions utilizing basecoat technology in order to establish an advantage over competitors. The term 'basecoat technology' pertains to the coating of paint applied post-primer and pre-clearcoat within the auto refinishing sequence. For instance, in August 2022, Axalta Coating Systems Ltd., a company based in the US that manufactures paints and coatings, unveiled CromaxGen, a novel next-gen basecoat technology designed for the auto refinish sector. This pioneering product provides unique characteristics including accurate color formulas, improvements in productivity and cost efficiency, all aimed at boosting productivity and minimizing costs for body shops in Latin America.
Major companies operating in the refinish paint market are:
• BASF SE
• Mitsubishi Chemical Corporation
• Sherwin-Williams Company
• Evonik Industries AG
• Covestro AG
• PPG Industries Inc.
• Arkema S.A.
• AkzoNobel NV
• Nippon Paint Holdings Co Ltd.
• Wacker Chemie AG
• KCC Corporation
• Axalta Coating Systems Ltd.
• Valspar Corporation
• Kansai Paint Co Ltd.
• Jotun Group
• Cytec Industries Inc.
• Berger Paints India Limited
• Rust-Oleum Corporation
• Hexion Inc.
• Allnex Group
• TOA Group Company Limited
• Momentive Performance Materials Inc.
• Diamond Vogel Paints
• Dunn-Edwards Corporation
• Hempel A/S
Asia-Pacific was the largest region in the refinish paint market in 2024. 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.