The Global Automotive Refinish Market was valued at USD 11.50 billion in 2021 and is expected to reach USD 19.47 billion by 2029, registering a CAGR of 6.80% during the forecast period of 2022-2029.
Automotive Refinish Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Rise in the automotive industry
Customization and personalization of a product is a global trend, and the automotive industry has also seen considerable demand for customization of cars.
- Increasing demand for recreational vehicles
In the automotive refinish industry, the increased demand for recreational vehicles in developed nations should also play a role which is driving the automotive refinish market.
- Growing number of road accidents
As the frequency of road accidents and incidents rises, so does the demand for repair and maintenance services, which propels the market forward.
Opportunities
Furthermore, growing purchase of luxury cars and emphasis on to maintain the appearance and performance of older vehicles extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
Restraints/Challenges
On the other hand, toxic compounds are included in some refinish coatings on the market, which spread into the environment during the laying and curing process is expected to obstruct market growth. Also, consumers' growing environmental worries is projected to challenge the intelligent motor control centre market in the forecast period of 2022-2029.
Market Analysis and Size
Automotive refinish has gained immense popularity across the automobile sector owing to the rise in preference for customized aftermarket modifications among consumers. This coating is widely being adopted for both protection and decoration.
Global Automotive Refinish Market was valued at USD 11.50 billion in 2021 and is expected to reach USD 19.47 billion by 2029, registering a CAGR of 6.80% during the forecast period of 2022-2029.
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Global Automotive Refinish Market Scope and Market Size
The automotive refinish market is segmented on the basis of material type, product type, technology, vehicle type and end use.
Material Type
- Polyurethanes
- Acrylics
- Alkyd
Product Type
- Primer
- Base Coat
- Top Coat
- Clear Coat
Technology
- Solvent Borne
- Water Borne
- UV Cure
Vehicle Type
- Passenger Cars
- Commercial Vehicles
End Use
- OEM
- Aftermarket
Competitive Landscape and Automotive Refinish Market Share Analysis
- Axapta Coating Systems, Ltd. (US)
- 3M (US)
- AkzoNobel N.V. (Netherlands)
- PPG Industries, Inc. (US)
- The Sherwin-Williams Company (US)
- Dow (US)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Kansai Paint Co., Ltd. (Japan)
- Covestro AG (Germany)
- KAPCI Coatings (India)
- NOVOL Sp. Z i.e. (Pollan)
- KCC Corporation (South Korea)
- Bernardo Scenario S.A. (Spain)
- SEM Products, Inc. (US)
- Sheboygan Paint Co (US)
- Cresta Paint Industries Ltd. (Africa)
- Alps Coating SD. Bhd. (Malaysia)
- NOROO Paint & Coatings Co., Ltd. (South Korea)
- Coinlike DSM N.V. (Netherlands)
- WEG SA (Brazil)
- BASF SE (Germany)
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MAJOR TOC OF THE REPORT
Ø Chapter One: Introduction
Ø Chapter Two: Market Dynamics
Ø Chapter Three: Market Analysis
Ø Chapter Four: Market Scope
Ø Chapter Five: Market Share Analysis
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