Automotive Refinish Coatings Market Size Worth $17.90 Billion by 2033; The Expanding Automotive Aftermarket Sector, Encompassing Vehicle Customization & Repair Services
The global automotive refinish coatings market size is anticipated to grow from USD 10 billion to USD 17.90 billion in 10 years. The market will experience rapid growth due to technological advancements in automotive refinish coatings during the forecast period.
Newark, April 17, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 10 billion in 2023 global automotive refinish coatings market will reach USD 17.90 billion in 2033. Automotive refinish coatings are applied to the outside surfaces of automobiles, trucks, and motorbikes to repair, restore, and personalise them. Additives, solvents, pigments, and resins are some of the ingredients used to manufacture these coatings. They are combined to obtain the appropriate colour, gloss, and durability. They are made to improve the vehicles' aesthetic appeal and endure tough environmental conditions. Vehicle repair is the main use for automotive refinish coatings. They are employed to return worn or damaged surfaces to their pre-damaged state. They are essential to retaining the vehicles' structural integrity and aesthetic appeal, which raises their value as used cars. Refinish coatings are also used in auto restoration operations, enabling enthusiasts to bring vintage or classic cars back to life. These coatings allow car owners to add distinctive finishes, colours, and designs to make their vehicles uniquely their own. Automotive refinish coatings prolong the life of automobiles and improve safety by shielding them from corrosion, UV rays, abrasion, and chemical exposure.*Request to Download Sample Research Report – https://www.thebrainyinsights.com/enquiry/sample-request/14170**Report Coverage* *Details*
Forecast Period 2024–2033
Base Year 2023
Market Size in 2023 USD 10 billion
Market Size in 2033 USD 17.90 billion
CAGR 6%
No. of Pages in Report 237
Segments Covered by Product Type, Vehicle Type, Resin, Technology, Regions
Drivers The increasing ownership of automobiles
*For more information in the analysis of this report, visit: https://www.thebrainyinsights.com/report/automotive-refinish-coatings-market-14170 **Key Insight of the Global Automotive Refinish Coatings Market**Asia Pacific will dominate the market during the forecast period.*The regional need for automotive refinish coatings is increased by the industry's rapid growth, fueled by factors including urbanisation, population growth, and economic development. The growing number of middle-class individuals in nations such as China, India, and Southeast Asia has led to increased car ownership and a corresponding growth in the requirement for refinish coatings to maintain these vehicles in top condition. The need for automotive refinish coatings has been further stimulated by rising consumer spending on vehicle maintenance, repairs, and customisation. The market is growing because of breakthroughs in coatings technology, which South Korea and Japan further fuel, two countries recognised for their automotive technology and production advancements.*In 2023, the primer segment dominated the market with the largest market share of 35% and revenue of 3.50 billion.*The product type segment is divided into primer, clearcoat, basecoat, activator, filler and putty, and others. In 2023, the primer segment dominated the market with the largest market share of 35% and revenue of 3.50 billion.*In 2023, the car segment dominated the market with the largest market share of 41% and revenue of 4.10 billion.*The vehicle type segment is divided into cars, commercial vehicles, two-wheelers, and others. In 2023, the car segment dominated the market with the largest market share of 41% and revenue of 4.10 billion.*In 2023, the polyurethane segment dominated the market with the largest market share of 44% and revenue of 4.40 billion.*The resin segment is divided into polyurethane, alkyd, acrylic, epoxy, and others. In 2023, the polyurethane segment dominated the market with the largest market share of 44% and revenue of 4.40 billion.*In 2023, the solvent-borne coating segment dominated the market with the largest market share of 38% and revenue of 3.80 billion.*The technology segment is divided into solvent-borne coating, water-borne coating, UV-curved coating, high-solid coating, powder coating, and others. In 2023, the solvent-borne coating segment dominated the market with the largest market share of 38% and revenue of 3.80 billion.*Interested to Procure the Research Report? Inquire Before Buying – https://www.thebrainyinsights.com/enquiry/buying-inquiry/14170 **Advancement in market*With the completion of its flagship facility in Pune, NIBM, PPG Asian Paints, a top supplier of automotive refinish solutions in India, announced the debut of its luxury car detailing and décor company, "Cartisan." With this introduction, the corporation is making a major effort to meet the needs of the city's suburbs and the surrounding areas regarding vehicle aesthetics. Offering a wide range of services designed to improve the look and protection of cars, Cartisan is poised to bring value to Pune's car detailing scene. Paint protection films, ceramic coatings, paint correction, interior cleaning, sanitization, and anti-corrosion treatments are just a few of the services offered by Cartisan's cutting-edge facility to meet the unique requirements of automobile enthusiasts and owners.