The global automotive refinish coatings market is poised for steady growth, with a projected CAGR of 5.3% from 2024 to 2034. By 2034, the market is anticipated to reach USD 19,352.3 million, up from an estimated USD 11,544.3 million in 2024. The automotive sector, one of the largest industries globally, significantly drives this market growth. Automotive refinish coatings are extensively used for high-quality corrosion protection and enhancing the aesthetic appeal of vehicles.
The continual introduction of new and distinctive vehicle models by various automakers each year contributes to the increasing demand for automotive refinish coatings. Vehicle owners seek to maintain and enhance the appearance of their vehicles over time, further driving market growth.
Propel Your Success: Secure Your Sample of Our Insightful Report Now!
https://www.futuremarketinsights.com/reports/sample/rep-gb-413
Historically, the market expanded at a CAGR of 3.7% from 2016 to 2020 and is currently growing at a steady rate. The growing demand for automotive refinish coatings from 2023 to 2033 is driven by rising consumer preference for improved vehicle appearance and durability. Consumers are increasingly focused on vehicle maintenance, leading to higher investments in vehicular insurance that covers body shop paints, coatings, and repair costs. Technological advancements, prevailing trends in the automotive refinish coatings market, and continuous product development aimed at improving the performance of refinish coatings are expected to propel the market forward during the assessment period.
An upsurge in automobile production and increased vehicle ownership also contribute to the growth of the automotive refinish market. With rising per capita income, more people are spending on luxury and executive cars, driving aftermarket demand for refinish coatings. Between 2016 and 2020, the automobile market saw high production and sales, with over 70.5 million passenger cars and 95.6 million units of all types of vehicles produced in 2018. This impressive growth in vehicle fleet also boosted the sales of automotive refinish coatings.
Additionally, rising environmental concerns and various sustainability initiatives have led to greater demand for eco-friendly and sustainable refinish coatings, opening up new avenues of growth for the market in the coming 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%.
Get Exactly What You Need: Request Customization for Precision Solutions!
https://www.futuremarketinsights.com/customization-available/rep-gb-413
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.
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.
Seize this Opportunity: Buy Now for a Thorough Report!
https://www.futuremarketinsights.com/checkout/413
Automotive Refinish Coatings Market
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
- Compact
- Midsize
- Executive
- Luxury
Commercial Vehicles:
- LCV
- HCV
By End Use:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
