IMARC Group, a leading market research company, has recently releases report titled “Automotive Refinish Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global automotive refinish coatings market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the automotive refinish coatings market?

The global automotive refinish coatings market size reached US$ 10.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.

What are automotive refinish coatings?

Automotive refinish coatings are specialized coatings employed in automotive repair centers or body shops to restore and rejuvenate automobiles and other types of vehicles. Some commonly available refinish coatings are topcoats, basecoats, primers, fillers, and activators or hardeners coatings. These coatings improve the facade and rectify the damage caused by external factors such as stone impacts, temperature variations, and accidents. They also exhibit numerous features, including surface protection, aesthetic appeal, and resilience against harsh weather conditions, temperature, heat, and water. Consequently, these coatings are applied to motorcycles, bicycles, vans, and trucks and on new and old vehicles to cover the damage to the automobile body. Moreover, they come in different formulations, including solvent-borne, water-borne, or ultraviolet (UV) cured options. Nowadays, automotive refinish coatings are widely utilized in passenger and commercial vehicles across the globe.

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What are the growth prospects and trends in the automotive refinish coatings industry?

The market is primarily driven by the expanding automotive industry. Additionally, the increasing number of fatal road accidents, rising disposable incomes of individuals and the escalating demand for passenger vehicles is contributing to the market growth. In line with this, the growing popularity of recreational activities and the increasing demand for automotive refinish coatings to uphold the aesthetic appeal of numerous vehicles are influencing the market growth. Moreover, the widespread adoption of automotive refinish coatings for automotive repair and maintenance and aftermarket painting due to surface protection, visual appearance, and resistance to corrosion represents another major growth-inducing factor. Besides this, the surging demand for customized designs and paints on vehicles and the growing sales of luxury vehicles are accelerating the product adoption rate. Along with this, the introduction of environmentally friendly refinish coatings made with organic chemicals to provide customization options for colors and printing and enhance the consumer experience is propelling the market growth.

Additionally, several governments are undertaking initiatives to promote environmental awareness and reduce volatile organic compounds (VOC) emissions, providing a positive thrust to market growth. Apart from this, the automotive refinish coatings market is growing at different rates in numerous regions, with Asia Pacific being the largest market due to the rising demand for passenger vehicles, escalating demand for maintenance of luxury vehicles and performance vehicles, increasing expenditure capacities, and growing vehicle repair and body shops across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in April 2019, PPG Industries acquired Hemmelrath, a reputable manufacturer of automotive refinish coatings with manufacturing facilities in China, the United States, Germany, and Brazil. This strategic acquisition enables PPG Industries to enhance its production capabilities and seize new supply opportunities in these countries. Furthermore, the increasing awareness among individuals regarding vehicle maintenance and continuous product development to improve the performance of automotive refinish coatings, are creating a positive market outlook.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Resin Type:

  • Polyurethane
  • Alkyd
  • Acrylic
  • Others

Breakup by Product Type:

  • Primer
  • Basecoat
  • Activator
  • Filler
  • Topcoat
  • Others

Breakup by Technology:

  • Solvent-borne
  • Water-borne
  • UV-cured

Breakup by Vehicle Type:

  • Passenger Cars
  • Commercial Vehicles
  • Others

Breakup by Region:

North America (U.S. & Canada)

Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)

Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)

Latin America (Brazil, Mexico)

Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • 3M Co.
  • Akzo Nobel N.V.
  • Axalta Coating Systems
  • BASF SE
  • Clariant AG
  • DuPont de Nemours, Inc.
  • Kansai Paint Co.Ltd.
  • KCC Co., Ltd.
  • Nippon Paint Holdings Co., Ltd.
  • PPG Industries, Inc.
  • The Sherwin-Williams Company

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