The refinish paint global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Refinish Paint Market, 2024 report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size -
The refinish paint market size has grown strongly in recent years. It will grow
from $7.95 billion in 2023 to $8.38 billion in 2024 at a compound annual growth
rate (CAGR) of 5.4%. The growth in the
historic period can be attributed to rapid urbanization and industrialization,
growing vehicle fleet, environmental regulations, sustainability concerns,
increased demand for customization, and increased focus on aesthetics.
The refinish paint market size is expected to see strong growth in the next few
years. It will grow to $10.41 billion in 2028 at a compound annual growth rate
(CAGR) of 5.6%. The growth in the
forecast period can be attributed to a shift to waterborne and high solids
coatings, integration of digital technologies, focus on cost-effective
solutions, expansion of automotive aftermarket services, and expansion of
distribution channels. Major trends in the forecast period include innovations
in polyurethane resins, advanced color-matching solutions, UV-cured coatings,
mobile apps and software solutions, and smart coatings.
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Scope Of Refinish Paint Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Refinish Paint Market Overview
Market Drivers -
The rising number of road accidents is expected to propel the growth of the
refinish paint market going forward. Road accidents, also known as traffic
collisions or motor vehicle accidents, involve one or more vehicles on a public
roadway that harm people, property, or both. The rising number of accidents is
due to traffic congestion, distracted driving, and impaired driving. Refinish
paint is used to restore the vehicle's exterior appearance to its pre-accident
condition. This involves matching the original color and finish of the vehicle,
which is essential for aesthetic consistency and maintaining the vehicle's
value. For instance, in April 2023, according to reports published by the U.S.
Department of Transportation, a U.S.-based government department, there were
13,384 fatalities caused by drunk driving in 2021, representing an increase
from the 11,718 fatalities recorded in 2020. Therefore, the rising number of
accidents is driving the growth of the rising number of accidents market.
Market Trends -
Major companies operating in the refinish paint market are focusing on
developing solutions with basecoat technology, to gain a competitive edge in
the market. Basecoat technology refers to the layer of paint applied after the
primer and before the clearcoat in the automotive refinishing process. For
instance, in August 2022, Axalta Coating Systems Ltd., a US-based paint and
coating manufacturing company, launched CromaxGen, a new next-generation
basecoat technology for the automotive refinish industry. This innovative
product offers unique features such as precise color formulas, productivity
enhancements, and cost optimization to increase productivity and optimize costs
for body shops in Latin America.
The refinish paint market covered in this report is segmented –
1) By Product Type: Solvent Borne, Waterborne, Powder
2) By Coating Type: Polyurethane, Epoxy, Acrylic, Other Coating Types
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Bus, Truck
4) By Application: Clearcoat, Basecoat, Primer, Sealer
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Regional Insights -
Asia-Pacific was the largest region in the refinish paint market in 2023. North
America is expected to be the fastest-growing region in the forecast period.
The regions covered in the refinish paint market report are Asia-Pacific,
Western Europe, Eastern Europe, North America, South America, Middle East,
Africa.
Key Companies -
Major companies operating in the refinish paint market are BASF SE, Mitsubishi Chemical Corporation,
Sherwin-Williams Company, Evonik Industries AG, Covestro AG, PPG Industries
Inc., Arkema S.A., AkzoNobel NV, Nippon Paint Holdings Co Ltd., Wacker Chemie
AG, KCC Corporation, Axalta Coating Systems Ltd., Valspar Corporation, Kansai
Paint Co Ltd, Jotun Group, Cytec Industries Inc. , Berger Paints India Limited,
Rust-Oleum Corporation, Hexion Inc., Allnex Group, TOA Group Company Limited,
Momentive Performance Materials Inc., Diamond Vogel Paints, Dunn-Edwards
Corporation, Hempel A/S
Table of Contents
1. Executive Summary
2. Refinish Paint Market Report Structure
3. Refinish Paint Market Trends And Strategies
4. Refinish Paint Market – Macro Economic Scenario
5. Refinish Paint Market Size And Growth
…..
27. Refinish Paint Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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