IMARC Group, a leading market research company, has recently releases report titled “Automotive Refinish Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global automotive refinish coatings market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the automotive refinish coatings market?

The global automotive refinish coatings market size reached US$ 10.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.

What are automotive refinish coatings?

Automotive refinish coatings are used in automotive repair centers or body shops to restore and renew automobiles and other types of vehicles. They help enhance the vehicle's appearance and repair any damage caused by external factors such as impact from stones, accidents, and temperature changes. They offer a range of benefits, including resistance to corrosion, surface protection, aesthetic appeal, and ability to withstand harsh weather conditions, heat, temperature, and water. They are typically applied to passenger and commercial vehicles as a primer, filler, topcoat, basecoat, and activator or hardener coatings. Since they can effectively restore and renew vehicles, automotive refinish coatings are gaining immense traction in the automotive industry across the globe.

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What are the growth prospects and trends in the automotive refinish coatings industry?

The global automotive refinish coatings market is primarily driven by the increasing requirement for recreational activities and the growing need for repair and maintenance of vehicles. Moreover, there has been a rise in demand for automotive refinish coatings to maintain the aesthetic appearance of vehicles. In line with this, rising sales of luxury vehicles due to rapid urbanization and improving income levels are positively influencing market growth. Additionally, key players are introducing environment-friendly refinish coatings manufactured using organic chemicals and offering customization colors and printing to enhance the consumer experience, which in turn has catalyzed the market growth. Furthermore, the escalating demand for automotive refinish coatings owing to rising awareness about the importance of regular vehicle maintenance among consumers is contributing to the market growth. Other factors, including rising fatal road accidents, favorable government initiatives, and increasing environmental awareness, are also anticipated to drive the market further.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Resin Type:

Polyurethane

Alkyd

Acrylic

Others

Breakup by Product Type:

Primer

Basecoat

Activator

Filler

Topcoat

Others

Breakup by Technology:

Solvent-borne

Water-borne

UV-cured

Breakup by Vehicle Type:

Passenger Cars

Commercial Vehicles

Others

Breakup by Region:

North America (U.S. & Canada)

Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)

Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)

Latin America (Brazil, Mexico)

Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

3M Co.

Akzo Nobel N.V.

Axalta Coating Systems

BASF SE

Clariant AG

DuPont de Nemours, Inc.

Kansai Paint Co.Ltd.

KCC Co., Ltd.

Nippon Paint Holdings Co., Ltd.

PPG Industries, Inc.,

The Sherwin-Williams Company

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