U.S. Refinished Paints Market – Industry Trends and Forecast to 2030

U.S. Refinished Paints Market Analysis and Size

The growth of the global refinish paint market will likely enhance the growth rate of purchase for luxury cars and increase the sale of automobiles. Refinish paint can also be used on furniture or wood to avoid damage. Thus, the growing requirement to protect automobiles or other products from environmental parameters is anticipated to boost the market's growth during the forecast period set between 2023 and 2030.

Data Bridge Market Research analyses that the refinished paints market is expected to undergo a CAGR of 4.50% during the forecast period of 2023-2030. This indicates that the market value, USD 2048.20 million in 2022, would rocket up to USD 2912.75 million by 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.  

U.S. Refinished Paints Market Scope and Segmentation

Market Definition

The refinished paints are produced from the fraternization of several raw materials, including pigments, binders, solvents, and resins. Solvents are often used to decrease the paint's viscosity and help reduce the paint's price. Binders are often characterized as plasticizers, oils, and resins that offer paint to prevent corrosion. Refinishing in decorative arts and woodworking refers to reapplying or repairing the wood finishing on any other object. This may apply to the wood finish top coat and paint, varnish or lacquer.

U.S. Refinished Paints Market Dynamics

Drivers

• Increasing demand for refinished paints in the automotive and aerospace industries

The aerospace and automotive industries account for most of the market demand because they need regular maintenance to recover damages and retain their appearance caused by external sources such as extreme temperatures, accidental damages, stones, etc. The refinish paint industry is projected to grow owing to the adoption of innovative technology and the rise in accidents in developing economies. Thus, increasing demand for refinished paints in automotive and aerospace industries is expected to drive the market's growth rate.

• Numerous advantages of refinished paints

Various refinished paints protect surfaces from scratches, stains, U.V. radiation, heat, rust, and others. The unique features of these paints also help protect the surface from extensive environmental parameters and impact the overall growth of the refinished paints market. Moreover, these refinish paints are used in several industrial applications, including automotive, aerospace, and furniture. Thus, driving the growth of the refinish paints market globally.

Opportunities

• Growing demand for environment-friendly and sustainable products

Rising demand for environment-friendly and sustainable refinish paints in automobiles is a major factor that is expected to create lucrative opportunities for market growth. One major reason which propels the market growth in the automotive sector is the continuous growth of the automobile manufacturing sector. The presence of a huge refinish paints market in developing countries has emerged as the leading manufacturers in recent times. Additionally, the increasing popularity of environment-friendly and sustainable refinish paints in various product categories, such as automotive parts and furniture, is anticipated to boost the worldwide refinish paint market. The increasing demand for sustainable and environment-friendly products has prompted manufacturers to concentrate on manufacturing eco-friendly paints. As waterborne paints are less harmful and toxic than solvent-based paints, thus government guidelines requiring the use of environment-friendly and sustainable products are likely to help the market to grow.

Restraints/ Challenges

• Issues associated with refinishing paints market

The most significant issues refinish consumers confront efficiency, labor, and lack of skilled technicians. The disadvantages associated with the refinish paint market have led to hindering market growth, with the setbacks associated with the requirement of expert installers and the high installation cost of these paints.

 This refinished paints market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the refinished paints market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent development

• In 2021, Axalta Coatings launched a new range of coatings specially designed for electric vehicles. These coatings provide superior advantages such as durability, safety, enhanced performance, and others.

 U.S. Refinished Paints Market Scope

The refinished paints market is segmented on the basis of resin type, technology, layer and vehicle. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Resin Type

• Polyurethane Resin
• Epoxy Resin
• Acrylic Resin

 Technology

• Solvent borne Coating
• Waterborne Coating
• Powder Coating

Layer

• Basecoat
• Primer
• Clear Coat
• Sealer

 Vehicle

• Light Commercial Vehicle
• Truck
• Bus
• Passenger Car

Competitive Landscape and Refinished Paints Market Share Analysis

The refinished paints market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to refinished paints market.

Some of the major players operating in the refinished paints market are:

• Axalta Coating Systems, Ltd. (U.S.)
• 3M (U.S.)
• Akzo Nobel N.V. (Netherlands)
• PPG Industries, Inc. (U.S.)
• The Sherwin-Williams Company (U.S.)
• Dow (U.S.)
• Nippon Paint Holdings Co., Ltd. (Japan)
• Kansai Paint Co., Ltd. (Japan)
• Covestro AG (Germany)
• KAPCI Coatings (India)
• KCC Corporation (South Korea)
• Bernardo Ecenarro S.A. (Spain)
• SEM Products, Inc. (U.S.)
• Sheboygan Paint Co (U.S.)
• Cresta Paint Industries Ltd. (Africa)
• Alps Coating Sdn. Bhd. (Malaysia)
• NOROO Paint & Coatings Co., Ltd. (South Korea)
• DSM (Netherlands)
• WEG SA (Brazil)
• The Lubrizol Corporation (U.S.)
• HMG Paints Ltd (U.K.)
• James Briggs Limited (U.K.)
• Reichhold LLC (U.S.)
• TOA Performance Coating Corporation CO., Ltd. (Thailand)
• Yashm Paint & Resin Industries (Iran)
• Allnex Group (Germany)
• Samhwa Paints Industrial Co. Ltd (South Korea)
• BASF SE (Germany)

SKU-38932