The Global Automotive Refinish Coatings market is expected to grow to 5.1% CAGR during the 2023-2033 assessment period. Rising global auto sales are expected to spur demand for auto refinish coatings during the forecast period.
Increasing per capita income of vehicle owners and increased purchases of luxury automobiles by middle-income customers will present an attractive market growth space. The growing sales of luxury cars has led to a high demand for solutions to maintain their looks and performance. This will boost sales of automotive refinish paints for years to come.
On the other hand, the strict restrictions on the use and manufacture of certain paints due to its high VOC content could hampering overall market growth during the forecast period.
The COVID-19 pandemic had also hampered sales in the automotive refinish coatings industry. However, the auto refinish market is expected to recover as vehicle production in emerging markets surges by % following the lifting of tough pandemic restrictions.
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Key Findings:
- The global automotive refinish coatings market is expected to reach US$ 12.9 billion by the end of 2033.
- The water-based coatings segment is expected to gain traction compared to solvent-based coatings as vehicle owners increase their preference for sustainable solutions.
- Asia-Pacific excl Japan is expected to dominate the global auto refinish paint market.
- Demand for auto refinish paint is expected to reach US$ 1.05 billion in the US by 2021.
- Germany will have a dominant 38% share of the Western European market for automotive refinish coatings.
“The Increasing fleets of vehicles on the road, coupled with vehicle owners’ increasing willingness to spend on aftermarket services, is driving demand for automotive refinish coatings. To capitalize on existing opportunities, market participants are expected to focus on strategic collaborations and product launches, says an FMI analyst.
Panorama competitive
In addition to product development, major market players focus on M&A strategies by investing in research and development to strengthen their market presence. They are also increasing their production capacity to improve their annual sales of.
For example:
- In 2021, Axalta Coatings Systems announced the successful completion of the acquisition of U -POL Limited Shares. U-POL Holdings Limited is a leading supplier of paints, protective coatings and accessories primarily to the automotive aftermarket.
- In 2021, Axalta Coatings launched its new line of coatings specifically for electric vehicles. The coatings have various benefits such as improved performance, durability, safety and several others.
- In 2021, Sherwin Williams announced its strategy to acquire Sika’s industrial coatings business.
Some of the key players listed 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, Bernard Stage S.A, SEM Products, Inc., Sheboygan Paint Company, Cresta Paint Industries Ltd., Alps Coating Sdn. Bhd., NOROO Paint & Beschichtungen Co., Ltd., DSM Coating Resins B.V., WEG SA, The Lubrizol Corporation, Guangzhou Zhenroumei ChemicalCoating Limited, HMG Paints Ltd., James Briggs Limited, Reichhold LLC, TOA Performance Coating Corporation CO., Ltd., Yashm Paint & Harzindustrien, Allnex Group, Samhwa Paints Industrial Co. Ltd., EE. UU.Paint Corporation, BASF SE and several others.
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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
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.
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