USD 7.25 Billion
Automotive Refinish Coatings Market Size, Share, Growth Analysis, By Vehicle Age(<5 years, 5-10 years, >10 years), By Product(Primer, Filler, Basecoat, Topcoat), By Resin Type(Acrylic, Alkyd, Polyurethane, Others), By Technology(Solvent based, Water based, UV-Cured), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2100 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
118
|Figures:
77
Automotive Refinish Coatings Market Insights
Global Automotive Refinish Coatings Market size was valued at USD 7.25 Billion in 2022 and is poised to grow from USD 7.62 Billion in 2023 to USD 11.34 Billion by 2031, at a CAGR of 5.1% during the forecast period (2024-2031).
Vehicle owners are on the rise, creating a high demand for repair and refinishing services due to accidents, breakdowns and repair work. Furthermore, the growing trend towards customization and personalization of vehicles has helped the market grow as consumers search for exclusive vehicles.
The automotive refinish coatings market growth by the rising average age of automobile manufacturers worldwide. Older vehicles are susceptible to breakdown and require frequent maintenance and repainting. This aspect is particularly prominent in the established automotive markets such as North America and Europe. Furthermore, the increasing attention paid to luxury cars and the desire to maintain their appearance creates a need for high-quality maintenance coatings. Consumers are willing to spend money to upgrade their cars and improve their appearance by preference.
Stricter environmental regulations have been increasingly important in the automotive refinish coatings industry. The focus on reducing emissions of volatile organic compounds (VOCs) led to the development of waterproof coatings. While these coatings have evolved, continuous technological advancements are driving the market further. Vehicle refinishing is the coatings paints and coatings used by auto repairers to give the vehicle a new look with protection offered from rust and corrosion.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
<5
Fastest Growth
<5
Growth Rate
5.1% CAGR
Global Automotive Refinish Coatings Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Automotive Refinish Coatings Market Segmental Analysis
The global automotive refinish coatings market is segmented based on vehicle age, product, and region. Based on vehicle age, the market is segmented into <5 years, 5-10 years, and >10 years. Based on Product, the market is segmented into primer, filler, basecoat, topcoat, and others. Based on resin type, the market is segmented into Acrylic, Alkyd, Polyurethane, and others. Based on technology, the market is segmented into Solvent based, Water based, and UV-Cured. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Automotive Refinish Coatings Market Analysis by Product
Basecoat accounted for the largest automotive refinish coatings market share in 2023. The increasing demand for pearl, metallic and other special effect coatings, which need a base coat to achieve the best color and depth, is expected to drive the growth of this segment. Customers are looking for unique and distinctive looks for their vehicles, resulting in high demand for basecoat colors and finishes in regions such as North America and Europe due to their established well-established automotive aftermarket traditions. Asia-Pacific has a growing middle class and high disposable income, driving the demand for basecoat raw materials largely because the consumers opt for more luxury cars.
Topcoat is the fastest growing segment in the market. Topcoat is expected to register the highest CAGR during the forecast period. Consumer demand for high-quality finishes and ever-increasing demand for durable coatings that last longer has led to the expansion of the segment. In the Asia Pacific region, the growing urban population and higher ownership of cars have caused a sharp increase in the need for refinished coatings, particularly topcoats, to maintain the vehicles' original appearance. Furthermore, the automotive aftermarket's emphasis on customization and personalization has led to opportunities for innovative topcoat formulations, contributing to the segment's growth.
Automotive Refinish Coatings Market Analysis by Technology
As per automotive refinish coatings market outlook, solvent-borne segment dominated the market in 2023. Solvent-borne coatings provide exceptional durability, adhesion and resistance to the environment, and deliver high-quality finishes. These coatings are extremely efficient in providing superior gloss, color richness and overall aesthetic appeal for vehicles. Solvent-borne coatings are preferred for their rapid drying times, easy application, and ability to achieve desired finishes efficiently. Furthermore, existing infrastructure is supported by the expertise of solvent-borne coatings used in the automotive refinish coatings industry in terms of their continuous control capabilities.
The water-borne segment is expected to register the fastest CAGR during the forecast period. The automotive refinish coatings industry uses coatings with a low environmental footprint due to stringent environmental regulations in Europe and North America. Water coatings have reduced volatile organic compound (VOC) emissions and are strictly in line with these sustainability guidelines. Moreover, progress in water-based technology has resulted in notable enhancements in performance, such as faster drying times, improved durability, and superior color-matching abilities. Furthermore, advances in water-based technology have led to remarkable performance improvements, such as faster drying times, longer drying times, better color matching. These factors are driving the growth of the water-based segment in the automotive refinish coatings industry.
Global Automotive Refinish Coatings Market By Technology (%)
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Automotive Refinish Coatings Market Regional Insights
Asia-Pacific dominated the market with a revenue share of 44.2% in 2023. This is mainly due to the growing automotive industry in countries such as China and India. Increasing disposable income is driving the demand for personal vehicles has grown and is fueling the increasing demand for vehicle repairs and maintenance. In addition, the region’s increasing urbanization and expansion of roads contribute to increased accidents, leading to demand for coatings. Furthermore, the company’s focus on solutions, low cost overhead and availability of skilled manpower makes it a desirable destination for automotive coating innovation, further contributing to the growth of the market. The market is also dominated by large fleets in countries such as China and India, as older vehicles must be regularly repaired and repainted.
North America region is anticipated to witness significant automotive refinish coating market growth. Major automotive manufacturers in the North America region and well-established aftermarket infrastructure contribute to the expansion of the market. Furthermore, the frequency of accidents and the prevalence of severe weather conditions, demand for cars are regularly repaired and repainted, which keeps the market growing. It is expected that the automotive refinish coatings market for automotive remanufacturing is set to grow rapidly in the coming years owing to the huge availability of automobiles in the country. A substantial proportion experiences the lifetime of extensive maintenance and reconstruction, requiring continued search for additional coatings. Furthermore, the growing trend toward customization and customization in the US. among consumers is driving the market again.
Global Automotive Refinish Coatings Market By Geography
- Largest
- Fastest
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Automotive Refinish Coatings Market Dynamics
Automotive Refinish Coatings Market Drivers
Increasing Vehicle Consumption and Increasing Accidents
- The increasing availability of vehicles, especially in developing countries, has led to an increased demand for remanufactured coatings. When there are more vehicles on roads, the possibility of minor and major accidents increases, leading to a greater need for maintenance and repair services. With increasing consumption, urbanization and the centralization driven by a growing number of adults in regions such as Latin America. As a result, auto service centers are seeing demand for high-quality coatings for restoring vehicles cars have largely moved, leading to market growth.
Advancement in Coating Technology
- Advancement in coating technology is also driving the market, including environmentally friendly, low (volatile organic compound) formulations, strict environmental regulations and consumer awareness of harmful effects. Innovations such as UV-cured coatings, which offer faster drying times and greater durability, have gained traction, enabling shops to operate more efficiently and meet standard high quality. These developments ensure efficiency, reduce environmental impact and comply with sustainability issues. This strengthens market growth.
Restraints
High Cost of Advanced Coatings
- The major mandate in the automotive refinish coatings industry is the high cost associated with high-quality, advanced coatings that are not environmentally friendly. High-tech products such as water-treated UV-cured coatings, although it is beneficial to meet environmental standards and have increased productivity with usually conventional solvents. This higher cost that comes with more expensive raw materials can deter small repair shops is not allowed and cost-conscious customers are excluded from adopting these new sustainable solutions, limiting market expansion in some segments.
