PRESS RELEASE
Published April 10, 2023
According to the latest report by IMARC Group, titled “Automotive Refinish Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2027”, The global automotive refinish coatings market reached a value of US$ 9.57 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.68 Billion by 2027, exhibiting a CAGR of 4.5% during 2022-2027.This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Automotive Refinish Coatings Industry Definition and Application:
Automotive refinish coatings are used in automotive repair centers or body shops to restore and renew automobiles and other types of vehicles. They help enhance the vehicle’s appearance and repair any damage caused by external factors such as impact from stones, accidents, and temperature changes. They offer a range of benefits, including resistance to corrosion, surface protection, aesthetic appeal, and ability to withstand harsh weather conditions, heat, temperature, and water. They are typically applied to passenger and commercial vehicles as a primer, filler, topcoat, basecoat, and activator or hardener coatings. Since they can effectively restore and renew vehicles, automotive refinish coatings are gaining immense traction in the automotive industry across the globe.
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Automotive Refinish Coatings Market Trends and Drivers:
The global automotive refinish coatings market is primarily driven by the increasing requirement for recreational activities and the growing need for repair and maintenance of vehicles. Moreover, there has been a rise in demand for automotive refinish coatings to maintain the aesthetic appearance of vehicles. In line with this, rising sales of luxury vehicles due to rapid urbanization and improving income levels are positively influencing market growth. Additionally, key players are introducing environment-friendly refinish coatings manufactured using organic chemicals and offering customization colors and printing to enhance the consumer experience, which in turn has catalyzed the market growth. Furthermore, the escalating demand for automotive refinish coatings owing to rising awareness about the importance of regular vehicle maintenance among consumers is contributing to the market growth. Other factors, including rising fatal road accidents, favorable government initiatives, and increasing environmental awareness, are also anticipated to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
Competitive Landscape:
- 3M Co.
- Akzo Nobel N.V.
- Axalta Coating Systems
- BASF SE
- Clariant AG
- DuPont de Nemours, Inc.
- Kansai Paint Co.Ltd.
- KCC Co., Ltd.
- Nippon Paint Holdings Co., Ltd.
- PPG Industries, Inc.,
- The Sherwin-Williams Company
Breakup by Resin Type:
- Polyurethanes
- Alkyd
- Acrylic
- Others
Breakup by Product Type:
- Primer
- Basecoat
- Activator
- Filler
- Topcoat
- Others
Breakup by Technology:
- Solvent-borne
- Water-borne
- UV-cured
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive mapping of the competitive landscape
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