Global Automotive Refinish Market, By Material Type (Polyurethanes, Acrylics and Alkyd), Product Type (Primer, Base Coat, Top Coat and Clear Coat), Technology (Solvent Borne, Water Borne, UV Cure), Vehicle Type (Passenger Cars and Commercial Vehicles), End Use (OEM and Aftermarket) – Industry Trends and Forecast to 2029.
Market Analysis and Size
Automotive refinish has gained immense popularity across the automobile sector owing to the rise in preference for customized aftermarket modifications among consumers. This coating is widely being adopted for both protection and decoration.
Global Automotive Refinish Market was valued at USD 11.50 billion in 2021 and is expected to reach USD 19.47 billion by 2029, registering a CAGR of 6.80% during the forecast period of 2022-2029. “Waterborne” accounts for the largest technology segment owing to the stringent VOC regulations in Europe and North America. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Vehicle body shops and repair facilities employ polyurethane, acrylic, or alkyd-based coatings for automotive refinish. These coatings are applied to new and used passenger and commercial cars to protect the body against damage caused by severe temperatures, accidents, and stone impact. Primer, filler, topcoat, basecoat, and activator or hardener coatings are some of the most often used refinish coatings.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 – 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Material Type (Polyurethanes, Acrylics and Alkyd), Product Type (Primer, Base Coat, Top Coat and Clear Coat), Technology (Solvent Borne, Water Borne and UV Cure), Vehicle Type (Passenger Cars and Commercial Vehicles), End Use (OEM and Aftermarket)
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Countries Covered
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U.S., Canada, and Mexico in North America, Brazil, Argentina, and rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).
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Market Players Covered
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Axalta Coating Systems, Ltd. (US), 3M (US), AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Dow (US), Nippon Paint Holdings Co., Ltd. (Japan), Kansai Paint Co., Ltd. (Japan), Covestro AG (Germany), KAPCI Coatings (India), NOVOL Sp. Z o.o. (Poland), KCC Corporation (South Korea), Bernardo Ecenarro S.A. (Spain), SEM Products, Inc. (US), Sheboygan Paint Co (US), Cresta Paint Industries Ltd. (Africa), Alps Coating Sdn. Bhd. (Malaysia), NOROO Paint & Coatings Co., Ltd. (South Korea), Koninklijke DSM N.V. (Netherlands), WEG SA (Brazil), The Lubrizol Corporation (US), HMG Paints Ltd (UK), James Briggs Limited (UK), Reichhold LLC (US), TOA Performance Coating Corporation CO., Ltd. (Thailand), Yashm Paint & Resin Industries (Iran), Allnex Group (Germany), Samhwa Paints Industrial Co. Ltd (South Korea), U.S. Paint (US), BASF SE (Germany), among others
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Market Opportunities
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Automotive Refinish Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Rise in the automotive industry
Customization and personalization of a product is a global trend, and the automotive industry has also seen considerable demand for customization of cars. This is likely to increase market demand for intelligent motor control center.
- Increasing demand for recreational vehicles
In the automotive refinish industry, the increased demand for recreational vehicles in developed nations should also play a role which is driving the automotive refinish market.
- Growing number of road accidents
As the frequency of road accidents and incidents rises, so does the demand for repair and maintenance services, which propels the market forward.
Opportunities
Furthermore, growing purchase of luxury cars and emphasis on to maintain the appearance and performance of older vehicles extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
Restraints/Challenges
On the other hand, toxic compounds are included in some refinish coatings on the market, which spread into the environment during the laying and curing process is expected to obstruct market growth. Also, consumers' growing environmental worries is projected to challenge the intelligent motor control center market in the forecast period of 2022-2029.
This automotive refinish 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 automotive refinish market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Automotive Refinish Market
The COVID-19 had a negative impact on the automotive refinish market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for automotive speciality coatings market. The supply chain got hampered during the pandemic along with delay logistics activities. However, the automotive refinish market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Global Automotive Refinish Market Scope and Market Size
The automotive refinish market is segmented on the basis of material type, product type, technology, vehicle type and end use. The growth amongst these segments will help you analyze meager 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.
Material Type
- Polyurethanes
- Acrylics
- Alkyd
Product Type
- Primer
- Base Coat
- Top Coat
- Clear Coat
Technology
- Solvent Borne
- Water Borne
- UV Cure
Vehicle Type
- Passenger Cars
- Commercial Vehicles
End Use
- OEM
- Aftermarket
Automotive Refinish Market Regional Analysis/Insights
The automotive refinish market is analysed and market size insights and trends are provided by country, material type, product type, technology, vehicle type and end use as referenced above.
The countries covered in the automotive refinish market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).
North America dominates the automotive refinish market because of the rise in the environmentally friendly and low VOC products and strict regulations and changing consumer preferences within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of occurrence of various leading vehicle manufacturing companies and growing production of luxury, compact and mid-size vehicles in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Automotive Refinish Market Share Analysis
The automotive refinish 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, global 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 automotive refinish market.
Some of the major players operating in the automotive refinish market are
- Axalta Coating Systems, Ltd. (US)
- 3M (US)
- AkzoNobel N.V. (Netherlands)
- PPG Industries, Inc. (US)
- The Sherwin-Williams Company (US)
- Dow (US)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Kansai Paint Co., Ltd. (Japan)
- Covestro AG (Germany)
- KAPCI Coatings (India)
- NOVOL Sp. Z o.o. (Polan)
- KCC Corporation (South Korea)
- Bernardo Ecenarro S.A. (Spain)
- SEM Products, Inc. (US)
- Sheboygan Paint Co (US)
- Cresta Paint Industries Ltd. (Africa)
- Alps Coating Sdn. Bhd. (Malaysia)
- NOROO Paint & Coatings Co., Ltd. (South Korea)
- Koninklijke DSM N.V. (Netherlands)
- WEG SA (Brazil)
- The Lubrizol Corporation (US)
- HMG Paints Ltd (UK)
- James Briggs Limited (UK)
- Reichhold LLC (US)
- TOA Performance Coating Corporation CO., Ltd. (Thailand)
- Yashm Paint & Resin Industries (Iran)
- Allnex Group (Germany)
- Samhwa Paints Industrial Co. Ltd (South Korea)
- U.S. Paint (US)
- BASF SE (Germany)
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