USD 6.90 Billion
Global Automotive Refinish Coatings Market Size, Share, Growth Analysis, By Vehicle Age(<5, >10), By Product(Primer, Filler) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2100 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
64 |
Figures:
75
Global Automotive Refinish Coatings Market Insights
Global Automotive Refinish Coatings Market size was valued at USD 6.90 Billion in 2021 and is poised to grow from USD 7.25 Billion in 2022 to USD 10.80 Billion by 2030, at a CAGR of 5.1% during the forecast period (2023-2030).
The purpose of the automotive refinish coatings market is to provide high-quality coatings that match the original color and finish of the vehicle, ensuring a seamless repair and a visually appealing result. These coatings offer protection against corrosion, UV radiation, and other environmental factors, while also enhancing the durability and longevity of the vehicle's paintwork. The driving factors behind the growth of the automotive refinish coatings market is the increasing number of road accidents and vehicle collisions. There are some restraining factors that impact the market. Stringent environmental regulations and the shift towards more sustainable and eco-friendly coatings have led to the development of water-based and low-VOC (volatile organic compound) coatings. The automotive refinish coatings market includes the complexity of color matching, as achieving an accurate color match is crucial for a successful repair. The market presents several opportunities. The growing preference for customized vehicle aesthetics and the rising popularity of vehicle modification and restoration projects create a favorable environment for automotive refinish coatings. The global automotive refinish coatings market serves the purpose of providing high-quality coatings for vehicle repair and refinishing. While driving factors include the increasing number of road accidents, restraining factors include environmental regulations and the higher cost of sustainable coatings. Challenges include color matching complexity and keeping up with evolving vehicle technologies. opportunities lie in customization trends and the growing automotive after market.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
5.1% CAGR
Global Automotive Refinish Coatings Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Automotive Refinish Coatings Market Size By Type 2022-2030 ($ Bn)
Global Automotive Refinish Coatings Market Size By Type 2022-2030 (%)
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Global Automotive Refinish Coatings Market Segmental Analysis
The global automotive refinish coatings market is segmented on the basis of vehicle age, product, and region. Based on vehicle age, the market is segmented into <5, and >10. By product, the market is segmented into primer, filler, basecoat, topcoat, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Automotive Refinish Coatings Market Analysis by Vehicle Age
The dominance of the over 10-year-old vehicle segment can be attributed to several factors. As vehicles age, they are more likely to require repair and refinishing services to restore their appearance and protect them from further deterioration. With a larger number of older vehicles on the road, the demand for automotive refinish coatings is consistently high within this segment. vehicles that have surpassed the 10-year mark often experience wear and tear, including scratches, dents, and paint fading, which necessitate the use of refinish coatings for restoration. As a result, the over 10-year-old vehicle segment presents a substantial opportunity for manufacturers and service providers in the automotive refinish coatings market.
The fastest-growing segment in the global market is vehicles with an age of less than 5 years. This segment is experiencing rapid growth due to several factors. Firstly, newer vehicles are often subject to accidents, minor collisions, and paint damages that require refinish coatings for repairs. As consumers increasingly prioritize vehicle aesthetics and maintenance, there is a growing trend of refreshing the appearance of relatively new vehicles through refinishing services.
Global Automotive Refinish Coatings Market Analysis by Product
The topcoat emerged as the leading product segment in the automotive refinish coatings market, capturing a significant market share of 35.1% in terms of volume. Topcoat is widely utilized in automotive refinishing as the final coat on the surface of automobiles. The segment's growth is driven by the increasing consumption of topcoat due to its various beneficial properties such as high durability, gloss finish, abrasion resistance, chemical stability, and protection against UV radiation.
Primer, another important product segment, is applied to vehicle surfaces to create a base for the desired paint to be applied. Automotive manufacturers continue to use primers as they facilitate smooth finishing of paints and provide protection to surfaces from the external environment. With the rise in automotive production, particularly in developing economies, the demand for primers is expected to contribute to the growth of the automotive refinish coatings industry.
Global Automotive Refinish Coatings Market Size By Type 2022(%), 2023 (%)
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Global Automotive Refinish Coatings Market Regional Insights
Asia-Pacific emerged as the dominating region in the global automotive refinish coatings market. This can be attributed to several factors, including the significant growth in automotive production and sales in countries like China, India, and Japan. The rising disposable income, urbanization, and changing lifestyles in the region have led to increased vehicle ownership and the subsequent demand for refinish coatings. Furthermore, the presence of a large fleet of older vehicles in Asia-Pacific has contributed to the requirement for repair and refinishing services, driving the market growth in the region. Key automotive refinish coatings manufacturers have focused on expanding their operations and distribution networks in Asia-Pacific to cater to the growing demand.
The Middle East and Africa (MEA) region emerged as the fastest-growing region in the global automotive refinish coatings market. The region experienced a surge in automotive sales, particularly in countries like the United Arab Emirates, Saudi Arabia, and South Africa. The rise in disposable income, infrastructure development, and increased vehicle ownership have fueled the demand for refinish coatings in the region. Additionally, the harsh climatic conditions in certain parts of the Middle East, such as high temperatures and sandstorms, contribute to paint damage and the need for refinish coatings. With the growing automotive aftermarket and the presence of numerous vehicle repair and refinishing centers, the MEA region witnessed significant market growth.
Global Automotive Refinish Coatings Market Size By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Automotive Refinish Coatings Market Dynamics
Global Automotive Refinish Coatings Market Drivers
Increasing Demand for Vehicle Customization
- The growing consumer preference for personalized vehicles and unique aesthetics drove the demand for automotive refinish coatings in 2022. Customers sought to customize their vehicles through paint jobs, specialty finishes, and graphic designs, leading to an upsurge in the use of refinish coatings. For instance, vibrant and metallic colors, matte finishes, and custom graphics gained popularity among car enthusiasts. This trend contributed to the expansion of the market, as automotive refinish coatings were crucial in achieving the desired customization.
