Asia-Pacific Automotive Refinish Coatings Market Segmentation, By Resin Type (Epoxy, Acrylic, Polyester, Alkyd, Polyurethane, Vinyl and Others), Product Type (Clearcoats, Basecoats, Primer & Filler, Activator/Hardeners and Others), Component Type (One Component (1K) and Two Component (2K)), Formulation (Solvent Borne Coatings, Water Borne Coatings, High Solid Coatings, UV Cured and Others), Vehicle Age (Less than 5 years, 5-10 years and More than 10 years), Application (Passenger Cars, Two-Wheelers, Commercial Vehicles and Industrial Vehicles) - Industry Trends And Forecast to 2031.
Asia-Pacific Automotive Refinish Coatings Market Analysis
Extensive applications in producing lightweight plastics for automotive components and rapid industrialization and surge in disposable income of the middle-class population of emerging economies are expected to drive the demand for the Asia-Pacific automotive refinish coatings market. However, guidelines regulating the production and usage of automotive refinish may further restrict the market's growth.
Asia-Pacific Automotive Refinish Coatings Market Size
Asia-Pacific Automotive Refinish Coatings Market size was valued at USD 3.00 billion in 2023 and is projected to reach USD 4.17 billion by 2031, with a CAGR of 4.2% during the forecast period of 2024 to 2031.
Report Scope and Automotive Refinish Coatings Market Segmentation
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Attributes
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Automotive Refinish Coatings Key Market Insights
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Segments Covered
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Countries Covered
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China, India, Japan, South Korea, Australia & New Zealand, Singapore, Indonesia, Philippines, Thailand, Malaysia, and the Rest of Asia-Pacific
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Key Market Players
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3M, BASF SE, PPG Industries, Inc., Sherwin-Williams Company, Axalta Coating Systems, LLC, Akzo Nobel N.V., Kansai Paint Co., Ltd., Guangzhou Zhenroumei Chemical Coating Limited, The Lubrizol Corporation (A Subsidiary of Berkshire Hathaway), RPM International Inc., Berger Paints India Limited, NOROO Paint & Coatings co. Ltd., NIPSEA Group, KCC CORPORATION
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Automotive Refinish Coatings Market Definition
Automotive body shops and repair centers use automotive refinish coatings for refinishing the vehicles. These coatings are applied to new/old passenger and commercial vehicles to cover up the damages on the body caused by extreme temperatures, accidents, and impacts from stones. Some commonly used refinish coatings include primer, filler, topcoat and the basecoat, and activator or hardener coatings. The automotive refinish coatings market also enhances the appearance of vehicles and improves their durability, along with growing demand for recreational vehicles and an increase in the number of vehicle collisions on a large scale. Automotive refinish coatings covers the painting of cars, trucks, or other vehicles, partly or totally, and of single parts of vehicles, often after mechanical or coachwork repairing.
Automotive Refinish Coatings Market Dynamics
Drivers
- Increase in demand for regular maintenance and repair of automotive vehicles
There has been an ever-increasing demand for regular maintenance and repair of automotive vehicles to improve their appearance and longevity by protecting them from environmental variables such as temperature and UV radiation. Furthermore, the growing demand for aesthetic car refinishing across the region has resulted in considerable advancements in how automobile refinish coatings work. Therefore, there has been high utilization of automotive refinish coatings across the automotive sector in the Asia-Pacific region.
- Rise in the number of accidents
Automotive refinish coatings are mainly used to refinish vehicles in auto body shops and repair shops. These coatings are typically sprayed on new or old passenger and commercial cars to protect the body from damage caused by severe temperatures, stone impact, and accidents.
Opportunities
- Growth in sales of luxury vehicles on account of rapid urbanization and improving income levels
The increase in disposable income, expansion of various end use industries and growth in awareness and rise in disposable income will propel the growth rate of automotive refinish coatings market in the Asia-Pacific region due to increasing number of sales of luxury cars in various countries such as China, Japan and India among others.