Strict Environmental Regulations
- The automotive refinish coatings industry faces severe regulatory challenges, particularly related to volatile organic compounds (VOCs) emissions. Governments and environmental businesses round the world use stringent guidelines to lessen air pollution and promote sustainable practices. Compliance with those guidelines normally requires good sized studies and improvement investments and adjustments finished in production procedures. This increases the working expenses and can be a drawback for smaller agencies seeking to compete within the market.
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Automotive Refinish Coatings Market Competitive Landscape
Collaborations with car producers, repair facilities, and distribution channels help these corporations toughen their market percentage and client base. For example, partnerships that integrate digital colour-matching technology with refinish coatings have allowed corporations to provide extra specific and efficient offerings. While global players dominate the market, regional producers in Asia Pacific and rising economies are contributing to expanded competition.
Top Player’s Company Profiles in Automotive Refinish Coatings Market
- PPG Industries, Inc. (US)
- Axalta Coating Systems Ltd. (US)
- BASF SE (Germany)
- Sherwin-Williams Company (US)
- Akzo Nobel N.V. (Netherlands)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Kansai Paint Co., Ltd. (Japan)
- RPM International Inc. (US)
- 3M Company (US)
- Dow Inc. (US)
- Hempel A/S (Denmark)
- Jotun A/S (Norway)
- KCC Corporation (South Korea)
- NOROO Paint & Coatings Co., Ltd. (South Korea)
- Yatu Advanced Materials Co., Ltd. (China)
- The Sherwin-Williams Automotive Finishes Corporation (US)
- KAPCI Coatings (Egypt)
- Lord Corporation (US)
- PPG Asian Paints Pvt. Ltd. (India)
- Mankiewicz Gebr. & Co. (Germany)
- HMG Paints Ltd. (UK)
- Wörwag Chemie GmbH & Co. KG (Germany)
Automotive Refinish Coatings Market Recent Developments
- In April 2024, BASF’s coatings division launched new low-performance clearcoats and undercoats for the Asia-Pacific. The products were aimed at increasing quality and productivity and significantly reducing CO2 emissions.
- In December 2022, BASF introduced vehicle coatings using renewable materials using a validated biomass balance method. BASF’s ColorBrite Airspace, Blue ReSource basecoat was launched in China after being certified by REDcert for the biomass balance method.
- June 2022: AkzoNobel decided to expand its African footprint by entering into an agreement with Kansai Paint and to implement its regional automotive remanufacturing coatings. Kansai Paints revenues are in euros 280 million to help AkzoNobel create a platform for its future market growth.
Automotive Refinish Coatings Key Market Trends
- Increasing Demand for Automotive Customization and Aesthetic Enhancement: A key factor in the automotive refinish coatings market trend is growing consumer interest in automotive customization and aesthetic enhancement. In addition to traditional maintenance, car owners are looking for unique attractions, color swaps and personalized details. This has led to an increased demand for specialty coatings such as metallics, pearlescent and matte finishes, which enhance and distinguish vehicles.
- Expansion Of Digital Color Matching Solutions: The use of digital color matching solutions and advanced software solutions is becoming a staple in the industry, providing more accurate color reproduction is increased. Body shops are adopting color matching technology that uses spectrophotometers and digital databases to ensure perfect color matching, reduce rework, and improve customer satisfaction. This innovation has helped streamline the painting process, has increased efficiency and reduced waste, consistent with environmental goals and economic savings for repair shops.
Automotive Refinish Coatings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the automotive refinish coatings market is poised for continued growth, driven by the increasing availability of vehicles and advanced technologies. The market faces challenges such as high costs associated with new coatings and strict regulations. However, the increasing popularity of custom cars and digital colour matching tools highlight the new direction the market. These trends and drivers highlight the industry’s ability to adapt as it evolves to meet customer needs and regulatory requirements, pointing to a strong future driven by sustainable growth exist permanently and technological improvements on maintenance.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.25 Billion |
| Market size value in 2031 | USD 11.34 Billion |
| Growth Rate | 5.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Refinish Coatings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Refinish Coatings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Refinish Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Refinish Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Refinish Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Refinish Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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