Global Automotive Refinish Coatings Market Size study & Forecast, by Technology (Solvent-borne Coatings, Water-borne Coatings, Other), by Resin Type (Polyurethane, Alkyd, Acrylic, Others), by Coat Type (Primer & Filler, Basecoat, Clear coat, Activator/Har

Global Automotive Refinish Coatings Market Size study & Forecast, by Technology (Solvent-borne Coatings, Water-borne Coatings, Other), by Resin Type (Polyurethane, Alkyd, Acrylic, Others), by Coat Type (Primer & Filler, Basecoat, Clear coat, Activator/Hardners, Others), and Regional Analysis, 2023-2030

Global Automotive Refinish Coatings Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than 6.3% during the forecast period 2023-2030. Automotive refinish coatings find primary applications in automotive body shops and repair centers, playing a pivotal role in refinishing vehicles. These coatings not only enhance the aesthetic appeal of vehicles however also contribute to their durability. The market for automotive refinish coatings is driven by the escalating demand for recreational vehicles and a significant rise in large-scale vehicle collisions. Encompassing the painting of cars, trucks, or other vehicles, either partially or entirely, along with the application of individual vehicle components, this process is commonly employed post-mechanical or coachwork repairs. The market growth is driven by key factors such as the increasing number of accidents, the adoption of newer technologies such as EVs and rising disposable income in developing economies.

The demand for Automotive Refinish Coatings in electric vehicles is experiencing swift growth, driven by their increasing use in refinishing, remodeling, repair, and protection applications. These coatings, formulated with materials such as alkyd, acrylic, epoxy, polyester, polyurethane, and others, play a crucial role in safeguarding electric vehicles (EVs) from harsh environmental conditions and corrosion while preserving their aesthetic appeal. The rapid expansion of the electric vehicles sector is attributed to several factors, including government initiatives for vehicle electrification, a focus on reducing reliance on fuel-based vehicles, and ongoing urbanization trends. For instance, as per the India Energy Storage Alliance (IESA), the Indian EV industry is anticipated to witness a Compound Annual Growth Rate (CAGR) of 36% by the year 2030. Additionally, data from the International Energy Agency (IEA) indicates that the global stock of electric cars reached 10 million in 2020, reflecting a significant 43% increase from the previous year. Along with this, the automotive aftermarket sector is experiencing robust growth, fueled by the rising inclination towards vehicle customization, as well as increased demand for vehicle servicing and maintenance activities. Various factors, including accidents, and wear and tear, contribute to the sustained demand for automotive aftermarket products and services. As an illustration, the Autocare Association anticipates that the auto care, repairs, and maintenance sector in the United States expected toachieve a valuation of USD383 billion by the year 2024. Furthermore, Hedges & Company reports an 8% increase in the personal consumption of aftermarket auto parts in the U.S. in October 2020 compared to the same period in 2019, highlighting the continued expansion of this market segment. However, toxicity Associated with the Refinish Coatings and restrictions on the usage of highly Volatile Organic Compounds (VOC) stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Automotive Refinish Coatings Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia-Pacific leads the Automotive Refinish Coatings Market, primarily driven by the surging sales of passenger vehicles. Meanwhile, the Middle East and Africa are anticipated to witness the highest growth rate over the forecast period from 2023 to 2030. This growth is attributed to the escalating demand for the maintenance of luxury and performance vehicles, coupled with the rise in disposable income in the region. The mature oil and gas industry has played a significant role in boosting sales for luxury vehicles in the Middle East and Africa.

Major market player included in this report are:
Nippon Paint Holdings Co. Ltd.
AkzoNobel N.V.
Kansai Paints Co. Ltd.
BASF SE
PPG Industries Inc.
Axalta Coating Systems
3M Company
Clariant AG
The Sherwin-Williams Company
KCC Corporation

Recent Developments in the Market:
 In September 2020, BASF introduced an innovative line of water-borne coatings solutions, representing an advanced refinish product range. This launch provides environmentally friendly options for automotive applications, featuring low volatile organic compounds, thus contributing to sustainability within the market.
 In February 2020, AkzoNobel entered into a supply agreement with the BMW Group for the provision of refinishing products, encompassing paints and coatings. This agreement approves the utilization of Akzo Nobel's Lesonal and Sikkens brands for paint repair at authorized dealer branches, consequently enhancing their standing and product portfolio in the market.

Global Automotive Refinish Coatings Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Technology, Resin Type, Coat Type, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
Solvent-borne Coatings
Water-borne Coatings
Other (UV-cured Coatings)
By Resin Type:
Polyurethane
Alkyd
Acrylic
Others (Nitrocellulose and epoxy)
By Coat Type:
Primer & Filler
Basecoat
Clear coat
Activator/Hardners
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Nippon Paint Holdings Co. Ltd.
AkzoNobel N.V.
Kansai Paints Co. Ltd.
BASF SE
PPG Industries Inc.
Axalta Coating Systems
3M Company
Clariant AG
The Sherwin-Williams Company
KCC Corporation

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.