Automotive refinish coatings are special paints used in renovating existing or old vehicles. It is primarily driven by lack of maintenance by vehicle owners and rise in number of accidents. The global automotive refinish coatings market report compiled by Market Research Future (MRFR) by analysts with substantive research covering pertinent factors, trends, opportunities, and challenges for the period between 2016 and 2023 (forecast period).
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The global automotive refinish coatings market is expected to thrive at 5.6% CAGR during the forecast period to achieve a valuation of USD 10.2 billion by 2023. The resurgence of the automotive sector as well as the large production of cars globally is projected to fuel market growth. Rising GDP of nations and increased purchasing power of consumers can positively impact the market. The increasing number of vehicle collisions can also work in favor of the global automotive refinish coatings market.
Investments in high-end and luxury cars can be lucrative to the market growth. Entry of strong brands as well as diverse range of cars can bear fruit for the global automotive refinish coatings market. The trend of modifications and need for customized designs are factors which can have a positive impact on the market. Awareness of the protective nature of these paints against scratches and damages on vehicle surfaces can augment the market size till 2023. Manufacturers are providing additional training to servicing units and refinishing stations due to introduction of new paints and substrates.
However, restrictions imposed on volatile organic compounds (VOCs) emissions and environment concerns are factors which can impede market growth.
The global automotive refinish coatings market is segmented by resin, product type, technology, and vehicle type.
By resin, it is segmented into acrylic, alkyd, epoxy, and polyurethane.
By product type, it is segmented into primer, basecoat, clearcoat, activator, and filler and putty.
By technology, it is segmented into water-borne coatings, UV-cured coatings, solvent-borne coatings, powder coatings, and high solid coatings.
By vehicle type, it is segmented into two-wheelers, commercial vehicles, and cars.
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The Middle East & Africa (MEA), North America, Latin America, Asia Pacific (APAC), and Europe are regions covered in the global automotive refinish coatings market report.
The APAC region is expected to grow due to the rapid industrialization from Malaysia, South Korea, China, India, and Japan. Other factors influencing regional market growth include increased purchasing power of consumers, awareness among the populace regarding maintenance and protection of vehicles, and rising urbanization. Rapid development of roads in China as well as procurement of vehicles can benefit the global automotive refinish coatings market growth.
North America can contribute to the global automotive refinish coatings market due to rising demand for passenger vehicles in the U.S. Growing need for customization, repair, and maintenance in the coming years can drive the global market growth. Europe can grow due to presence of large automotive manufacturers in the region as well as buying power of consumers in Belgium, France, U.K., Italy, and Germany.
The MEA and Latin America regions can drive the global automotive refinish coatings market due to steady industrialization and urbanization among the countries in the respective regions. Sale of luxury vehicles in Dubai as well as the growing oil & gas industry in countries of the MEA can benefit the market.
Covestro AG, Berger Paints India Limited, PPG Industries, Inc., Nippon Paint, The Valspar Corporation, 3M, Kansai Paint Co., Ltd, Mitsui Chemicals, Inc., The Lubrizol Corporation, Akzo Nobel N.V, Axalta Coating Systems, LLC, BASF SE, KCC Corporation, The Sherwin-Williams Company, Esdee Paints Limited, and KAPCI Coatings are prominent players of the global automotive refinish coatings market.
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BASF SE has invested in a new automotive refinish coatings facility which will start production by 2022. It is situated in Jiangmen, South China.
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