The growth of the Global Refinish Paint Market is expected to enhance the market's growth due to increased purchases of luxury cars and rising sales of automobiles. The increasing adoption of sustainable and environment-friendly painting products is positively influencing the global refinishing market growth. Thus, the increasing requirement for refinished paints to protect automobiles or other products from environmental parameters is projected to boost the market's growth in 2023-2030.
Data Bridge Market Research shows that the U.S. Refinished Paints Market accounted for USD 2,048.20 million in 2022 and is expected to reach 2,912.75 million by 2030. The market is expected to grow with a CAGR of 4.50% from 2023 to 2030.
"Growing demand for refinished paints aerospace and automotive industries is expected to drive the market growth"
The aerospace and automotive sectors account for most of the refinished paints demand because these sectors need regular maintenance to retain their appearance and recover damages caused by external sources such as accidental damages, stones, extreme temperatures, and many others. Major market players operating in the refinished paints market are concentrating on deploying fast-curing, scratch-resistant coatings and long-lasting refinished paints to keep the parts of aerospace and automotive-related products new for longer. Thus, increasing demand for refinished paints in both the automotive and aerospace industries will likely drive the market's growth during the forecast period.
What restraints the growth of refinished paints market?
"Lack of skilled technicians and workforce hamper the market growth"
The lack of skilled technicians and professionals to apply these ever-increasingly complex coating systems has augmented in the last few years. Therefore, Industries need to take it on notice to surge efficiency. According to Holmberg, the biggest challenges refinished paint customers face are workforce and efficiency. As a result of all these factors hampers the growth of the refinished paints market from 2023 to 2030.
Segmentation: U.S. Refinished Paints Market
The refinished paints market is segmented on the basis of resin type, technology, layer and vehicle.
- On the basis of resin type, the refinished paints market is segmented into polyurethane resin, epoxy resin, acrylic resin.
- On the basis of technology, the refinished paints market is segmented into solvent borne coating, waterborne coating, powder coating.
- On the basis of layer, the refinished paints market is segmented into basecoat, primer, clear coat, sealer.
- On the basis of vehicle, the refinished paints market is segmented into light commercial vehicle, truck, bus, passenger car.
Recent Developments: U.S. Refinished Paints Market
- In 2021, Axalta Coatings introduced a new range of coatings specially designed for electric vehicles. These coatings provide superior advantages such as enhanced performance, durability, safety, and many others. Axalta's portfolio of thermosets, electro coats, fire intumescent liquid coatings, thermoplastic powder coatings, and casting resins have been specially designed for these electric vehicle applications.
To know more about the study, visit https://www.databridgemarketresearch.com/de/reports/u-s-refinished-paints-market
The Prominent Key Players Operating in the Refinished Paints Market Include:
- Axalta Coating Systems, Ltd. (U.S.)
- 3M (U.S.)
- Akzo Nobel N.V. (Netherlands)
- PPG Industries, Inc. (U.S.)
- The Sherwin-Williams Company (U.S.)
- Dow (U.S.)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Kansai Paint Co., Ltd. (Japan)
- Covestro AG (Germany)
- KAPCI Coatings (India)
- KCC Corporation (South Korea)
- Bernardo Ecenarro S.A. (Spain)
- SEM Products, Inc. (U.S.)
- Sheboygan Paint Co (U.S.)
- Cresta Paint Industries Ltd. (Africa)
- Alps Coating Sdn. Bhd. (Malaysia)
- NOROO Paint & Coatings Co., Ltd. (South Korea)
- DSM (Netherlands)
- WEG SA (Brazil)
- The Lubrizol Corporation (U.S.)
- HMG Paints Ltd (U.K.)
- James Briggs Limited (U.K.)
- Reichhold LLC (U.S.)
- TOA Performance Coating Corporation CO., Ltd. (Thailand)
- Yashm Paint & Resin Industries (Iran)
- Allnex Group (Germany)
- Samhwa Paints Industrial Co. Ltd (South Korea)
- BASF SE (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of refinished paints market companies contact? https://www.databridgemarketresearch.com/de/contact
Research Methodology: U.S. Refinished Paints Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
