Overview and Scope
Automotive refinish coatings refer to coatings that are made up of alkyd,
polyurethane, and acrylic that are used by body shops and repair centers. The
automotive refinish coatings are used in vehicles to cover the damages on the
body of the vehicle that is caused by accidents, stones, or temperature.
Sizing and Forecast
The automotive refinish coatings market size has grown strongly in recent
years. It will grow from $9.22 billion in 2023 to $9.76 billion in 2024 at a
compound annual growth rate (CAGR) of 5.9%.
The growth in the historic period
can be attributed to automotive repair and maintenance, increased number of
vehicles on the road, aging vehicle fleet, rising incidence of accidents,
consumer preferences for aesthetics, global expansion of automotive market..
The automotive refinish coatings market size is expected to see strong growth
in the next few years. It will grow to $12.24 billion in 2028 at a compound
annual growth rate (CAGR) of 5.8%. The
growth in the forecast period can be attributed to advancements in coating
formulations, increased emphasis on sustainability, rise in demand for
high-performance coatings, digital color matching solutions, globalization of
automotive repair chains, changing consumer preferences.. Major trends in the
forecast period include technological advancements in coating formulations,
waterborne coatings for environmental compliance, rise in adoption of uv-cured
coatings, growing popularity of matte finishes, rising adoption of clearcoat technologies,
increased investment in training and certification..
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Segmentation & Regional Insights
The automotive refinish coatings market covered in this report is segmented –
1) By Product Type: Primer, Basecoat, Clearcoat, Activator, Filler and
Putty
2) By Technology: Solvent-borne Coatings, Water-borne Coatings, UV-cured
Coatings, High Solid Coatings, Powder Coatings
3) By Resin: Polyurethane, Alkyd, Acrylic, Epoxy
4) By Application: Passenger Cars, Commercial Vehicles, Two-Wheeler
5) By End Use: OEM, Aftermarket
Asia-Pacific was the largest region in the automotive refinish coatings market
in 2023. The regions covered in the automotive refinish coatings market report
are Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa.
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Major Driver Impacting Market Growth
The rising number of accidents is expected to propel the growth of the
automotive refinish coatings market going forward. Accidents refer to any
injury due to crashes involving a vehicle partially or fully on a public road.
Automotive refinish coatings help to cover the damages caused to the vehicle
body due to accidents. For instance, in January 2022, according to the Times of
India, an Indian daily newspaper, road crashes rose by 10% in 2021, and over
400 people died in accidents. The number of road accidents was 796 in 2020,
which increased to 874 in 2021. The number of road accidents in 2020 accounted
for 347, which increased to 389 in 2021. Therefore, the rising number of
accidents is driving the growth of the automotive refinish coatings market.
Key Industry Players
Major companies operating in the automotive refinish coatings market report are
KCC Corporation, BASF SE, PPG Industries Inc., Nippon Paint Holdings Company
Limited, KAPCI Coatings Company, The Valspar Corporation, The Sherwin-Williams
Company, 3M Company, Akzo Nobel N.V., Kansai Paint Company Limited, Bernardo
Ecenarro SA, SEM Products Inc., Sheboygan Paint Company, Cresta Paint
Industries Limited, Alps Coating Sdn Bhd, Masco Corporation, Jotun AS, Hempel
A/S, Valspar Corporation, Berger Paints Ltd., Lord Corporation, Beckers Group,
Cabot Corporation, HMG Paints Limited, Shanghai Kinlita Chemical Co. Ltd.,
Tikkurila Oyj, Karl WÖRwag Lack- Und Farbenfabrik Gmbh & Co. Kg, Duluxgroup
(Investments) Pty. Ltd., Carpoly Co. Ltd., Kangnam Jevesco Co. Ltd., Mankiewicz
Gebr. & Co., Shawcor Ltd.
The automotive refinish coatings market report table of contents includes:
1. Executive Summary
2.
Automotive Refinish Coatings Market Characteristics
3.
Automotive Refinish Coatings Market Trends And Strategies
4.
Automotive Refinish Coatings Market - Macro Economic Scenario
5. Global
Automotive Refinish Coatings Market Size and Growth
.
31. Global Automotive Refinish Coatings Market Competitive Benchmarking
32. Global
Automotive Refinish Coatings Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Automotive Refinish Coatings Market
34.
Automotive Refinish Coatings Market Future Outlook and Potential Analysis
35.
Appendix
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