The automotive refinish coating market is projected to experience substantial growth, with an estimated value of USD 11,544.3 million in 2024. By 2034, the market is anticipated to reach USD 19,352.3 million, progressing at a compound annual growth rate (CAGR) of 5.3%. This growth is driven by factors such as the increasing number of vehicle collisions, rising demand for vehicle customization and aesthetic enhancements, and advancements in coating technologies that offer better durability and finish. Additionally, the expanding automotive sector in emerging economies and the growing trend of maintaining and restoring older vehicles contribute to the robust expansion of the automotive refinish coating market.
Various factors propelling the demand for Automotive Refinish Coatings are:
- The market for automotive refinish coatings has grown significantly in recent years. Automotive is one of the largest industries across the globe. Thus, the market for automotive refinish coatings has enormous potential in the long run due to its demand for high-quality corrosion protection.
- Due to the growth of this sector, numerous new automakers now provide a variety of distinctive models every year. Additionally, businesses frequently create eco-friendly models and charge reasonable costs for their vehicles.
- Furthermore, emerging automotive refinish coatings market trends and the demand for improved infrastructure, logistics, and so on have pushed the automotive refinish coatings market to directly produce end-use products to meet the needs of such industries.
- Technological advances, combined with ongoing product development to improve the performance of refinish coatings, will drive market growth in the coming years. Furthermore, government efforts to reduce VOC emissions through the deployment of eco-friendly technology will create new market opportunities during the forecast period.
Key Takeaways from the Automotive Refinish Coating Market
- The automotive refinish coating market is anticipated to total USD 11,544.3 million in 2024.
- Expoxy-based segment is expected to lead the material type category in 2024 with a share of 51.9%.
- Base coat is the top product type for 2024, with an anticipated share of 35.8% in the same year.
- Africa automotive refinish coatings market size is predicted to increase from US$ 108.9 million in 2023 to US$ 165.4 million by 2033
- India is set to see progress at a CAGR of 7.9% over the forecast period.
- Automotive refinish coating demand is likely to progress at a CAGR of 5.9% in China in the estimated period.
- The market is anticipated to progress at a CAGR of 2.1% in the United Kingdom.
“The growing popularity of electric vehicles (EVs) supports the automotive refinishing market. Many EV owners want to enhance the distinctiveness of their vehicles with new coatings, further fueling market growth. As the automotive landscape evolves, the refinishing coating market is set to expand, driven by consumer preferences for customization, protection, and technological advancements,” says an analyst at Future Market Insights, Inc.
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Competitive Landscape
To increase their market position, major players in the market are concentrating on merger and acquisition strategies along with product development. To boost their yearly turnover, they are still boosting their production capacity. For instance:
- AkzoNobel recently decided to expand its presence in Africa by signing a contract with Kansai Paint and starting its coatings-related operations there on June 1, 2022. With Kansai Paints, AkzoNobel will be able to build a foundation for future market expansion and generate 280 million euros in sales. Additionally, this partnership will emphasize commitment to innovation and sustainability, leading to the expansion of products and the provision of appropriate solutions for clients.
- Tikkurila and its activities in the areas of governance, social responsibility, and the environment have been acquired by PPG Industries. This gave PPG access to additional growth opportunities due to an expanded selection of coatings products and emerging new technologies. With this acquisition, PPG has moved closer to its goal of reducing emissions by 15% by 2025, which has expected to open up more opportunities for the coatings sector.
- Axalta Coating Systems, a major supplier of liquid and powder coatings, announced in September 2021 that it had acquired “U-POL” Holdings Limited. Since the acquired firm assisted them in offering accessories, coatings, aerosols, and products for the automobile industry, the acquisition of this company has produced a substantial advancement in the expansion strategy. The advantages of this acquisition and these products will enable Axalta to broaden its target market base into the refinish coatings sector, which has anticipated experiencing rapid growth over the forecast period.
Recent Developments in the Automotive Refinish Coating Market
- In April 2024, BASF SE launched a new line of eco-friendly undercoats.
Some of the Leading Companies Operating in the Automotive Refinish Coatings Market 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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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