Global Automotive Refinish Coatings Market Trends, Applications, Analysis, Growth, and Forecast to 2028

Global Automotive Refinish Coatings Market Overview

“The global Automotive Refinish Coatings market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Automotive refinish coatings are polyurethane, acrylics, or alkyd-based coatings majorly used by automotive body shops and repair centers. Such coatings are applied to old or new vehicles to cover up damages that are caused due to accidents and climate factors.

Global Automotive Refinish Coatings Market: Dynamics

Increasing investment of individuals into maintenance of vehicles, research and development activities related to paints and coatings to provide better surface finish, as well as the quality of coatings, are some of the major factors expected to propel the demand for automotive refinish coatings and drive the growth of the target market over the forecast period.

Moreover, the adoption of technologically advanced technologies in automobiles, an increase in the number of vehicle accidents, and an increase in the average age of vehicles are some of the other factors anticipated to play an important role for the growth of the target market.

However, stringent regulations regarding VOC emissions and a lack of skilled personnel are some of the factors that may restrain the growth of the global automotive refinish coatings market during the forecast period.

Global Automotive Refinish Coatings Market: Segment Analysis

The global market is segmented on the basis of product type, technology, material type, vehicle type, end-user, and geography.

Among the product type, the primer segment is expected to register a significant growth rate in the market over the forecast period. The increasing vehicle production and the rising demand for improved vehicle aspects such as smoothening of the surface are some factors expected to drive the growth of the target segment.

On the basis of technology, the target market is segmented into solvent-borne, water-borne, and UV cure coatings. The waterborne coatings segment is anticipated to register a significant growth rate during the forecast period.

On the basis of material type, the global market is segregated into polyurethanes, acrylics, and alkyd. The polyurethane resins segment is expected to hold a significant share in the market over the forecast period.

On the basis of vehicle type, the target market is segmented into passenger vehicles and commercial vehicles. The passenger vehicle segment is projected to grow at a faster pace.

Among the end-users, the OEM segment is expected to grow at a significant rate in the global market over the forecast period.

Automotive Refinish Coatings Market: Region Analysis

Geographically, the Asia Pacific accounts for a major share in the global market, owing to increasing vehicle production, spending capacity on luxury vehicles, and customization of the vehicles, along with a rising focus on high comfort and safety in countries such as China, Japan, India, and South Korea in the region.

The market in North America accounts for a significant share in the global market in terms of revenue and is expected to maintain its growth rate over the forecast period.

Global Automotive Refinish Coatings Market Segmentation:

Segmentation by Product Type:

• Primer & Filler
• Base Coat
• Top Coat
• Clear Coat
• Activator or Hardener

Segmentation by Technology:

• Solvent Borne
• Water-Borne
• UV Cure Coatings

Segmentation by Material Type:

• Polyurethanes
• Acrylics
• Alkyd

Segmentation by Vehicle Type:

• Passenger Vehicle
• Commercial Vehicle

Segmentation by End User:

• OEM
• Aftermarket

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa