Automotive refinish coatings Market was valued at more than USD 6.8 billion in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Automotive refinish coatings Market was valued at more than USD 6.8 billion in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Material Type (Polyurethanes, Acrylics, Alkyd); Product Type (Primer, Base Coat, Topcoat, Clear Coat); Technology (Solvent Borne, Water Borne, UV Cure); Vehicle Type (Passenger Cars, Commercial Vehicles); End-use (OEM, Aftermarket); Region/Country.
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The automotive refinish coatings market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the automotive refinish coatings market. The automotive refinish coatings market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the automotive refinish coatings market at the global and regional levels.
Market Overview
Automotive refinish coatings are paints and coatings that are used by vehicle repairers and body shops to give the vehicle a refreshed look along with the provision of defense against rust and corrosion. These paints consist of polyurethane-based enamel which helps to protect the surface of the automobile from environmental damage. In addition, the parts of the automobile are arranged in an assembly and then automotive paint is applied at a controlled environmental temperature. Moreover, the increase in automobile production and upsurge in the demand for eco-friendly automotive paints are the key factors driving the growth of the market. For instance, in September 2021, Nippon Paint India, part of the NIPSEA Group, launched a new international automotive refinish product system under the n-MAX brand.
Factors such as an increase in the production of automobiles, growing adoption of vehicles, and growing disposable income are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include 3M Co, Akzo Nobel N.V., Axalta Coating Systems Ltd, BASF SE, Covestro AG, Kansai Paint Co Ltd., NIPSEA GROUP, Sherwin-Williams Company, Solvay S.A., and PPG Asian Paints Pvt Ltd.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the automotive industry and has transformed the way automotive industry is delivered. The automotive paints market has been significantly affected during these times owing to the restriction on import and export and limitations in travelling.
The global automotive refinish coatings market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
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· Based on material type, the market is segmented into polyurethanes, acrylics, and alkyd. The polyurethanes category is to witness a higher CAGR during the forecast period. This is mainly due to the exceptional properties of the polyurethane such as thick coating, fairly smooth surface, and chipping resistance. Moreover, It also can be applied to rust protection steel plates and automotive bodies perfectly.
· On the basis of product type, the market is categorized into the primer, base coat, top coat, and clear coat. The clearcoat category is to witness higher CAGR during the forecast period owing to get the glossy and clear appearance of the paint of the vehicle. Moreover, the clear coat is the top coat of paint that is put on your car after the colored paint and primer. In addition, It is a clear, glossy coating designed to protect your paint from the elements while also enhancing the appearance of your paint. Hence, these are the factors driving the growth of the market.
· Based on technology, the automotive refinish coating market has been classified into solvent borne, water borne, and UV cure. The Water Borne category is to witness higher adoption during the forecast period. Waterborne is widely used by OEMs for premium and ultra-premium cars due to their excellent durability and finish and high efficiency. Moreover, the increase in the production of the vehicle is increasing the demand for the powder coating category.
· Based on vehicle Type, the automotive refinish coatings market has been classified into passenger cars and commercial vehicles. The passenger vehicle category is to witness higher adoption during the forecast period owing to the growing demand of the population to own a vehicle with glossy and good quality paint. In addition, the increasing production of passenger vehicles and growing disposable income is also a key factor in the growth of the market.
· Based on end-use, the automotive refinish coatings market has been classified into OEMs and aftermarket. The aftermarket category is to witness higher adoption during the forecast period owing to the growing damages to the vehicle’s aftermarkets have good quality products and consumers have different choices among aftermarket parts. Moreover, the growing cases of accidents, dents, scratches, etc. are driving the growth of the market.
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Automotive refinish coatings Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
For a better understanding of the market adoption of the Automotive paints industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. APAC is anticipated to be the region with the highest market for automotive paints due to its high vehicle production and growing economies. Automotive sectors are working hard to provide their customers with products that are ecologically friendly and use cutting-edge technology. The bulk of vehicles manufactured globally, as well as in APAC, are passenger cars. Passenger automobiles are projected to represent the largest market for automotive paints. Additionally, Asia and Oceania are anticipated to be the biggest markets for electric and hybrid cars. The hybrid vehicle market is anticipated to be the largest for automotive paints since hybrid vehicles are becoming more and more popular throughout the world.
The major players targeting the market include
· 3M Co
· Akzo Nobel N.V.
· Axalta Coating Systems Ltd
· BASF SE
· Covestro AG
· Kansai Paint Co Ltd.
· NIPSEA GROUP
· Sherwin-Williams Company
· Solvay S.A.
· PPG Asian Paints Pvt Ltd
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive refinish coatings market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the automotive refinish coatings market?
• Which factors are influencing the automotive refinish coatings market over the forecast period?
• What are the global challenges, threats, and risks in the automotive refinish coatings market?
• Which factors are propelling and restraining the automotive refinish coatings market?
• What are the demanding global regions of the automotive refinish coatings market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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