Automotive Refinish Coatings Market Research Report Information By Product Type (Clearcoat, Basecoat, Primer, Activator and Others), By Technology (Solvent-borne Coatings, Water-borne Coatings, UV-Cured Coatings, High Solid Coatings and Powder Coatings),

In 2022, the automotive refinish coatings market was estimated to be worth USD 8,980.8 million. According to projections, the automotive refinish coatings market would expand at a compound annual growth rate (CAGR) of 6.53% from 2023 to 2032, from USD 9,735.1 million to USD 18,155.8 million. In the aftermarket automobile sector, automotive refinish coatings are specialty paints and coatings intended to fix, restore, or improve a car's look and performance. These coatings are put on cars that have been harmed by collisions, normal wear and tear, environmental conditions, or just to make them seem better. Since automotive refinish coatings address the maintenance and personalization requirements of vehicles that are currently in operation, they differ from original equipment manufacturer (OEM) coatings. Primers, basecoats, clearcoats, and specialty coatings are common products in the line; each has a distinct function, such as preparing surfaces, applying color, and providing defense against UV radiation, corrosion, and scratches. Thanks to technological improvements, contemporary refinish coatings are made to meet strict environmental laws while providing excellent durability, a superior surface, and ease of application.

One of the main factors propelling the automotive refinish coatings market is the rising number of incidents and accidents worldwide. Accidents, fender benders, and other forms of vehicle damage have become more common as there are more cars on the road, increasing the need for auto repairs, including refinish coatings. Vehicles that sustain damage in crashes, particularly, frequently need to be repainted and refinished to preserve their protective coatings, which assist stop rust and corrosion, and to restore their visual appeal.

Perspectives on Market Segments
Clearcoat, Basecoat, Primer, Activator, and Others are the product types into which the automotive refinish coatings market has been divided.
Solvent-borne coatings, water-borne coatings, UV-cured coatings, high solid coatings, and powder coatings are the different segments of the market based on technology.
The automotive refinish coatings market is divided into several segments based on resin, including polyurethane, alkyd, epoxy, acrylic, and others.
The market is divided into four segments based on the kind of vehicle: passenger cars, commercial vehicles, two-wheelers, and others (specialty & niche vehicles, agricultural and industrial vehicles).

Regional Perspectives
The market for automotive refinish coatings in Asia-Pacific had the largest share and is anticipated to generate a sizable portion of revenue over the course of the forecast period. Growing car ownership, rising disposable incomes, and the growing automotive repair and maintenance sector are all contributing to the Asia Pacific region's automotive refinish coatings market's explosive rise. The need for automobile refinishing is rising in nations like China, India, and Japan as a result of increased vehicle manufacturing, a developing middle class, and a growing demand for collision repairs. In response to stricter environmental restrictions, especially in China and Japan, the market is also seeing a shift toward more environmentally friendly and sustainable coatings, such as waterborne and low-VOC products. Furthermore, the aftermarket sector is expanding due to the increase in vehicle customisation and the need for premium finishes.

Key Players
Nippon Paint, KAPCI Coatings, The Sherwin-Williams Company, 3M, Kansai Paint Co., Ltd., Covestro AG, Lubrizol Corporation, PPG Industries, AkzoNobel, BASF, KCC Corporation, Mitsui Chemicals, Inc., PPG Industries, Inc., and Axalta Coating Systems are the market leaders.