Rising Automotive Sales and Production
- The continued growth in automotive sales and production globally acted as a significant driver for the automotive refinish coatings market in 2022. With increased vehicle ownership, there was a subsequent rise in the demand for repair and maintenance services, including refinishing. As more vehicles were sold and produced, the need for refinish coatings to restore the appearance and protect the surfaces from environmental factors expanded. This driver positively impacted the market as automotive refinish coatings played a vital role in the repair and refinishing process.
Global Automotive Refinish Coatings Market Restraints
Stringent Environmental Regulations
- Stringent environmental regulations and the increasing focus on sustainability presented a notable challenge for the automotive refinish coatings market in 2022. Many countries implemented stricter regulations regarding the emission of volatile organic compounds (VOCs) and hazardous air pollutants. This prompted the industry to develop and adopt more environmentally friendly coatings with reduced VOC content. While these coatings align with sustainability goals, their higher cost and technical challenges posed constraints on market growth.
Supply Chain Disruptions
- The automotive refinish coatings market faced supply chain disruptions in 2022 due to various factors, including the COVID-19 pandemic and global logistics challenges. Lockdowns, restrictions, and labor shortages impacted manufacturing operations, transportation, and the availability of raw materials. These disruptions led to delays in production, increased costs, and limited supply, affecting the overall market growth. Manufacturers and suppliers had to navigate these challenges to meet the demand for automotive refinish coatings effectively.
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Global Automotive Refinish Coatings Market Competitive Landscape
The global automotive refinish coatings market is highly competitive and consists of several major players vying for market share. These companies engage in strategic initiatives, including mergers and acquisitions, product launches, partnerships, and collaborations, to gain a competitive edge. Other notable players in the market include Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., The Sherwin-Williams Company, and RPM International Inc. These companies compete based on product offerings, technological advancements, distribution networks, and customer relationships. Continuous product development and expansion into emerging markets are vital strategies adopted by these companies to gain a competitive advantage in the market.
Top Player’s Company Profiles in Global Automotive Refinish Coatings Market
- BASF SE (Germany)
- Sherwin-Williams Company (US)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Kansai Paint Co., Ltd. (Japan)
- RPM International Inc. (US)
- 3M Company (US)
- Dow Inc. (US)
- Hempel A/S (Denmark)
- Jotun A/S (Norway)
- The Valspar Corporation (US)
- KCC Corporation (South Korea)
- NOROO Paint & Coatings Co., Ltd. (South Korea)
- Yatu Advanced Materials Co., Ltd. (China)
- The Sherwin-Williams Automotive Finishes Corporation (US)
- KAPCI Coatings (Egypt)
- Lord Corporation (US)
- PPG Asian Paints Pvt. Ltd. (India)
Global Automotive Refinish Coatings Market Recent Developments
- In September 2022, BASF SE unveiled a new generation of high-performance automotive refinish coatings, designed to enhance color accuracy and provide improved durability.
- In June 2022, Sherwin-Williams Automotive Finishes expanded its distribution network with the opening of a new distribution center in the United Kingdom, catering to the growing demand in the region.
- In April 2022, PPG Industries introduced a new clearcoat technology, enabling faster drying times and increased productivity for automotive refinishers.
- In February 2022, Axalta Coating Systems announced the launch of its new waterborne automotive refinish coating system, aimed at improving sustainability and reducing environmental impact.
Global Automotive Refinish Coatings Key Market Trends
- Advancements in Water-based Coatings: In line with environmental regulations and consumer preferences for sustainable products, the market witnessed a significant trend towards the adoption of water-based coatings in 2022. Water-based coatings offer lower VOC emissions, reduced environmental impact, and improved worker safety compared to traditional solvent-based coatings. Manufacturers focused on developing advanced water-based formulations that delivered high-quality finishes, durability, and color accuracy. This trend highlighted the industry's commitment to sustainability and the ongoing shift towards eco-friendly automotive refinish coatings.
- Technological Innovations in Color Matching: Color matching is a critical aspect of automotive refinishing, and technological advancements played a key role in this area in 2022. Innovations such as digital color matching systems, spectrophotometers, and software solutions enhanced the accuracy and efficiency of color matching processes. These technologies enabled precise color identification, formulation, and replication, reducing the time and effort required to achieve an exact color match. The adoption of these technological innovations improved productivity, customer satisfaction, and overall competitiveness in the automotive refinish coatings market.
Global Automotive Refinish Coatings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global automotive refinish coatings market analysis, the increasing demand for vehicle customization, rising automotive sales and production, and the need to refurbish older vehicles are the key growth drivers. Additionally, the market is influenced by stringent environmental regulations, which have led to the development of eco-friendly coatings with reduced volatile organic compound (VOC) emissions. The global automotive refinish coatings market continues to expand due to the growing demand for vehicle repair and customization. Advancements in technology, such as digital color matching systems and water-based coatings, are shaping the market. However, the industry also faces challenges, including compliance with environmental regulations and supply chain disruptions. With the ongoing focus on quality, sustainability, and meeting customer preferences, the market is poised for further growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.90 Billion |
| Market size value in 2031 | USD 10.80 Billion |
| Growth Rate | 5.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Automotive Refinish Coatings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Automotive Refinish Coatings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Automotive Refinish Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Refinish Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Refinish Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Automotive Refinish Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Automotive Refinish Coatings Market Report Snapshots
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