The global automotive refinish coatings market is estimated to develop at a moderate 5.1% CAGR from 2023 to 2033. The target market will be worth US$ 12.9 billion by 2033, up from an anticipated US$ 7.7 billion in 2023. The automotive sector, being one of the world’s largest industries, contributes to the growth of the automotive refinish coatings market. Automotive refinish coatings are widely used in the automotive sector because they provide high-quality corrosion protection. Furthermore, several manufacturers offer a diverse range of unique models each year, which increases the demand for automobile refinish coatings in the automotive industry.
Historically, the market expanded at a CAGR of 3.7% from 2016 to 2020 and is now increasing at a stable rate. The increased consumer preference for improved vehicle look and durability is driving the increasing demand for automotive refinish coatings from 2023 to 2033. Consumers are becoming more concerned with car upkeep, which has resulted in higher investments in vehicular insurance, which covers body shop paints and coatings, as well as repair charges, among other things. Furthermore, current trends in the automotive refinish coatings market, technical developments, and constant product development targeted at increasing the performance of refinish coatings will propel the market forward during the assessment period.
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An upsurge in the production of automobiles as well as surging ownership of vehicles also contribute to the growth of the automotive refinish market. Due to an increase in per capita income, more and more people are spending on luxury and executive cars which are driving aftermarket to refinish the coatings. Again, from 2016 to 2020, the automobile market observed high production and sales of vehicles. In 2018, over 70.5 million passenger cars and 95.6 million units of all types of vehicles were produced. This impressive growth in vehicle fleet also propelled the sales of the automotive refinish coatings market. Moreover, rising concern for the environment and various sustainability drives have led to a greater demand for eco-friendly and sustainable refinish coatings which will open up new avenues of growth for the market in the forthcoming years.
Key Takeaways:
- Rising interest in vehicle care will strengthen the prospects of the automotive refinish coatings market.
- In 2023, the automotive refinish coatings market in the US will grow by 6.01% year-on-year rate and reach US$ 2.4 billion.
- Germany will account for 38% of the automotive refinish coatings market share in Western Europe.
- By material type, the acrylic-based coatings will register a 6.9% CAGR and account for 44% of the market share.
- By type, the primers and base coat segment will collectively dominate the market with a share of 66.3%.
Competitive Landscape
Axalta Coating System LLC, 3M Company, AkzoNobel N.V., PPG Industries, Inc., and Dow Inc., among others, are a few of the key players in the automotive refinish coatings market profiled in the full version of the report.
In a competitive environment, leading market players are focusing on increasing their research and development efforts to produce new products. These enterprises also employ strategies that bolster production capacity as well as mergers and acquisitions to enhance their market footprints. For instance, Axalta Coating Systems, a leader in liquid and powder coatings, declared the acquisition of U-POL Holding Limited in September 2021.
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More Insights Into Automotive Refinish Coatings Market
FMI offers an unbiased analysis of the global automotive refinish coatings market in its latest report, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. The report provides a ten-year sales with insights into market drivers, restraints, trends, and opportunities. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type, product, vehicle, technology, end-user, and region.
According to FMI, based on segmentation, the passenger car vehicle type will create high demand for the automotive refinish coat market. Increasing demand for passenger cars will lead to rising demand for refinish coatings for these cars thereby contributing to the overall market growth. Based on type, the primers and base coats segment will remain popular over the forecast period, collectively accounting for 66.3% of the global market share. Based on region, Wester Europe will exhibit robust growth in the automotive refinish coatings market. This is due to Germany’s impressive performance in the automotive refinish coatings market. The country accounts for 38% of the Western Europe automotive refinish coatings share. This is primarily owing to the fact that Germany entertains the presence of some of the leading automakers of the world. China, India, and the US are some of the other countries that will contribute to the global growth of the automotive refinish coatings market.
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