Automotive Refinish Coatings Global Market Report 2024

The global automotive refinish coatings market has grown strongly in recent years. It will grow from $9.22 billion in 2023 to $9.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period within the automotive refinish coatings sector can be attributed to factors such as increased demand for automotive repair and maintenance services, a rising number of vehicles on the road, an aging vehicle fleet requiring refinishing, a higher incidence of accidents leading to repair needs, consumer preferences for improved aesthetics, and the global expansion of the automotive market. These elements collectively contributed to the expansion and development of the automotive refinish coatings industry during that timeframe.

The global automotive refinish coatings market is expected to see strong growth in the next few years. It will grow to $12.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The projected expansion during the forecast period is driven by progress in coating formulations, a heightened focus on sustainability, a surge in the demand for high-performance coatings, the integration of digital color matching solutions, the global expansion of automotive repair chains, and shifts in consumer preferences. Key trends anticipated in the forecast period encompass technological innovations in coating formulations, the adoption of waterborne coatings for environmental compliance, an increasing uptake of UV-cured coatings, the growing preference for matte finishes, the rising adoption of clearcoat technologies, and an uptick in investments towards training and certification initiatives.

The automotive refinish coatings market is poised for growth, primarily driven by the escalating number of accidents. These accidents encompass injuries resulting from vehicular collisions occurring either entirely or partially on public roads. Automotive refinish coatings play a vital role in rectifying vehicle body damages stemming from such accidents. As per a report by the Times of India in January 2022, road crashes surged by 10% in 2021, leading to over 400 fatalities. Notably, the number of road accidents increased from 796 in 2020 to 874 in 2021. The instances of road accidents causing injuries also rose from 347 in 2020 to 389 in 2021. This notable uptick in accidents is a significant driver propelling the growth trajectory of the automotive refinish coatings market.

The upward trajectory of disposable income levels is poised to elevate the automotive refinish coatings market. Disposable income signifies the residual funds available for spending and saving after deducting taxes and obligatory expenses for both individuals and households. It exerts a substantial influence on consumer spending in the automotive aftermarket for aesthetic enhancements and maintenance services. This surge in disposable income notably augments the demand for refinishing products and services. For instance, according to the Bureau of Economic Analysis, disposable personal income in the US witnessed a slight $7.3 billion increase (less than 0.1 percent) in July 2023. This positive shift in disposable income levels contributes significantly to the expansion of the automotive refinish coatings market.

Technological advancements represent a pivotal trend gaining traction within the automotive refinish coatings market. Notable companies in this sector are deploying cutting-edge technological solutions to fortify their market standing. For instance, in January 2021, Nippon Paint Group introduced its innovative 'Paint Partner' digital color solutions. This state-of-the-art technology encompasses the latest digital color formula retrieval and correction system integrated with a spectrophotometer tool. The 'Paint Partner' technology is versatile, accessible across various platforms such as the web, Windows, and mobile apps (both iOS and Android). Featuring multi-angle spectrophotometers with distinct capabilities like Wi-Fi connectivity, touch screens, colored user interfaces, and recommendations for primer or surfacer, this equipment offers an advanced and distinctive solution tailored for the automotive painting industry. This technology is compatible with both solvent-borne and water-borne paint systems, accentuating its adaptability and usefulness in the automotive refinish coatings landscape.

Prominent companies within the automotive refinish coatings market are intensifying their efforts towards introducing environmentally sustainable coating solutions, exemplified by offerings like the ColorBrite Airspace Blue ReSource basecoat. This particular eco-conscious automotive coating is crafted using recycled raw materials, thereby promoting sustainable and environmentally friendly paint solutions. For instance, in December 2022, BASF SE, a leading German chemical company, introduced the ColorBrite Airspace Blue ReSource basecoat in China. This innovative coating solution represents BASF's inaugural biomass balance automotive coating in China, incorporating renewable raw materials certified through a biomass balance approach. Initially launched in Europe in May of the same year, this eco-friendly basecoat has now made its way to the Chinese market. The product, certified by REDcert, has already commenced its initial shipment to a customer in China. The ColorBrite Airspace Blue ReSource basecoat is estimated to curtail the product's carbon footprint by approximately 20%, aligning with the drive towards environmental sustainability in the automotive coatings landscape.

In November 2023, Nippon Paint Holdings Co., Ltd., a major Japanese paint corporation, executed the acquisition of D-Act Automotive Refinish Company for an undisclosed sum. This strategic acquisition is poised to augment Nippon Paint Holdings Co., Ltd.'s market presence and fortify its leading position within the Thai automotive refinish and commercial vehicle coatings sector. D-Act Automotive Refinish Company, situated in Thailand, specializes in manufacturing coatings and paints for the automotive refinish coatings industry. This acquisition by Nippon Paint Holdings Co., Ltd. stands as a strategic move aimed at bolstering their foothold and expanding market share within the automotive refinish coatings domain, particularly in Thailand's market landscape.

Major companies operating in the automotive refinish coatings market report are KCC Corporation, BASF SE, PPG Industries Inc., Nippon Paint Holdings Company Limited, KAPCI Coatings Company, The Valspar Corporation, The Sherwin-Williams Company, 3M Company, Akzo Nobel N.V., Kansai Paint Company Limited, Bernardo Ecenarro SA, SEM Products Inc., Sheboygan Paint Company, Cresta Paint Industries Limited, Alps Coating Sdn Bhd, Masco Corporation, Jotun AS, Hempel A/S, Valspar Corporation, Berger Paints Ltd., Lord Corporation, Beckers Group, Cabot Corporation, HMG Paints Limited, Shanghai Kinlita Chemical Co. Ltd., Tikkurila Oyj, Karl WÖRwag Lack- Und Farbenfabrik Gmbh & Co. Kg, Duluxgroup (Investments) Pty. Ltd., Carpoly Co. Ltd., Kangnam Jevesco Co. Ltd., Mankiewicz Gebr. & Co., Shawcor Ltd.

Asia-Pacific was the largest region in the automotive refinish coatings market in 2023. The regions covered in the automotive refinish coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive refinish coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main products within the automotive refinish coatings category include primer, basecoat, clear coat, activator, filler, and putty. Primer is applied as the base coat to ensure optimal adhesion of the subsequent layers and long-lasting paint durability. Various technologies are involved in the production of automotive refinish coatings, including solvent-borne coatings, water-borne coatings, UV-cured coatings, high-solid coatings, and powder coatings. These coatings utilize resin types such as polyurethane, alkyd, acrylic, and epoxy. Automotive refinish coatings find application in various vehicle types, including passenger cars, commercial vehicles, and two-wheelers. The end-users in this industry include Original Equipment Manufacturers (OEM) and the aftermarket, where coatings are applied during repair and maintenance processes.

This report provides automotive refinish coatings market statistics, including automotive refinish coatings industry global market size, regional shares, competitors with an automotive refinish coatings market share, detailed automotive refinish coatings market segments, market trends and opportunities, and any further data you may need to thrive in the automotive refinish coatings industry. This automotive refinish coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The automotive refinish coatings market consists of sales of topcoat resins. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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