The refinished paint market finds applications across various industries, including automotive, construction, furniture, and marine. However, the dominating segment is the automotive refinished paint sector. This is due to the continuous demand for vehicle repairs, refurbishments, and customization. Automotive refinished paints are vital for restoring and enhancing the appearance of vehicles, from cars to trucks. As consumers seek to maintain and upgrade their vehicles, the automotive sector remains the primary driver of growth in the refinished paint market, with a wide range of color options and finishes available.
According to Data Bridge Market Research, the Global Refinished Paint Market to reach an estimated value of USD 14.5 billion by 2029 and grow at a CAGR of 4.2% in the forecast period of 2022 to 2029.
“Growing demand for recreational vehicles boost the market’s growth”
The growing demand for recreational vehicles (RVs) serves as a key driver in the refinished paint market. As RV ownership rises, there is a concurrent need for maintenance, refurbishment, and customization of these vehicles. Refinished paints play a crucial role in restoring and enhancing the aesthetic appeal of RVs. This trend not only boosts the refinished paint market's growth but also underscores the importance of providing a wide array of color and finish options to cater to the diverse preferences of RV enthusiasts.
What restraints the growth of the global refinished paint market?
“Scarcity of experienced workers restraints the market’s growth”
The scarcity of experienced workers presents a significant challenge to the refinished paint market. Skilled technicians are essential for achieving high-quality refinishing results. The complex nature of refinishing work, including surface preparation, paint application, and finishing, requires a skilled workforce. As experienced workers retire or move to other industries, there's a shortage of talent entering the field. This dearth of skilled labor not only hinders the market's growth but also puts pressure on businesses to invest in training and development programs to address the skills gap.
Segmentation: Global Refinished Paint Market
The global refinished paint market is segmented on the basis of resin type, technology, vehicle type, and layer.
- On the basis of resin type, the refinished paint market is segmented into polyurethane resin, epoxy resin, acrylic resin, and others.
- On the basis of technology, the refinished paint market is segmented into solvent borne coating, waterborne coating, and powder coating.
- On the basis of vehicle type, the refinished paint market is segmented into passenger car, buses, LCV, and trucks.
- On the basis of layer, the refinished paint market is segmented into primer, basecoat, clear coat, and sealer.
Regional Insights: Asia-Pacific dominates the Global Refinished Paint Market
Asia-Pacific's dominance in the refinished paint market is attributed to its status as the largest consumer of refinish coatings. The region's expanding automotive sector, construction industry, and growing middle-class population contribute to a substantial demand for vehicle repairs, building renovations, and customization projects. Consequently, Asia-Pacific's consumption of refinished paints is notably high, making it a pivotal market, as it accommodates the rising need for quality refinishing products and solutions across various applications.
North America is expected to experience lucrative growth in the refinished paint market due to rising sales of pre-owned vehicles and an increase in vehicle repair and body shops. As consumers opt for used vehicles, the need for refurbishment and refinishing grows, boosting demand for refinished paint products. Additionally, the expanding number of repair and body shops in the region further drives the market, catering to the demand for vehicle restoration and customization projects.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-refinish-paint-market
The Prominent Key Players Operating in the Global Refinished Paint Market Include:
- Akzo Nobel N.V. (Netherlands)
- Donglai (China)
- Novol SP. Z O.O. (Poland)
- BASF SE (Germany)
- Noroo Paint & Coatings Co., Ltd. (South Korea)
- The Lubrizol Corporation (U.S.)
- Nippon Paint Holdings Co., Ltd. (Japan)
- KCC Corporation (South Korea)
- Mipa SE (Germany)
- Cresta Paint Industries LTD. (Nigeria)
- James Briggs Ltd. (U.K.)
- The Sherwin-Williams Company (U.S.)
- Alpscoating (Italy)
- Besa (Albania)
- Guangzhou Zhenroumei Chemical Coating Limited (China)
- Cresta Paint Industries Ltd. (Nigeria)
- KAPCI Coatings (Egypt)
- TOA Performance Coating Corporation Co. Ltd. (Thailand)
- PPG Industries, Inc. (U.S.)
- 3M (U.S.)
- Axalta Coating Systems (U.S.)
- HMG Paints Limited (U.K.)
- Kansai Paint CO., LTD. (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global refinished paint market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Refinished Paint Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
