The Automotive Refinish Coatings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Refinish Coatings Global Market Report 2024, The automotive refinish coatings market size has grown strongly in recent years. It will grow from $9.22 billion in 2023 to $9.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to automotive repair and maintenance, increased number of vehicles on the road, aging vehicle fleet, rising incidence of accidents, consumer preferences for aesthetics, global expansion of automotive market..
The automotive refinish coatings market size is expected to see strong growth in the next few years. It will grow to $12.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to advancements in coating formulations, increased emphasis on sustainability, rise in demand for high-performance coatings, digital color matching solutions, globalization of automotive repair chains, changing consumer preferences.. Major trends in the forecast period include technological advancements in coating formulations, waterborne coatings for environmental compliance, rise in adoption of uv-cured coatings, growing popularity of matte finishes, rising adoption of clearcoat technologies, increased investment in training and certification..
The rising number of accidents is expected to propel the growth of the automotive refinish coatings market going forward. Accidents refer to any injury due to crashes involving a vehicle partially or fully on a public road. Automotive refinish coatings help to cover the damages caused to the vehicle body due to accidents. For instance, in January 2022, according to the Times of India, an Indian daily newspaper, road crashes rose by 10% in 2021, and over 400 people died in accidents. The number of road accidents was 796 in 2020, which increased to 874 in 2021. The number of road accidents in 2020 accounted for 347, which increased to 389 in 2021. Therefore, the rising number of accidents is driving the growth of the automotive refinish coatings market.
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The automotive refinish coatings market covered in this report is segmented –
1) By Product Type: Primer, Basecoat, Clearcoat, Activator, Filler and Putty
2) By Technology: Solvent-borne Coatings, Water-borne Coatings, UV-cured Coatings, High Solid Coatings, Powder Coatings
3) By Resin: Polyurethane, Alkyd, Acrylic, Epoxy
4) By Application: Passenger Cars, Commercial Vehicles, Two-Wheeler
5) By End Use: OEM, Aftermarket
Technological advancements are the key trend gaining popularity in the automotive refinish coatings market. Major companies operating in the market are introducing advanced technological solutions to sustain their position in the market. For instance, in January 2021, Nippon Paint Group, an India-based company that manufactures paint and coatings, launched its next-generation ‘Paint Partner’ digital color solutions. This technology is the latest digital color formula retrieval and correction system that is integrated with a spectrophotometer tool. Paint Partner is supported across all platforms, including the Web, Windows, and mobile apps (both iOS and Android). It has been integrated into two multi-angle spectrophotometers, one of which has a colored camera. Both of the devices have firmware that is specifically designed for Nippon Paint, are branded, Wi-Fi enabled, and have other powerful features such as touch screens, colored user interfaces (UI), the ability to choose flake or aluminum, and the ability to recommend a primer or surfacer. The equipment is designed to offer a distinctive and cutting-edge solution to the automotive painting industry and works with both solvent-borne and water-borne paint systems.
The automotive refinish coatings market report table of contents includes:
1. Executive Summary
2. Automotive Refinish Coatings Market Characteristics
3. Automotive Refinish Coatings Market Trends And Strategies
4. Automotive Refinish Coatings Market – Macro Economic Scenario
5. Global Automotive Refinish Coatings Market Size and Growth
………….
31. Global Automotive Refinish Coatings Market Competitive Benchmarking
32. Global Automotive Refinish Coatings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Refinish Coatings Market
34. Automotive Refinish Coatings Market Future Outlook and Potential Analysis
35. Appendix
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Automotive Refinish Coatings Market Forecast To 2033 : Trends, Segmentation, Product Type, Technology And Key Players
