The global automotive refinish coatings industry is estimated to develop at a moderate 5.1% CAGR from 2023 to 2033. The target market’s estimated value has increased from US$ 7.7 billion in 2023 to US$ 12.9 billion by 2033. One of the biggest businesses in the world, the automobile sector, supports the expansion of the automotive refinish coatings market. The automotive industry uses automotive refinish coatings extensively because they offer excellent corrosion protection. Additionally, a number of manufacturers release a variety of distinctive models every year, which raises the need for vehicle refinish coatings in the automotive sector.
Historically, the market grew from 2016 to 2020 at a compound annual growth rate (CAGR) of 3.7%, and it is currently growing steadily. From 2023 to 2033, there will be a rise in demand for automotive refinish coatings due to consumer preferences for better-looking and more durable vehicles. Customers’ growing concern for vehicle maintenance has led to increased spending on vehicle insurance, which among other things covers body shop paints and coatings and repair costs. Additionally, during the assessment period, the market will advance due to current trends in the automotive refinish coatings industry, technical advancements, and ongoing product development aimed at improving refinish coating performance.
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The expansion of the automotive refinish market is also attributed to an increase in vehicle ownership and automobile production. As the average person’s wealth rises, more and more people are purchasing executive and luxury vehicles, which require aftermarket coating refinishing. Once more, the auto industry had high car production and sales between 2016 and 2020. More than 70.5 million passenger cars and 95.6 million vehicles overall were produced in 2018. The market for automotive refinish coatings had strong sales growth as a result of this remarkable increase in the fleet of vehicles. Furthermore, increased demand for sustainable and eco-friendly refinish coatings has resulted from numerous sustainability initiatives and growing environmental consciousness, which will create new growth opportunities for the industry in the years to come.
Key Takeaways:
- Rising interest in vehicle care will strengthen the prospects of the automotive refinish coatings market.
- In 2023, the automotive refinish coatings market in the US will grow by 6.01% year-on-year rate and reach US$ 2.4 billion.
- Germany will account for 38% of the automotive refinish coatings market share in Western Europe.
- By material type, the acrylic-based coatings will register a 6.9% CAGR and account for 44% of the market share.
- By type, the primers and base coat segment will collectively dominate the market with a share of 66.3%.
Competitive Landscape
Axalta Coating System LLC, 3M Company, AkzoNobel N.V., PPG Industries, Inc., and Dow Inc., among others, are a few of the key players in the automotive refinish coatings market profiled in the full version of the report.
In a competitive environment, leading market players are focusing on increasing their research and development efforts to produce new products. These enterprises also employ strategies that bolster production capacity as well as mergers and acquisitions to enhance their market footprints. For instance, Axalta Coating Systems, a leader in liquid and powder coatings, declared the acquisition of U-POL Holding Limited in September 2021.
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More Insights Into Automotive Refinish Coatings Market
FMI offers an unbiased analysis of the global automotive refinish coatings market in its latest report, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. The report provides a ten-year sales with insights into market drivers, restraints, trends, and opportunities. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type, product, vehicle, technology, end-user, and region.
According to FMI, based on segmentation, the passenger car vehicle type will create high demand for the automotive refinish coat market. Increasing demand for passenger cars will lead to rising demand for refinish coatings for these cars thereby contributing to the overall market growth. Based on type, the primers and base coats segment will remain popular over the forecast period, collectively accounting for 66.3% of the global market share. Based on region, Wester Europe will exhibit robust growth in the automotive refinish coatings market. This is due to Germany’s impressive performance in the automotive refinish coatings market. The country accounts for 38% of the Western Europe automotive refinish coatings share. This is primarily owing to the fact that Germany entertains the presence of some of the leading automakers of the world. China, India, and the US are some of the other countries that will contribute to the global growth of the automotive refinish coatings market.
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