Future Market Insights (FMI) projects that Africa’s automotive refinish coatings market will reach US$ 108.9 million in 2023. The African market for automotive refinish coatings is projected to be valued at US$ 165.5 million by the end of 2033, expanding at a 4.3% CAGR from 2023 to 2033.
Africa’s automotive refinish coatings market is primarily being driven by the continent’s developing automotive industry and rising spending on maintaining the visual appeal of automobiles. Sales of passenger cars, particularly luxury and executive vehicles, have increased dramatically in recent years as a result of rising per capita wealth.
Vehicle owners, today, focus on the maintenance of their vehicles, which has led to increased investments in the insurance of vehicles covering refinish coatings and repair costs, etc. People are refurbishing their old cars, which is creating enormous demand for automotive refinish coatings across African countries and the trend is expected to continue during the projection period.
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Government initiatives to encourage the adoption of electric vehicles is also contributing to the expansion of the automotive refinish coatings market in Africa. FMI predicts electric vehicle sales to increase rapidly across African countries such as South Africa and Egypt due to growing pollution levels and rising fuel prices. This in turn will create lucrative growth opportunities for automotive refinish coating manufacturers.
Further, increasing number of commercial and passenger vehicles, increased awareness regarding the maintenance of cars, and development of sustainable and eco-friendly coatings will bode well for the Africa refinish coatings industry.
“Consistently growing demand from the automotive industry, particularly in countries such as Egypt and South Africa, will continue to boost Africa’s automotive refinish coating market during the next ten years,” said an analyst at FMI.
Key Takeaways from Africa Automotive Refinish Coatings Market Study
- Automotive refinish coating demand across Africa is estimated to surge at 4.3% CAGR through 2033.
- By technology, water borne segment is likely to create an incremental $ opportunity of about US$ 21.6 million during the forecast period of 2023 and 2033.
- Based on material type, acrylic segment is expected to witness steady growth during the next ten years.
- South Africa and Egypt are expected to collectively hold around 62.5% of the overall market share.
- South Africa is a prominent consumer of automotive refinish coatings with an estimated volume of 18,603.1 tons of automotive refinish coatings.
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Who is Winning?
New product launches, facility expansions, partnerships, acquisitions, and collaborations are few of the key strategies adopted by automotive refinish coating manufacturers across Africa.
The top companies listed in the report include
- 3M Company
- AkzoNobel N.V.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- The Dow Chemical Company
- Nippon Paint Holdings Co., Ltd.
- Kansai Paint Co., Ltd.
- Covestro AG
- KAPCI Coatings
- NOVOL Sp. Z o.o.
- Sheboygan Paint Company
- Cresta Paint Industries Ltd..
- NOROO Paint and Coatings Co., Ltd.
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Africa Automotive Refinish Coatings Market Segmentation
By Material Type:
- Polyurethane
- Acrylics
- Alkyd
- Nitrocellulose
By Product Type:
- Commercial Tents
- Primer
- Base Coat
- Top Coat
- Clear Coat
- Fillers
By Technology:
- Solvent Borne
- Water Borne
- UV Care
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
End Use:
- OEM
- Aftermarket
By Countries:
- Egypt
- South Africa
- Algeria
- Morocco
- Kenya
- Ethiopia
- Ghana
- Nigeria
- Tunisia
- Democratic Republic of Congo
- Uganda
- Liberia
- Rest of Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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