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The landscape of the Automotive Refinish Coatings market is constantly changing due to a multitude of factors that impact supply, demand, and overall market dynamics. It is important for stakeholders to comprehend these dynamics in order to make well-informed decisions and adjust to the constantly evolving automotive coatings business.
Trends in Global Automotive Production: The market for Automotive Refinish Coatings is strongly related to these trends in Global Automotive Production. The demand for refinish coatings is impacted by variations in vehicle manufacturing levels since higher production frequently results in higher needs for repair and maintenance coatings.
Collision Repair business: The market for automotive refinish coatings is significantly influenced by the collision repair business. The frequency of accidents, insurance coverage, and the general state of the fleet of automobiles all impact market dynamics, impacting the demand for refinish coatings.
Vehicle Ownership and Miles Driven: The number of automobiles on the road, as well as the distance driven, impact refinish coating needs. Rising mileage and vehicle ownership rates both drive rising demand for coatings owing to wear and tear and the need for esthetic enhancements.
Continuous technological improvements in Coating Formulations: Market dynamics are influenced by continuous technological improvements in coating formulations, such as the creation of high-performance and environmentally friendly coatings. Manufacturers can obtain a competitive advantage by creating new products and adapting to changing technology.
Environmental restrictions: Strict environmental restrictions and an increasing emphasis on ecologically friendly practices impact the market for vehicle refinish coatings. Compliance with hazardous materials and volatile organic compounds (VOC) laws.
customer Preference Shift: Changing customer preferences for coating lifespan, color, and finish are driving changes in market dynamics. To match customer preferences, coating producers need to keep current with developments in automobile design and functionality.
Automobile refinish coatings are impacted by regional and worldwide economic situations. While a strong economy might benefit the car aftermarket, a weak economy can reduce demand for vehicle repairs by causing consumers to cut down on their spending.
Automotive Refinish Coatings Market Highlights:
Global Automotive Refinish Coatings Market Overview
The automotive refinish coatings market size was valued at USD 7.2 billion in 2023. The automotive refinish coatings industry is projected to grow from USD 7.7 Billion in 2024 to USD 12.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.60% during the forecast period (2024 - 2032). Technological advancements, coupled with continuous product development to enhance the performance of refinish coatings, growing demand for recreational vehicles, and an increase in the number of vehicle collisions on a large scale, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Automotive Refinish Coatings Market Trends
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The increasing trend of vehicle customization is driving the market growth
Market CAGR for automotive refinish coatings is driven by the growing trend of customizing automobiles, such as cars, which has impacted demand for completed coatings internationally and is a key market driver. By applying coatings to the surface, this trend has effectively allowed consumers to customize the appearance of their vehicles. Increased durability and aesthetic appeal of automobiles made possible by coatings fuel the expansion of the automotive refinish coatings market revenue.
In addition, an increase in the range of environment-friendly automotive refinish coatings with minimal solvent content is also expected to drive market growth. This made it easier to invest in R&D for the automobile industry, which led to the creation of lightweight automobiles, driving the market growth. A significant opportunity for market expansion is the mining industry's growing need for commercial vehicles for various purposes. Rising demand for passenger automobiles and individualized services would create significant potential prospects for the market.
Furthermore, the scope of environment-friendly automotive refinish coatings with low solvent content significantly contributes to the growth. This facilitated investments into the R&D activities for the automobile sector, which led to the production of low-weight vehicles, which is expected to drive market growth during the forecast period. The increasing demand for commercial vehicles in the mining industry for their various purposes is a major opportunity for the market's growth. The rising demand for passenger cars and the need for personalized services worldwide are expected to generate solid growth opportunities for the market. The manufacturers in this industry are creating greater returns from selling automotive refinish coatings to owners, thus, increasing market share in the economy.
Automotive Refinish Coatings Market Segment Insights
Automotive Refinish Coatings Product Type Insights
The automotive refinish coatings market segmentation, based on product type, includes primer, clearcoat, basecoat, activator, filler & putty, and others. The primer segment dominated the market, accounting for major market revenue. Primer is applied on the vehicle surfaces to create a base for the desired paint. Automotive manufacturers are expected to continue using these products as they help the paints' smooth finishing and protect the surfaces from the external environment.
Automotive Refinish Coatings Vehicle Type Insights
The automotive refinish coatings market segmentation, based on vehicle type, includes cars, commercial vehicles, two-wheelers, and others. The cars category generated the most income due to the growing need for repainting work in vintage cars, coupled with an increasing number of refurbishing old cars and repairing accidental vehicles.
Figure 1: Automotive Refinish Coatings Market, by Vehicle Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Automotive Refinish Coatings Resin Insights
The automotive refinish coatings market segmentation, based on resin, includes polyurethane, alkyd, acrylic, epoxy, and others. The polyurethane segment dominated the market, accounting for major market revenue owing to superior properties, including excellent performance in various environmental conditions and resistance to extreme temperatures.
