Global Refinish Paints and Coatings Market - 2022-2029

Global Refinish Paints and Coatings Market - 2022-2029

Market Overview

The Global Refinish Paints and Coatings Market is expected to grow at a High CAGR during the forecasting period (2022-2029).

Refinish coating is primarily used in auto body or repair shops to refinish vehicles. Paint used on automobile applications for protection and decoration is known as ""automotive refinish paints."" To ensure proper application, primer steps are needed before applying auto-refinish paint. Additionally, the topcoat may become harmed from collision and impact, entailing replacement. Automotive refinish coatings are used in auto mechanics and body shops to give the car a new look and provide protection from corrosion and rust. The global refinish paints and coatings market is segmented into resin, formulation, layer and vehicle.

Market Dynamics

Automotive refinish coatings have seen a significant increase in demand in recent years. Owing to the ongoing demand for high-quality corrosion protection, the market for automotive refinish coatings has enormous opportunities. In Upcoming years, the market will grow due to increased accidents.

The market for refinishing paints and coatings is growing due to consumer demand for customized vehicles

The global refinishing paints and coatings market is growing as consumer preferences are shifting toward appealing textures and improved aesthetic appearance of vehicles. Significant advantages of paints and coatings, like UV protection and color retention, are currently attracting much interest. The introduction of various exterior car colors and coating options has significantly increased the market's growth potential.

A global trend, personalization and customization of products have also seen significant demand in the automotive sector. Customers use refinish coatings to customize the appearance of the vehicle. Additionally, many customers seek to customize the care finish after accidents to retain the vehicle's value as a resale product. The refinishing paints and coatings market thus experiences growth due to such customization operations.

Sustainability in automotive refinishing coatings to drive the global market

Consumers are compelled by rising environmental concerns to favor eco-friendly products over conventional ones. Government restrictions on using various environmentally harmful products have also caused a shift in the market's consumer base toward eco-friendly refinish coatings. It is anticipated that sales of water-based coatings will increase. Water-based coatings, which are more environmentally friendly, are anticipated to outpace other product types in the automotive refinish coatings market. Furthermore, during the forecast period, new market opportunities will be brought on by government initiatives to lower VOC emissions through the use of environmentally friendly technology.

Because solvent-based coatings emit VOCs and fumes that are harmful to the environment and cause disease, governments in North America have imposed strict regulations. Furthermore, these regulations hamper market growth.

COVID-19 Impact Analysis

The COVID-19 pandemic had a wide range of effects on the auto refinish market. People were driving much less due to the lockdowns and worries about the pandemic—significantly less driving results in significantly fewer collisions and repairs. The paints and coatings industry's supply chain is being disrupted by the COVID-19 pandemic. The demand for paints and coatings was at its lowest during the pandemic, so the manufacturers also had trouble storing the material, which drove up the cost of their inventory and damaged their goods. The majority of the materials are wasted because they are not used, which makes their problems severe. Because of lower demand and production as a result of COVID-19, the paint industry has experienced significant challenges. Government-imposed lockdowns caused a decrease in the number of vehicles on the road. Because there was no transportation and minimal auto manufacturing, automobile demand drastically decreased. After the pandemic, there was a rise in the market, though. Furthermore, the lowered sales and production of automobiles caused a reduced demand for refinishing paints and coatings in the global market.

Segment Analysis

The global refinish paints and coatings market is segmented based on resin, formulation, layer, vehicle and region.

The development of high-solid formulations drives the demand for the solvent-based technologies

An organic-based liquid protective layer known as a solvent-based coating is applied to the surface of a material to prevent corrosion. During the coating's curing process, solvent-based coatings are typically more resilient than water-based coatings. Because of the strict regulations on VOC emission levels, the market is predicted to grow slowly. However, technological advancements and innovations have prompted the creation of high solid formulations. High solid formulations have increased their use in the automotive industry and provided lower emissions, which helped propel the development of solvent-based technology. Refinish coating consumption is anticipated to rise due to rising applications in luxury vehicles and consumer preferences for vehicle maintenance. Therefore, the solvent-based formulation segment dominates the global refinish paints and coatings market.

Geographical Analysis

The global refinish paints and coatings market is segmented based on resin, formulation, layer, vehicle and region.

Owing to under-developed road networks and lack of safety regulations, refinish paints and coatings in the Asia-Pacific market are growing

The majority of the global market was dominated by the Asia-Pacific, which is anticipated to maintain its dominance during the forecast period. Vehicle sales are likely to rise due to rapid development and modernization. Increased sales of passenger vehicles combined with a strong automotive manufacturing base in China, Japan and India are expected to accelerate market growth. The industry is anticipated to grow favorably due to underdeveloped road networks, a lack of adequate safety regulations and rising demand for vehicle maintenance, repair and modification. Due to increased traffic accidents, India is predicted to experience high growth.

Competitive Landscape

The products and services offered by the competitors in the global refinish paints and coatings market have superior qualities. In the global refinish paints and coatings market, manufacturers are taking several strategic decisions to develop efficient technologies and increase production rates to meet market demand. The primary focus areas include collaborations, product launches and strategic mergers & acquisitions. The key companies operating in the market are AkzoNobel NV, PPG Industries, BASF SE, Axalta Coatings Systems, Sherwin Williams, The 3M Company, Nippon Paints, Kansal Paints Co. Ltd., DowDuPont Inc. and Donglai Coating.

AkzoNobel NV

Overview: Akzo Nobel N.V., also known as AkzoNobel, is a Dutch multinational corporation that manufactures paints and performance coatings for consumers and industry similar. The company is active in more than 150 countries and has more than 32,000 employees. Its headquarter is in Amsterdam. The company’s business segment includes decorative paints, automotive and specialty coatings, marine, protective and yacht coatings and industrial and powder coatings. The company’s decorative paints business covers a region that includes EMEA, Asia and South America.

Product Portfolio

Automotive and Specialty Coatings: It serves various industries and has a diverse product portfolio. The business is well known for providing high-quality coatings using innovative technologies in the aviation and automotive industries. The coatings meet the highest standards for new substrates/composites and design. It provides design expertise, tools and color accuracy that are in line with constantly evolving color trends. The automotive and specialty coatings business segment includes aerospace coatings, consumer electronics coatings, automotive OEM coatings, vehicle refinishes and signs finishes

Key Development On November 3, 2022, BYD Auto Sales Company Ltd., the leading seller of electric vehicles globally, chose AkzoNobel as its global refinish partner. Since 2017, BYD in China has recommended the business as a source of products and services for vehicle refinishing. With the new agreement, the partnership will now serve BYD's bodyshops and authorized repairer networks globally while remaining in effect.

Why Purchase the Report?
• To visualize the global refinish paints and coatings market segmentation based on resin, formulation, layer, vehicle and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global refinish paints and coatings market by analyzing trends and co-development.
• Excel data sheet with numerous data points of refinish paints and coatings market-level with all segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players.

The global refinish paints and coatings market report would provide approximately 69 tables, 73 figures and 230 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies