Automotive Refinish Coatings Market

Request Discount

Automotive Refinish Coatings Market (Product Types - Base Coat, Primer, Activator, and Clear Coat; Technology - Solvent Borne Coatings, and Water Borne Coatings): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

  • Published : June, 2022

  • Rep Id : CM00910

  • Category : Chemicals & Materials

  • Status : Published

A recent report published by Infinium Global Research on the automotive refinish coatings market provides an in-depth analysis of segments and sub-segments in the global, as well as regional automotive refinish coatings market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive refinish coatings market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global automotive refinish coatings market. According to the report, the global automotive refinish coatings market is projected to grow at a CAGR of nearly 7% over the forecast period of 2022-2028.

 

Market Insight

The global automotive refinish coatings market was valued at nearly USD 11.5 Billion in 2022 and is expected to reach over USD 17 Billion in 2028, with a nearly CAGR of 7% during the forecast period. Automotive refinish coatings are utilized by several vehicle repairers and body shops to give the vehicle a new innovative look along with the prevention of resistance against corrosion and rust. Automotive refinish coatings market are used in automobiles for protection against external factors such as extreme temperature, stones, damage due to accidents, and similar others. Automotive refinish coatings are utilized by automotive manufacturers for protecting vehicles from various climatic conditions. The automotive refinish coatings are majorly utilized to enhance the appearance and durability of a vehicle by protecting them from external factors such as high temperature and UV radiation.

 

Car accidents, a car smash, and accidental car bumps during the parking are the common problems owing to which car’s body and paint are damaged. Thus collision repair and auto painting have to be done in order to remove dents and scratches from the cars. Also, many consumers are emotionally attached to their cars and do, timely repair and maintenance of their cars. These aforementioned factors are responsible for driving the growth of the market. In addition, the adoption of rising disposable income in the developing economies is boosting the growth of passenger vehicles which in turn benefits the automotive refinish coatings market. However, increasing government regulations on the utilization of high volatile organic compounds (VOC) level coatings is likely to restrain the growth of the automotive refinish coatings market. Furthermore, the development of eco-friendly technologies and an increase in the number of car owners and car rentals are anticipated to create several growth opportunities for the key players in the automotive refinish coatings market over the years to come.

 

The outbreak of COVID-19 had negatively affected the automotive refinish coatings market because of the trade restriction imposed by various economies. The restriction imposed during the lockdown restrained the logistics and supply chain activities. Because of the temporary shutdown of several manufacturing units, the manufacturing of the coating products was decreased. This affected the economic condition of the companies. Interruption in the supply of the raw material from the host countries affected the production of the Base Coat, Primer, Activator, and Clear Coat coating during the forecast period. Furthermore, economic slowdown and decreased spending of the car owners during the covid-19 pandemic the growth was restrained.

 

Based on the region, the worldwide automotive refinish coatings market is segmented into the Asia Pacific, North America, Europe, and also the Middle East & Africa. Among the regions, North America is the second-largest region in the automotive refinish coatings market owing to its wide use in the repair and maintenance of industry. The growth in the North American regions is due to the tendency of owners to undertake timely repairs of their vehicles and high disposable incomes are encouraging the automotive refinish coatings market in the North American regions. Moreover, the growth in the Asia Pacific region is due to the high demand for refinishing coatings in developing countries such as India and China. On the other hand, China holds a dominant position in the used vehicle market and has a high expansion rate and thus requires refinishing coats to refurbish the cars.

 

Segment Covered

The report on the global automotive refinish coatings market covers segments such as product types and technology. On the basis of product types, the sub-markets include base coat, primer, activator, and clear coat. On the basis of technology, the sub-markets include solvent borne coatings and waterborne coatings.

 

Companies Profiled:

The report provides profiles of the companies in the market such as 3M, The Valspar Corporation, Sherwin-Williams Company, PPG Industries, and Nippon Paint Holdings Co. Ltd, Donglai Coating Technology, KANSAI PAINT CO., LTD, BASF SE, Axalta Coating Systems, and AkzoNobel N.V.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the automotive refinish coatings market. Moreover, the study highlights current market trends and provides forecasts for 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


Other Reports in This Category
24 hour delivery through email
9923950043 Monday to Frieday 9am-7pm
looking for discount