The global for Automotive Refinish Coatings Market is projected to reach USD 14.29 billion by 2030. The growth of the market is driven by factors such as increasing disposable income, changing lifestyles and buying behavior of consumers, and the demand for luxury vehicles.
Automotive refinishing coatings are used by end-users to maintain and service vehicles, improve their appearance and durability, and protect them from harsh temperatures and UV radiation. Innovations in coatings, such as eco-friendly materials with low solvent content, are also contributing to market growth.
However, strict regulations regarding volatile organic compounds (VOCs) in coatings are hindering market growth. To address this, many governments have implemented control measures to reduce air pollution and smog caused by VOC-containing products.
Key players in the market include:
- PPG Industries Inc.,
- The Sherwin Williams Company,
- Axalta Coating systems Ltd.,
- AzkoNobel N.V BASF SE,
- Convestro AG,
- Kansai Paints Co. Ltd.,
- Esdee Paint Ltd.,
- KCC Corporation,
- KAPCI Coating Co. Ltd.,
- NOROO Paint Coatings Co. Ltd,
- The Lubrizol Corporation,
- Coat Co., Ltd.,
- Nippon Paint Holding Co. Ltd.,
- Berger Paints India Ltd.
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The Notable Innovation of Automotive Refinish Coatings Market:
The Automotive Refinish Coatings Market is experiencing notable innovation, driven by the need for up-to-date maintenance and servicing of vehicles, as well as protection from harsh temperatures and UV radiation. High-tech, eco-friendly coatings with low solvent content are among the recent developments in the market. However, strict regulations on products containing volatile organic compounds (VOCs) have restrained the market's growth. The market is segmented based on resin type, product, technology, substrate, and application, and key participants include PPG Industries Inc., The Sherwin Williams Company, Axalta Coating systems Ltd., among others. These companies have adopted various strategies, such as mergers, acquisitions, and partnerships, to hold ongoing trails and develop new innovations in the market.
Some Key Factors of Automotive Refinish Coatings Market Include:
- Increasing disposable income and changing lifestyle and buying behavior of people.
- Growing demand for luxury vehicles from the segment.
- Need for up-to-date maintenance and servicing of vehicles to enhance the look and durability of the vehicles and protect them from damages due to harsh temperatures and UV radiation.
- Innovations in coatings, such as high-tech eco-friendly coating materials with low solvent content.
- Stringent regulations regarding various VOC-containing products causing air pollution and smog, leading governments to implement control measures.
- Segmentation on the basis of resin type into epoxy, alkyd, polyurethane, and others.
- Polyurethane segment dominating the market in 2020, with a forecasted CAGR of 2.2% during the forecast period.
- Segmentation on the basis of product into primer, basecoat, clear coat, activator, filler putty.
- Clear coats holding the largest share of the market in 2020 and expected to have a growth rate of 3.4% during the forecast period.
- Segmentation on the basis of technology into solvent-borne coatings, water-borne coatings, and UV-cured coatings.
- Solvent-borne coatings holding the largest share in the market in 2020 with a CAGR of 2.9% during the forecast period.
- Metal substrates holding the largest share in 2020 and expected to lead the segment throughout the forecast period with an annual growth rate of 4.3%.
- Segmentation on the basis of applications into commercial vehicles, passenger vehicles, and two wheelers.
- Passenger vehicles segment had the largest market share of ~43% of the market in 2020, in terms of revenue.
- Asia Pacific region dominated the industry in 2020 and expected to remain dominant over the forecast period, at a CAGR of 3.4%.
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