IMARC Group, a leading market research company, has recently releases report titled “Automotive Refinish Coatings Market Report by Resin Type (Polyurethane, Alkyd, Acrylic, and Others), Product Type (Primer, Basecoat, Activator, Filler, Topcoat, and Others), Technology (Solvent-Borne, Water-Borne, UV-Cured), Vehicle Type (Passenger Cars, Commercial Vehicles, and Others), and Region 2024-2032.” The study provides a detailed analysis of the industry, including the global automotive refinish coatings market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the automotive refinish coatings market?

The global automotive refinish coatings market size reached US$ 10.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.

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What are automotive refinish coatings?

Automotive refinish coatings are specialized paints and coatings applied to vehicles, primarily cars, to repair surface damage or to restore and enhance a vehicle's appearance. They play a pivotal role in the automotive aftermarket, especially in body shops and repair centers. The process begins with surface preparation, which involves removing any rust, dust, or old paint to ensure a smooth application of the new coating. Following this, a primer is applied to help the paint adhere better to the vehicle's surface. The main categories within automotive refinish coatings include primers, basecoats, and clearcoats. While the primer ensures better adhesion and longer-lasting results, the basecoat imparts color and effects, such as metallic or pearlescent finishes. The clearcoat, typically the final layer, protects against environmental factors and imparts a glossy finish. At present, automotive refinish coatings are gaining immense traction in the automotive industry across the globe due to their ability to restore a vehicle's original luster and protect against external factors.

What are the growth prospects and trends in the automotive refinish coatings industry?

The global automotive refinish coatings market is primarily driven by the increasing number of vehicles on the road, leading to a higher probability of minor accidents and scratches, necessitating refinishing. Moreover, the escalating demand for repair and refurbishment services owing to rising vehicle ownership rates, especially in emerging markets, is positively influencing market growth. Apart from this, the emerging trend of vehicle customization, where owners seek unique finishes, colors, and protective coatings to differentiate their vehicles, is another major growth-inducing factor. Additionally, ongoing technological advancements in the coatings industry, including the introduction of eco-friendly, quick-dry, and longer-lasting solutions that appeal to service providers and vehicle owners, are propelling market growth. Along with this, inflating pre-owned vehicle sales has catalyzed market growth as refurbished vehicles often require comprehensive refinishing before resale. Besides this, the implementation of stringent environmental regulations that allow manufacturers to innovate and produce low-VOC (volatile organic compound) and waterborne coatings is further supporting market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Resin Type:

• Polyurethane
• Alkyd
• Acrylic
• Others

Breakup by Product Type:

• Primer
• Basecoat
• Activator
• Filler
• Topcoat
• Others

Breakup by Technology:

• Solvent-borne
• Water-borne
• UV-cured

Breakup by Vehicle Type:

• Passenger Cars
• Commercial Vehicles
• Others

Breakup by Region:

• North America (U.S. & Canada)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
• Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
• Latin America (Brazil, Mexico)
• Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• 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.
• The Sherwin-Williams Company

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