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

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.