Automotive Refinish Coatings Market | Segmentation, Outlook, Industry Report to 2033

The Automotive Refinish Coatings Market size is estimated at US$ 7.7 billion by 2023 and is projected to grow to US$ 12.9 billion by 2023 Sales of Automotive Refinishing Coatings for 2033 are expected to grow at a significant CAGR of 5.1% during the forecast period.

Rise in per capita income of vehicle owners and increasing purchase of luxury cars among middle-income customers will present attractive scope for the growth of the market. Growing sales of luxury cars have resulted in high demand for solutions for the maintenance of their appearance and performance.

This will drive the sales of automotive refinish coatings in the coming years. On the flip side, stringent restrictions imposed on the use and production of certain coatings owing to their high VOC content might hamper the growth of the overall market over the forecast period.

The COVID-19 pandemic also had hampered sales within the automotive refinish coatings industry.  The automotive refinish coatings market will however recover as vehicle production picks up pace in emerging countries post withdrawal of stringent pandemic restrictions.

Get a Sample Copy of the Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-413

Key Takeaways:

• Global automotive refinish coatings market is expected to reach a value of US$ 12.9 Bn by the end of 2033.
• Water based coatings segment is expected to gain more traction compared to solvent based coatings as vehicle owners show higher preference for sustainable solutions.
• Asia Pacific excluding japan is expected to dominate the global automotive refinish coatings market.
• Demand for automotive refinish coatings will total US$ 1.05 Bn in the U.S. in 2021.
• Germany will account for dominant 38% share in the Western Europe market for automotive refinish coatings.

“Increasing vehicle fleet on road coupled with growing willingness among vehicle owners to spend on aftermarket services are propelling the demand for automotive refinish coatings. To capitalize on existing opportunities, market players are expected to focus on strategic collaborations and product launches,” says a FMI analyst.

Competitive Landscape         

Key market participants are focusing on mergers and acquisitions strategies, coupled with on product development by investing in research and development to boost their market presence. They are also increasing their production capacity to enhance their annual turnover.

For instance:

• In 2021, Axalta coatings systems announced the successful completion of acquisition of U-POL Holdings Limited. U-POL Holdings Limited is a leading supplier of Paint, Protective coatings, accessories primarily for the automotive aftermarket.
• In 2021, Axalta Coatings launched its brand new range of coatings specially designed for electric vehicles. The coatings have various advantages such as enhanced performance, durability, safety and various others.
• In 2021, Sherwin Williams announced its strategy to acquire industrial coatings business of Sika.

Before Buying, Visit for Customization @
https://www.futuremarketinsights.com/customization-available/rep-gb-413  

Some of the leading players profiled in the report are: –

Axalta Coating Systems, LLC, 3M Company, AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Dow Inc., Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., Covestro AG, KAPCI Coatings, NOVOL Sp. Z o.o., KCC Corporation, Bernardo Ecenarro S.A, SEM Products, Inc., Sheboygan Paint Company, Cresta Paint Industries Ltd., Alps Coating Sdn. Bhd., NOROO Paint & Coatings Co., Ltd., DSM Coating Resins B.V., WEG SA, The Lubrizol Corporation, Guangzhou Zhenroumei Chemical Coating Limited, HMG Paints Ltd., James Briggs Limited, Reichhold LLC, TOA Performance Coating Corporation CO., Ltd., Yashm Paint & Resin Industries, Allnex Group, Samhwa Paints Industrial Co. Ltd., U.S. Paint Corporation, BASF SE and various others.

Automotive Refinish Coatings Market by Category

By Material Type:

• Polyurethanes
• Acrylics
• Alkyd

By Product Type:

• Primer
• Base Coat
• Top Coat
• Clear Coat

By Technology:

• Solvent Borne
• Water Borne
• UV Cure

By Vehicle Type:

• Passenger Cars
• Commercial Vehicles

By End Use:

• OEM
• Aftermarket

Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials Domain

Coatings and Application Technologies for Robotics Market:  The global coatings and application technologies for robotics market is poised to surpass US$ 1,272 Mn by 2022. The industry is further poised to expand and reach US$ 1,765.1 Mn by 2027.

Wood Coatings Market: Wood coating applications include: interior wood, small furniture, panels, tables, cupboards, chairs, office furniture, kitchen furniture, doors and staircases among others.

About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us

Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/category/chemicals-and-materials
LinkedIn| Twitter| Blogs