Automotive Refinish Coatings Market Size, Share, Growth Analysis, By Vehicle Age(<5, >10), By Product(Primer, Filler) - Industry Forecast 2024-2031

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 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. 'PPG Industries, Inc. (US)', 'Axalta Coating Systems Ltd. (US)', 'BASF SE (Germany)', 'Sherwin-Williams Company (US)', 'Akzo Nobel N.V. (Netherlands)', '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)'

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.

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.

Asia-Pacific emerged as the dominating region in the 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.