Restraints/Challenges
- Government regulations on the use of the high volatile organic compound (VOC) level coatings
Volatile Organic Compounds (VOCs) are widely present in various products, such as coatings, inks, adhesives, etc. Due to the wide application of these products in modern industries, especially layers in the automotive sector, the pollution problems caused by VOC emissions in the process have become more serious each day. Most VOCs are not acutely toxic, but they may have negative long-term effects on human health, provide essential precursors for other air pollutants, and cause polluting weather such as urban haze, photochemical smog, and others. Considering the long-term impact of VOCs on health and the environment, many national governments, such as the Chinese government, are paying more attention to VOC emissions in recent years and have incorporated its management into many national policies.
- Volatility in raw material costs
The coating industry is highly raw material intensive. It uses a wide range of these raw materials, from relatively inexpensive minerals to high-performance polymers and pigments to highly engineered specialty additives. Despite the positive outlook for the industry, this sector continues to face numerous challenges and problems, which pose a considerable risk to the profitability of paint and coatings manufacturers, especially automotive refinish coatings. Significant factors include continuously rising raw material costs used in paints and coatings products.
This Asia-Pacific automotive refinish coatings market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive refinish market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you make an informed market decision to achieve market growth.
Asia-Pacific Automotive Refinish Coatings Market Scope
The Asia-Pacific automotive refinish coatings market is segmented based on resin type, product type, component type, formulation, vehicle age and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Resin Type
- Epoxy
- Acrylic
- Polyester
- Alkyd
- Polyurethane
- Vinyl
- Others
Product Type
- Basecoats
- Primer & Filler
- Clearcoats
- Activator/Hardeners
- Others
Component Type
- Two Component (2k)
- One Component (1k)
Formulation
- Solvent Borne Coatings
- Water Borne Coatings
- High Solid Coatings
- UV Cured
- Others
Vehicle Age
- Less than 5 years
- 5-10 years
- More than 10 years
Application
- Passenger Cars
- Two-Wheelers
- Commercial Vehicles
- Industrial Vehicles
Asia-Pacific Automotive Refinish Coatings Market Regional Analysis
The Asia-Pacific automotive refinish coatings market is analyzed, and market size insights and trends are provided by country, resin type, product type, component type, formulation, vehicle age, and application, as referenced above.
The countries covered in the Asia-Pacific automotive refinish coatings market report are China, India, Japan, South Korea, Australia & New Zealand, Singapore, Indonesia, Philippines, Thailand, Malaysia, and the Rest of Asia-Pacific.
China dominates the automotive refinish coatings market due to the rising research and advancement activities for advancing new grades of automotive refinish in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that influence the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technological trends, porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to significant or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Asia-Pacific Automotive Refinish Coatings Market Share
The Asia-Pacific automotive refinish competitive market landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, production Asia-Pacific cities, company strengths, and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Asia-Pacific automotive refinish market.
Automotive Refinish Coatings Market Leaders Operating in the Market Are:
- 3M
- BASF SE
- PPG Industries, Inc.
- Sherwin-Williams Company
- Axalta Coating Systems, LLC
- Akzo Nobel N.V.
- Kansai Paint Co., Ltd.
- Guangzhou Zhenroumei Chemical Coating Limited
- The Lubrizol Corporation (A Subsidiary of Berkshire Hathaway)
- RPM International Inc.
- Berger Paints India Limited
- NOROO Paint
- Coatings co. Ltd.
- NIPSEA Group
- KCC CORPORATION
Latest Developments in Automotive Refinish Coatings Market
- In May 2022, BASF SE expanded its Automotive Coatings Application Center at the Coatings Technology Center in Mangalore, India. This center will be part of BASF's existing research and development (R&D) facilities for automotive coatings solutions and is equipped with state-of-the-art equipment, such as high-precision climate-controlled spray booth and electrostatic rotary bell applicators, and advanced quick connection system for electrostatic applications
- In November 2021, 3M launched its 3M Ceramic Coating, a premium treatment for the Indian automotive and paint industry. The products are developed with 3 M's advanced technology that gives a premium finish and robust protection. The ceramic coating enables more accessible car care procedures with minimal maintenance
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