Automotive Refinish Coatings Market: Current Analysis and Forecast (2022-2028)

Automotive Refinish Coatings Market: Current Analysis and Forecast (2022-2028)

Automotive refinish coatings are paints and coatings that are used by vehicle repairers and body shops to give the vehicle a refreshed look along with the provision of defense against rust and corrosion. These paints consist of polyurethane-based enamel which helps to protect the surface of the automobile from environmental damage. In addition, the parts of the automobile are arranged in an assembly and then automotive paint is applied at a controlled environmental temperature. Moreover, the increase in automobile production and upsurge in the demand for eco-friendly automotive paints are the key factors driving the growth of the market. For instance, in September 2021, Nippon Paint India, part of the NIPSEA Group, launched a new international automotive refinish product system under the n-MAX brand.

• Based on material type, the market is segmented into polyurethanes, acrylics, and alkyd. The polyurethanes category is to witness a higher CAGR during the forecast period. This is mainly due to the exceptional properties of the polyurethane such as thick coating, fairly smooth surface, and chipping resistance. Moreover, It also can be applied to rust protection steel plates and automotive bodies perfectly.
• On the basis of product type, the market is categorized into the primer, base coat, top coat, and clear coat. The clearcoat category is to witness higher CAGR during the forecast period owing to get the glossy and clear appearance of the paint of the vehicle. Moreover, the clear coat is the top coat of paint that is put on your car after the colored paint and primer. In addition, It is a clear, glossy coating designed to protect your paint from the elements while also enhancing the appearance of your paint. Hence, these are the factors driving the growth of the market.
• Based on Technology, the automotive refinish coating market has been classified into solvent borne, water borne, and UV cure. The Water Borne category is to witness higher adoption during the forecast period. Waterborne is widely used by OEMs for premium and ultra-premium cars due to their excellent durability and finish and high efficiency. Moreover, the increase in the production of the vehicle is increasing the demand for the powder coating category.
• Based on Vehicle Type, the automotive refinish coatings market has been classified into passenger cars and commercial vehicles. The passenger vehicle category is to witness higher adoption during the forecast period owing to the growing demand of the population to own a vehicle with glossy and good quality paint. In addition, the increasing production of passenger vehicles and growing disposable income is also a key factor in the growth of the market.
• Based on end-use, the automotive refinish coatings market has been classified into OEMs and aftermarket. The aftermarket category is to witness higher adoption during the forecast period owing to the growing damages to the vehicles aftermarkets have good quality products and consumers have different choices among aftermarket parts. Moreover, the growing cases of accidents, dents, scratches, etc. are driving the growth of the market.
• For a better understanding of the market adoption of the Automotive paints industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. APAC is anticipated to be the region with the highest market for automotive paints due to its high vehicle production and growing economies. Automotive sectors are working hard to provide their customers with products that are ecologically friendly and use cutting-edge technology. The bulk of vehicles manufactured globally, as well as in APAC, are passenger cars. Passenger automobiles are projected to represent the largest market for automotive paints. Additionally, Asia and Oceania are anticipated to be the biggest markets for electric and hybrid cars. The hybrid vehicle market is anticipated to be the largest for automotive paints since hybrid vehicles are becoming more and more popular throughout the world.
• Some of the major players operating in the market include 3M Co, Akzo Nobel N.V., Axalta Coating Systems Ltd, BASF SE, Covestro AG, Kansai Paint Co Ltd., NIPSEA GROUP, Sherwin-Williams Company, Solvay S.A., and PPG Asian Paints Pvt Ltd.