Global Automotive Refinish Coatings Market – Industry Trends and Forecast to 2031

Global Automotive Refinish Coatings Market, By Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Nitrocellulose), Coatings Technology (Waterborne, Solvent-Borne, UV-Cured), Product (Primer, Basecoat, Putty, Activators, Filler, Topcoat), Vehicle Age (Less than 5 Years, 5-10 Years, More than 10 Years) - Industry Trends and Forecast to 2031.

Automotive Refinish Coatings Market Analysis and Size

The essential factors contributing to the growth of the automotive refinish coatings market include high levels of road accidents and collisions. Also, the high-quality finish and reduced emissions provided by high solid formulations is significantly contributing to the market’s growth. Rising disposable income fuels the automotive refinish coatings market as consumers, with increased financial capacity, are more inclined towards aftermarket modifications for vehicle customization. The growing preference for personalized aesthetics and unique vehicle appearances drives the demand for high-quality refinish coatings.

Data Bridge Market Research analyzes that the global automotive refinish coatings market which was USD 11,434.48 million in 2023, is expected to reach USD 15,672.97 million by 2031, growing at a CAGR of 4.02% during the forecast period of 2024 to 2031. The “acrylic” segment will dominate the market due to the rising disposable income fuels the automotive refinish coatings market as consumers, with increased financial capacity. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Automotive refinish coatings are mainly used in automotive body shops and repair centres for refinishing the vehicles. The Automotive refinish coatings market also enhances the appearance of vehicles and also 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 cover the painting of cars, trucks, or other vehicles, partly or totally, and of single parts of vehicles, often after mechanical or coachwork repair.

Global Automotive Refinish Coatings Market Dynamics

Drivers

• High levels of road accidents & collisions

High levels of road accidents and collisions drive the automotive refinish coatings market as they increase the demand for vehicle repairs and refinishing. The need for aesthetic restoration and protective coatings on damaged vehicles boosts the market, as auto body shops and repair centres seek high-quality coatings to ensure durability and visual appeal. This correlation between accident rates and the automotive refinish coatings market underscores the industry's growth potential in addressing the repair and maintenance needs resulting from frequent road incidents.

• Increase in disposable income and increasing preference of aftermarket modifications

Rising disposable income fuels the market as consumers, with increased financial capacity, are more inclined towards aftermarket modifications for vehicle customization. The growing preference for personalized aesthetics and unique vehicle appearances drives the demand for high-quality refinish coatings. This trend benefits the market by encouraging individuals to invest in customizing and refurbishing their vehicles, creating a lucrative niche for automotive refinish coatings that cater to both protective and aesthetic aspects of aftermarket modifications.

Opportunity

• High-quality finish and reduced emissions

The market thrives on the opportunity presented by high-solid formulations, offering superior finish quality and reduced emissions. High-quality finishes enhance the aesthetic appeal of refinished vehicles, meeting consumer expectations. Simultaneously, the adoption of low-emission, high-solid coatings aligns with environmental regulations and sustainability goals. This positions manufacturers favourably, as they cater to both performance-driven consumer demands and the industry's growing emphasis on eco-friendly solutions, creating a competitive edge and expanding market opportunities.

Restraint/Challenge

• Increase in VOC (volatile organic compounds) emissions

The market faces a challenge with the increase in VOC (volatile organic compounds) emissions during substrate surface production and preparation. Elevated VOC levels contribute to environmental pollution and health concerns. Stricter regulations on emissions necessitate the development of low-VOC formulations, adding complexity to product innovation. Manufacturers must navigate this challenge by investing in eco-friendly technologies and processes to ensure compliance, meet sustainability standards, and address growing environmental consciousness among consumers and regulatory bodies.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In June 2022, AkzoNobel decided to expand its presence in Africa by signing a contract with Kansai Paint and starting its coatings-related operations there on. With Kansai Paints, AkzoNobel was able to build a foundation for future market expansion and generate 280 million euros in sales. Additionally, this partnership emphasized commitment to innovation and sustainability, and lead to the expansion of products and the provision of appropriate solutions for clients
• In September 2021, Axalta Coating Systems LLC successfully completed the previously announced acquisition of U-POL Holdings Limited (U-POL). The acquisition of U-POL, a leading supplier of paints, protective coatings, and accessories primarily for the automotive aftermarket strengthens Axalta's global refinish leadership position and supports its broader growth strategy
• In July 2021, AkzoNobel N.V. and Mercedes-Benz extended their partnership agreement for another four years. This entails the continuation of providing vehicle refinish products including automotive and specialty coatings and services in China and a preferred partner in Indonesia

Global Automotive Refinish Coatings Market Scope   

The automotive refinish coatings market is segmented on the basis of resin type, coating technology, product and vehicle age. The growth amongst these segments will help you analyse 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

• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Nitrocellulose

Coating Technology

• Waterborne
• Solvent-Borne
• UV-Cured

Product

• Primer
• Basecoat
• Putty
• Activators
• Filler
• Topcoat

Vehicle Age

• Less than 5 Years
• 5-10 Years
• More than 10 Years

Global Automotive Refinish Coatings Market Regional Analysis/Insights

The automotive refinish coatings market is analyzed and market size insights and trends are provided by country, resin type, coating technology, product and vehicle age as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and rest of Middle East and Africa.

Asia-Pacific is expected to dominate the market due to the increasing passenger vehicles sales. Middle East and Africa is expected to grow with the highest growth rate due to rising demand for maintenance of luxury vehicles and performance vehicles and increase in disposable income in the region on account of mature oil and gas industry has ascended the sale for luxury vehicles in the region.

The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Automotive Refinish Coatings Market Share Analysis

The automotive refinish coatings market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, 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 automotive refinish coatings market.

Some of the major players operating in the automotive refinish coatings market are:

• Axalta Coating Systems LLC (U.S.)
• BASF SE (Germany)
• PPG Industries Inc. (U.S.)
• Kansai Paint Co.Ltd. (Japan)
• NIPSEA GROUP (Singapore)
• Bayer AG (Germany)
• KCC CORPORATION (South Korea)
• Akzo Nobel N.V. (Netherlands)
• The Sherwin-Williams Company (U.S.)
• Berger Paints India Limited (India)
• Cabot Corporation (U.S.)
• Clariant (Switzerland)
• NOROO Paint & Coatings co.Ltd. (South Korea)
• KAPCI Coatings (Egypt)
• Alsa Refinish and The Alsa Corporation (U.S.)
• The Dow Chemical Company (U.S.)
• The Lubrizol Corporation (U.S.)
• ALTANA (Germany)