Automotive Refinish Coatings Technology Insights
The automotive refinish coatings market segmentation, based on technology, includes solvent-borne coating, water-borne coating, UV-curved coating, high-solid coating, powder coating, and others. The solvent-borne coating category generated the most income due to stringent regulations on VOC emission levels. However, enhancements in technologies and innovations have led to the development of high-solid formulations.
Automotive Refinish Coatings Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific automotive refinish coatings market will dominate, owing to its rising demand in the automotive aftermarket for repair and maintenance, refurbishment, and protection applicability, propelling the growth of automotive refinish coatings in this region. Moreover, China automotive refinish coatings market held the largest market share, and the India automotive refinish coatings market was the fastest growing market in the Asia Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: AUTOMOTIVE REFINISH COATINGS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe automotive refinish coatings market accounts for the second-largest market share due to the growing emphasis on R&D and creative ways to shorten the cycle time. This shorter cycle time encourages consumers to use automotive refinish coatings more frequently, which drives demand for the market in this region. Further, the German automotive refinish coatings market held the largest market share, and the UK automotive refinish coatings market was the fastest-growing market in the European region.
The North America automotive refinish coatings market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the growing use of automotive refinish coatings to protect cars from various external causes and provide a pleasing appearance to the vehicle. Moreover, the US automotive refinish coatings market held the largest market share, and Canada automotive refinish coatings market was the fastest growing market in the North America region.
Automotive Refinish Coatings Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the automotive refinish coatings market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the automotive refinish coatings industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the automotive refinish coatings industry to benefit clients and increase the market sector. Key players in the automotive refinish coatings market, including Axalta Coating Systems LLC, BASF SE, PPG Industries Inc., Kansai Paint Co. Ltd., NIPSEA GROUP, Bayer AG, KCC CORPORATION, Akzo Nobel N.V., The Sherwin-Williams Company, and others, are attempting to increase market demand by investing in research and development operations.
Axalta Coating Systems Ltd is a coatings company that develops, manufactures, markets, and distributes high-performance coating systems, including liquid and powder automotive refinish coatings. The company provides a range of transportation and performance coatings for manufacturers of commercial and light vehicles. It provides coatings for industrial applications such as electrical system components, oil and gas pipelines, and agricultural, construction, and earth-moving equipment. It also provides a coating for refinish and aftermarket applications. In September 2021, Axalta Coating Systems acquired "U-POL" Holdings Limited. Since the acquired firm assisted them in offering accessories, automotive refinish coatings, aerosols, and products for the automobile industry, the acquisition of this company has produced a substantial advancement in the expansion strategy. The advantages of this acquisition and these products will enable Axalta to broaden its target market base into the automotive refinish coatings sector.
BASF SE is a chemical company. The Company operates in six segments: chemicals, plastics, performance products, functional solutions, agricultural solutions, and oil and gas. BASF offers products for the chemical, automotive, construction, agriculture, oil, plastics, electrical, electronics, furniture, and paper industries and provides various system solutions and services. In December 2019, BASF initiated the construction of additional capacity at its Jiangmen, China site. The construction was completed by the first half of 2022 and doubled the production capacity of automotive refinish coatings to help the growth of the automotive industry in the Asia Pacific Region.
Key Companies in the Automotive Refinish Coatings market include
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The Sherwin-Williams Company (US)
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Akzo Nobel N.V (The Netherlands)
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Kansai Paint Co., Ltd (Japan)
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Covestro AG (Germany)
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Esdee Paints Limited (India)
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Axalta Coating Systems, LLC (US)
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The Lubrizol Corporation (US)
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Berger Paints India Limited (India)
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KCC Corporation (South Korea)
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BASF SE (Germany)
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Mitsui Chemicals, Inc. (Japan)
Automotive Refinish Coatings Industry Developments
June 2022: AkzoNobel has decided to expand its African footprint by agreeing with Kansai Paint and implementing its activities related to regional automotive refinish coatings. Kansai Paints constitutes a revenue of EUR 280 million which will benefit AkzoNobel in creating a platform for its market growth in the future. Moreover, this agreement will focus on commitment in terms of innovation and sustainability, thus resulting in the expansion of products and the provision of suitable solutions for customers.
Automotive Refinish Coatings Market Segmentation
Automotive Refinish Coatings Product Type Outlook
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Primer
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Clearcoat
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Basecoat
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Activator
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Filler & Putty
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Others
Automotive Refinish Coatings Vehicle Type Outlook
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Car
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Commercial Vehicle
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Two-Wheelers
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Others
Automotive Refinish Coatings Resin Outlook
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Polyurethane
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Alkyd
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Acrylic
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Epoxy
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Others
Automotive Refinish Coatings Technology Outlook
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Solvent-Borne Coating
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Water-Borne Coating
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UV-Curved Coating
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High Solid Coating
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Powder Coating
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Others
Automotive Refinish Coatings Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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