The United States automotive
refinishing coatings industry is expected to grow at a
2.9% CAGR from 2024 to 2034. Rising Popularity of Water-based
Coatings Injects Growth in the Automotive Refinish Coatings Market.
FMI Spots Trends and Opportunities in 35+ Countries.
NEWARK,
Del., June 25, 2024 /PRNewswire/ --
The automotive refinish coating market is
estimated to be valued at USD 11,544.3
million in 2024. By 2034, it is predicted that the
market value will have hit USD 19,352.3
million by 2034, progressing at a CAGR of
5.3%.
Various factors propelling the demand for Automotive Refinish
Coatings are:
- The market for automotive refinish coatings has grown
significantly in recent years. Automotive is one of the largest
industries across the globe. Thus, the market for automotive
refinish coatings has enormous potential in the long run due to its
demand for high-quality corrosion protection.
- Due to the growth of this sector, numerous new automakers now
provide a variety of distinctive models every year. Additionally,
businesses frequently create eco-friendly models and charge
reasonable costs for their vehicles.
- Furthermore, emerging automotive refinish coatings market
trends and the demand for improved infrastructure, logistics, and
so on have pushed the automotive refinish coatings market to
directly produce end-use products to meet the needs of such
industries.
- Technological advances, combined with ongoing product
development to improve the performance of refinish coatings, will
drive market growth in the coming years. Furthermore, government
efforts to reduce VOC emissions through the deployment of
eco-friendly technology will create new market opportunities during
the forecast period.
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How is Focus on Sustainability Affecting Automotive Refinish
Coatings Market?
Growing environmental concerns among consumers are compelling
them to prefer eco-friendly products over conventional products.
Restrictions imposed by governments over the use of various
environment-degrading products also have resulted in the consumer
base of the market shifting to eco-friendly refinish coatings.
In North America, governments
have imposed strict regulations on the use of solvent-based
coatings as these coatings emit VOCs and fumes, which cause
diseases and pollute the environment. This is expected to hamper
the growth of the automotive refinish industry in the region
Contrary to this, the sales of water-based coatings are expected
to grow. Being eco-friendlier, water-based coatings are expected to
become the most preferred product type in the automotive refinish
coatings market over the forecast period.
Key Takeaways from the Automotive Refinish Coating
Market
- The automotive refinish coating market is anticipated to total
USD 11,544.3 million in
2024.
- Expoxy-based segment is expected to lead the material type
category in 2024 with a share of 51.9%.
- Base coat is the top product type for 2024, with an anticipated
share of 35.8% in the same year.
- Africa automotive refinish
coatings market size is predicted to increase from US$ 108.9 million in 2023 to US$ 165.4 million by 2033
- India is set to see progress
at a CAGR of 7.9% over the forecast period.
- Automotive refinish coating demand is likely to progress at a
CAGR of 5.9% in China in
the estimated period.
- The market is anticipated to progress at a CAGR of 2.1%
in the United Kingdom.
"The growing popularity of electric vehicles (EVs)
supports the automotive refinishing market. Many EV owners want to
enhance the distinctiveness of their vehicles with new coatings,
further fueling market growth. As the automotive landscape evolves,
the refinishing coating market is set to expand, driven by consumer
preferences for customization, protection, and technological
advancements," says a Nikhil
Kaitwade (Associate Vice President at Future
Market Insights, Inc.)
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Competitive Landscape
To increase their market position, major players in the market
are concentrating on merger and acquisition strategies along with
product development. To boost their yearly turnover, they are still
boosting their production capacity. For instance:
- AkzoNobel recently decided to expand its presence in
Africa by signing a contract with
Kansai Paint and starting its coatings-related operations there on
June 1, 2022. With Kansai Paints,
AkzoNobel will be able to build a foundation for future market
expansion and generate 280 million
euros in sales. Additionally, this partnership will
emphasize commitment to innovation and sustainability, leading to
the expansion of products and the provision of appropriate
solutions for clients.
- Tikkurila and its activities in the areas of governance, social
responsibility, and the environment have been acquired by PPG
Industries. This gave PPG access to additional growth opportunities
due to an expanded selection of coatings products and emerging new
technologies. With this acquisition, PPG has moved closer to its
goal of reducing emissions by 15% by 2025, which has expected to
open up more opportunities for the coatings sector.
- Axalta Coating Systems, a major supplier of liquid and powder
coatings, announced in September 2021
that it had acquired "U-POL" Holdings Limited. Since the acquired
firm assisted them in offering accessories, coatings, aerosols, and
products for the automobile industry, the acquisition of this
company has produced a substantial advancement in the expansion
strategy. The advantages of this acquisition and these products
will enable Axalta to broaden its target market base into the
refinish coatings sector, which has anticipated experiencing rapid
growth over the forecast period.
Recent Developments in the Automotive Refinish Coating
Market
- In April 2024, BASF SE launched a
new line of eco-friendly undercoats.
Some of the Leading Companies Operating in the Automotive
Refinish Coatings Market are
- Axalta Coating Systems, LLC
- 3M Company
- AkzoNobel N.V.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Dow Inc.
- Nippon Paint Holdings Co., Ltd.
- Kansai Paint Co., Ltd.
- Covestro AG
- KAPCI Coatings
- NOVOL Sp. Z o.o.
- KCC Corporation
- Bernardo Ecenarro S.A.
- SEM Products, Inc.
- Sheboygan Paint Company
- Cresta Paint Industries Ltd.
- Alps Coating Sdn. Bhd.
- NOROO Paint & Coatings Co., Ltd.
- DSM Coating Resins B.V.
- WEG SA
- The Lubrizol Corporation
- Guangzhou Zhenroumei Chemical Coating Limited
- HMG Paints Ltd.
- James Briggs Limited
- Reichhold LLC
- TOA Performance Coating Corporation CO., Ltd.
- Yashm Paint & Resin Industries
- Allnex Group
- Samhwa Paints Industrial Co. Ltd.
- The USA Paint Corporation
- BASF SE.
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Key Segments of Market Report
By Material Type:
Based on the material type, the automotive refinish coating
market is divided into epoxy, polyurethanes, acrylics, and
alkyd.
By End-use:
Based on end-use, the automotive refinish coating market can be
segregated into OEM and aftermarket.
By Technology:
Based on the technology, the automotive refinish coating market
is segmented into solvent-borne and water-borne.
By Vehicle Type:
Based on the vehicle type, the automotive refinish coating
market is divided into passenger cars, compact, midsize, and
luxury.
By Product Type:
Based on the product type, the automotive refinish coating
market is divided into the primer, base coat, top coat, and clear
coat.
By Commercial Vehicles:
Based on commercial vehicles, the automotive refinish coating
market is bifurcated into LCV and HCV.
By Region:
The sector has been analyzed with these regions covered:
North America, Latin America, Europe, South
Asia, East Asia, Oceania,
and the Middle East and
Africa.
Heightened Demand from Automotive Sector to Steer Africa
Automotive Refinish Coatings Market Past US$
165.4 Million by 2033
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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