Overview and Scope
Refinish paint, also known as refinishing paint, refers to a type of paint specifically designed for restoring or updating the appearance of surfaces that have been previously painted or coated. This paint is used in the automotive industry to repair and refinish vehicles after damage or wear to ensure the repaired areas match the original paint color and finish.
Sizing and Forecast
The refinish paint market size has grown strongly in recent years. It will grow from $7.95 billion in 2023 to $8.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to rapid urbanization and industrialization, growing vehicle fleet, environmental regulations, sustainability concerns, increased demand for customization, and increased focus on aesthetics.
The refinish paint market size is expected to see strong growth in the next few years. It will grow to $10.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to a shift to waterborne and high solids coatings, integration of digital technologies, focus on cost-effective solutions, expansion of automotive aftermarket services, and expansion of distribution channels. Major trends in the forecast period include innovations in polyurethane resins, advanced color-matching solutions, UV-cured coatings, mobile apps and software solutions, and smart coatings.
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Segmentation & Regional Insights
The refinish paint market covered in this report is segmented –
1) By Product Type: Solvent Borne, Waterborne, Powder
2) By Coating Type: Polyurethane, Epoxy, Acrylic, Other Coating Types
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Bus, Truck
4) By Application: Clearcoat, Basecoat, Primer, Sealer
Asia-Pacific was the largest region in the refinish paint market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the refinish paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising number of road accidents is expected to propel the growth of the refinish paint market going forward. Road accidents, also known as traffic collisions or motor vehicle accidents, involve one or more vehicles on a public roadway that harm people, property, or both. The rising number of accidents is due to traffic congestion, distracted driving, and impaired driving. Refinish paint is used to restore the vehicle’s exterior appearance to its pre-accident condition. This involves matching the original color and finish of the vehicle, which is essential for aesthetic consistency and maintaining the vehicle’s value. For instance, in April 2023, according to reports published by the U.S. Department of Transportation, a U.S.-based government department, there were 13,384 fatalities caused by drunk driving in 2021, representing an increase from the 11,718 fatalities recorded in 2020. Therefore, the rising number of accidents is driving the growth of the rising number of accidents market.
Key Industry Players
Major companies operating in the refinish paint market are BASF SE, Mitsubishi Chemical Corporation, Sherwin-Williams Company, Evonik Industries AG, Covestro AG, PPG Industries Inc., Arkema S.A., AkzoNobel NV, Nippon Paint Holdings Co Ltd., Wacker Chemie AG, KCC Corporation, Axalta Coating Systems Ltd., Valspar Corporation, Kansai Paint Co Ltd, Jotun Group, Cytec Industries Inc. , Berger Paints India Limited, Rust-Oleum Corporation, Hexion Inc., Allnex Group, TOA Group Company Limited, Momentive Performance Materials Inc., Diamond Vogel Paints, Dunn-Edwards Corporation, Hempel A/S
The refinish paint market report table of contents includes:
1. Executive Summary
2. Refinish Paint Market Characteristics
3. Refinish Paint Market Trends And Strategies
4. Refinish Paint Market – Macro Economic Scenario
5. Global Refinish Paint Market Size and Growth
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31. Global Refinish Paint Market Competitive Benchmarking
32. Global Refinish Paint Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Refinish Paint Market
34. Refinish Paint Market Future Outlook and Potential Analysis
35. Appendix
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