NEW YORK, April 15, 2024 /PRNewswire/ — The global automotive refinish coatings market size is estimated to grow by USD 2428.29 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 4.34% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 51%.
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Technavio has announced its latest market research report titled Global Automotive Refinish Coatings Market 2023-2027
Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
3M Co., Akzo Nobel NV, Alps Coating Sdn Bhd, Angel Coating Pvt. Ltd., Axalta Coating Systems Ltd., BASF SE, BERNARDO ECENARRO S.A., Carl Schlenk AG, Covestro AG, General Paint Co., Kansai Paint Co. Ltd., KAPCI Coatings Systems LLC, Nippon Paint Holdings Co. Ltd., NOROO Paint and Coatings Co. Ltd., NOVOL Sp zoo, PPG Industries Inc., S.Coat Co. Ltd., Tara Paints and Chemicals, The Sherwin Williams Co., TOA Paint Thailand Public Co. Ltd.
Analyst Review
The Automotive Refinish Coatings Market encompasses a range of products designed to restore and enhance the appearance of vehicles after damage from road accidents or collisions. These coatings offer corrosion protection against environmental factors, including UV radiation and water. Durability and longevity are crucial considerations, as vehicle age can lead to chipping and surface damage. Color matching and advanced application techniques are essential for maintaining vehicle aesthetics during the refinishing process. Specialty coatings, such as those based on nanotechnology, provide additional benefits like improved resistance to wear and tear. Robotic painting systems ensure consistent application and reduce the need for filler and basecoat touch-ups. Regular maintenance is vital for vehicle owners to ensure the continued effectiveness of these coatings. Low VOC coatings contribute to environmental sustainability, making them an increasingly popular choice in the market.
Key Market Drivers
The Automotive Refinish Coatings Market caters to the restoration of Trucks and Commercial Vehicles, utilizing advanced technologies such as Robotic Painting Systems. Chipping and surface damage are common issues requiring Regular Maintenance. Vehicle owners seek Specialty Coatings for enhanced Vehicle Protection against Environmental Factors. UV radiation, Sunlight, Rain, Snow, and Road Debris impact the Vehicle Appearance and durability. Specialty coatings offer benefits like Reduced Emissions, improved Air Quality, and compliance with regulations against Hazardous Air Pollutants. Polyurethane, Alkyd, Acrylic, Primer, Activator, Solvent borne, and Water borne coatings are popular choices. Passenger Cars also undergo Vehicle Repair using these coatings for Corrosion Protection and UV Radiation Protection. Durability and Longevity are crucial factors, especially in the context of Road Accidents and Vehicle Collisions. Water-based coatings and Low VOC coatings are gaining popularity for their Color Matching capabilities and Vehicle Modification potential. The age of the Vehicle, Filler, Basecoat, and Topcoat applications also influence the choice of refinish coatings.
Challenges and Opportunities
The Automotive Refinish Coatings Market caters to the needs of wear and tear and paint fading on Cars, Trucks, and Commercial vehicles. With the increasing trend of personalized vehicles and unique aesthetics, the demand for refinishing and vehicle customization is on the rise. Color matching systems and spectrophotometers ensure accurate color representation during refurbishing older vehicles. Eco-friendly coatings, such as water-borne and UV-cured, offer reduced emissions and improved air quality, aligning with environmental concerns. Advanced application techniques, including nanotechnology and robotic painting systems, enhance vehicle protection and reduce surface damage. Specialty coatings address specific needs, like chipping and UV protection. Environmental factors, including sunlight, rain, snow, and road debris, impact vehicle appearance and require regular maintenance. Vehicle owners seek solutions to maintain their vehicles’ aesthetics and protect against hazardous air pollutants. Polyurethane, Alkyd, Acrylic, Primer, Activator, and Solvent-borne coatings are commonly used in the industry.
The Automotive Refinish Coatings Market caters to the needs of vehicle repair and restoration, offering corrosion and UV radiation protection for improved durability and longevity. With advancements in technology, water-based and low VOC coatings have gained popularity, ensuring color matching precision for vehicle modifications and personalized aesthetics. Road accidents and collisions necessitate refurbishing older vehicles, requiring high-performance basecoats, fillers, and topcoats to withstand wear and tear, paint fading, and surface damage. Eco-friendly coatings, advanced application techniques, and nanotechnology enhance vehicle protection against environmental factors such as sunlight, rain, snow, and road debris. Robotic painting systems ensure consistent quality and precision, catering to the demands of cars, trucks, and commercial vehicles. Vehicle owners seek regular maintenance and specialty coatings to preserve unique aesthetics and maintain vehicle value. Color matching systems, spectrophotometers, and vehicle customization further expand market opportunities.
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Market Overview
The Automotive Refinish Coatings Market involves the production and supply of coatings used to restore or enhance the appearance of vehicles. These coatings are crucial for the automotive industry, as they protect vehicle surfaces from wear and damage. The market consists of various types of coatings, including primers, basecoats, clearcoats, and specialty coatings. These coatings are applied using techniques such as spraying and baking in specialized facilities. The demand for automotive refinish coatings is driven by factors such as increasing vehicle production, growing consumer preference for customized vehicles, and the need for environmentally friendly coatings. Companies in the market include Vehlice, Corrosion Protection Technologies, and DuPont. The use of advanced technologies, such as waterborne coatings and nanotechnology, is also a key trend in the market. The market is expected to grow significantly in the coming years, with a focus on innovation and sustainability.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio