According to the report by Expert Market Research (EMR), the global automotive refinish coatings market size is projected to grow at a CAGR of 4.8% between 2024 and 2032. Aided by the surge in automobile accidents, the market is expected to grow significantly by 2032.
Automotive refinish coatings are materials applied to vehicles to repair surface damage caused by accidents, environmental factors, or regular wear and tear. These coatings are crucial for vehicle maintenance, ensuring durability, and aesthetic appeal.
The automotive refinish coatings market growth is primarily driven by the increasing number of vehicles on the road and the rising demand for vehicle maintenance and refurbishment. The growing automotive aftermarket activities and the consumers’ inclination towards vehicle longevity and aesthetics significantly contribute to the demand for automotive refinish coatings.
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Technological advancements in coating materials have led to the development of eco-friendly, high-quality coatings that offer enhanced durability and finish. The shift towards waterborne and high-solid coatings, driven by stringent environmental regulations and the increasing awareness of sustainable practices, is a critical factor in automotive refinish coatings market demand.
The rise in automobile accidents and the subsequent need for bodywork and repainting are also contributing to the growth of the automotive refinish coatings market. Additionally, the trend of vehicle customisation and the demand for unique and personalised vehicle appearances further fuel market expansion.
Regionally, the Asia Pacific holds a significant portion of the automotive refinish coatings market share due to the increasing vehicle production and the growing automotive repair and maintenance activities in the region.
The future outlook for the market is promising, with the ongoing advancements in coating technologies and the rising global demand for vehicle maintenance and customisation. The market is set to benefit from the increasing consumer awareness regarding eco-friendly products and the growing automotive aftermarket sector.
As per the global automotive refinish coatings market analysis, the market is driven by the increasing vehicle population, technological advancements, and the rising demand for vehicle refurbishment and customisation. The market offers ample opportunities for innovation and growth, playing a crucial role in the automotive aftermarket industry.
Automotive Refinish Coatings Market Segmentation
The market can be divided based on product type, technology, resin, vehicle type, and region.
Market Breakup by Product Type
- Basecoat
- Primer
- Activator
- Topcoat
- Filler
- Others
Market Breakup by Technology
- Solvent-Borne Coatings
- UV-Cured Coatings
- Water-Borne Coatings
Market Breakup by Resin
- Polyurethane
- Alkyd
- Acrylic
- Others
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Automotive Refinish Coatings Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive refinish coatings market. Some of the major players explored in the report by Expert Market Research are as follows:
- Akzo Nobel N.V.
- 3M Company
- BASF SE
- Berger Paints India Limited
- KCC Corporation
- NIPSEA Group
- Axalta Coating Systems Ltd.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Kansai Paint Co.,Ltd.
- Esdee Paints Limited
- KAPCI Coatings Systems, LLC
- Angel Coating Pvt Ltd
- Troton Canada Inc.
- Shaji Paints L.L.C.
- WEG S.A.
- Coat Co., Ltd.
- WAFA Chemicals S.A.E
- The Russian Coatings Company (Vika)
- Heinrich van Megen GmbH & Co. KG
- Others
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