*Market Dynamics **Driver: increase in automobile ownership.*Urbanisation and rising disposable income are the two main factors contributing to the global increase in automobile ownership. As a result, there is a growing need for maintenance, customisation, and repair services. The fleet of ageing vehicles has led to a rise in the need for restoration and repairs. The need for refinish coatings to enable quick and easy repairs of damaged automobiles is also driven by the rise in traffic accidents. The demand for refinish coating is mostly driven by the booming automotive aftermarket industry, which includes car customisation, restoration, and repair services. There is a high demand for coatings since consumers are becoming more interested in customising their cars or refurbishing vintage automobiles. Consequently, the expansion of the worldwide automotive refinish coatings market will be driven by the rising number of automobile owners.*Restraints: financial factors.*Owners of vehicles face a substantial financial burden due to the requirement for specialised labour, high-quality materials, and specialised equipment, especially when undertaking complex repairs or customisations. The lengthy application procedure raises the total price. Furthermore, poor upkeep and severe weather can harm these coatings, causing them to fade and scrape over time. The expense of maintenance and repairs is increased when refinish coatings must be repaired since they can be difficult to fix and require certain knowledge and tools. Thus, the expansion of the market will be constrained by the expenses related to automobile refinish coatings.*Opportunities: The growth of the aftermarket for automobiles.*The market's expansion will be aided by the growing automotive aftermarket industry, which offers car customisation, restoration, and repair services. Customers are increasingly attempting to customise their cars. Refinish coatings are in high demand since automotive enthusiasts frequently visit aftermarket shops to repair or restore their vehicles, especially historic cars. Refinish coatings are highly versatile, making them suitable for a wide range of global automotive enthusiast preferences. The need for automobile refinish coatings is also driven by environmental restrictions and developments in coating technologies. Manufacturers are always coming up with new ideas to satisfy the changing demands of the automotive industry and allay worries about the environment. High-performance refinish coatings that provide exceptional durability, colour accuracy, and environmental sustainability have been made possible by technological developments. Furthermore, the creation of environmentally friendly refinish coatings has been prompted by strict environmental rules meant to lower emissions.*Challenges: Environmental concerns.*Using volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) in refinish coatings harms air quality and human health. VOC emissions contribute to air pollution, which harms human health and the environment. The production and disposal of automotive refinish coatings also have environmental implications as the manufacturing process involves energy-intensive processes, and the use of raw materials can result in greenhouse gas emissions. Improper disposal of leftover coatings, solvent waste, and contaminated materials can further contribute to soil and water pollution risking ecosystems and wildlife. Therefore, environmental concerns like pollution, resource depletion, and emissions contributed by automotive refinish coatings will hamper the market's growth.*Some of the major players operating in the global automotive refinish coatings market are:*• 3M Company
• AkzoNobel N.V.
• Axalta Coating Systems, LLC
• BASF SE
• Dow Inc.
• DSM Coating Resins B.V.
• Guangzhou Zhenroumei Chemical Coating Limited
• Nippon Paint Holdings Co., Ltd.
• PPG Industries, Inc.
• SEM Products, Inc.*Key Segments covered in the market:*By Product Type• Primer
• Clearcoat
• Basecoat
• Activator
• Filler and Putty
• OthersBy Vehicle Type• Cars
• Commercial Vehicles
• Two-Wheelers
• OthersBy Resin• Polyurethane
• Alkyd
• Acrylic
• Epoxy
• OthersBy Technology• Solvent-Borne Coating
• Water-Borne Coating
• UV-Curved Coating
• High Solid Coating
• Powder Coating
• OthersBy Region• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)*Have Any Query? Ask Our Experts: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/14170 **About the report:*The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.*About The Brainy Insights:*The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.*Contact Us*Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights