DUBLIN, Sept. 4, 2023 /PRNewswire/ — The “Automotive Refinish Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global automotive refinish coatings market has displayed substantial growth, achieving a market size of US$ 10.0 Billion in 2022. The market is projected to expand further, reaching US$ 13.2 Billion by 2028, showcasing a notable Compound Annual Growth Rate (CAGR) of 4.4% during the period from 2023 to 2028.
Enhancing Aesthetics and Maintenance
Automotive refinish coatings are applied to vehicles after they leave the factory, including automobiles, motorcycles, bicycles, trucks, and vans. They are used to conceal body damage caused by factors such as extreme temperatures, accidents, and impacts from objects. These coatings, including fillers, primers, topcoats, basecoats, and activators, come in solvent-borne, water-borne, or ultraviolet (UV) cured forms. Water-borne coatings, with lower Volatile Organic Compound (VOC) levels, are particularly effective for automobiles.
Trends Driving Market Growth
The demand for automotive refinish coatings is significantly influenced by factors such as vehicle repair and maintenance requirements and a rise in fatal road accidents. Additionally, the surge in luxury vehicle sales, driven by urbanization and rising incomes, is contributing to the demand for refinish coatings to maintain vehicle aesthetics. Companies are introducing environmentally friendly coatings made from organic chemicals and offering customization options to enhance the consumer experience.
Increasing awareness about vehicle maintenance and growing environmental consciousness are propelling the adoption of automotive refinish coatings. Moreover, government initiatives to reduce VOC emissions are providing lucrative growth prospects for industry players.
Market Segmentation and Key Players
The global automotive refinish coatings market is segmented based on resin type, product type, technology, and vehicle type. Polyurethane resin dominates the market due to its water, oil, and grease resistance. Product types include primer, basecoat, activator, filler, topcoat, and others. Solvent-borne, water-borne, and UV-cured technologies are prevalent, with solvent-borne technology holding a majority share. Passenger cars dominate the market in terms of vehicle type.
Key players in the industry include 3M Co., Akzo Nobel N.V., Axalta Coating Systems, BASF SE, Clariant AG, DuPont de Nemours, Inc., Kansai Paint Co. Ltd., KCC Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., and The Sherwin-Williams Company.
Key Questions Addressed in the Report
The comprehensive report provides insights into various aspects of the global automotive refinish coatings market, including:
Market size and growth projections for 2022 and 2023-2028
Impact of COVID-19 on the market
Factors driving market growth
Breakdown by resin type, product type, technology, and vehicle type
Profiles of major players in the industry
Key Attributes:
|
Report Attribute |
Details |
|
No. of Pages |
147 |
|
Forecast Period |
2022 – 2028 |
|
Estimated Market Value (USD) in 2022 |
$10 Billion |
|
Forecasted Market Value (USD) by 2028 |
$13.2 Billion |
|
Compound Annual Growth Rate |
4.7 % |
|
Regions Covered |
Global |
For more information about this report visit https://www.researchandmarkets.com/r/kw059w
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