PUBLISHER: The Business Research Company | PRODUCT CODE: 1513237
PUBLISHER: The Business Research Company | PRODUCT CODE: 1513237
Refinish paint, also referred to as refinishing paint, is a specialized type of paint formulated explicitly for restoring or refreshing the appearance of surfaces previously painted or coated. This type of paint finds extensive use in the automotive industry for repairing and refinishing vehicles following damage or wear, ensuring that the restored areas seamlessly match the original paint color and finish.
The primary product categories of refinish paint include solvent-borne, waterborne, and powder formulations. Solvent-borne refinish paint utilizes organic solvents as carriers for the paint pigment. These paints are available in various coating types such as polyurethane, epoxy, acrylic, among others, with applications including clearcoat, basecoat, primer, and sealer. Refinish paints are employed across various types of vehicles, including passenger cars, light commercial vehicles, buses, and trucks.
The refinish paint market research report is one of a series of new reports from The Business Research Company that provides refinish paint market statistics, including the refinish paint industry global market size, regional shares, competitors with refinish paint market share, detailed refinish paint market segments, market trends, and opportunities, and any further data you may need to thrive in the refinish paint industry. This refinish paint market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The refinish paint market size has grown strongly in recent years. It will grow from $7.95 billion in 2023 to $8.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth observed in the historical period can be attributed to several factors, including rapid urbanization and industrialization, the expansion of vehicle fleets, stringent environmental regulations, heightened sustainability concerns, growing demand for customization options, and increased emphasis on aesthetics in automotive finishing.
The refinish paint market size is expected to see strong growth in the next few years. It will grow to $10.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The forecast period's growth is expected to be driven by a transition towards waterborne and high solids coatings, the integration of digital technologies into coating processes, a focus on cost-effective solutions, the expansion of automotive aftermarket services, and the diversification of distribution channels. Anticipated trends in the forecast period encompass innovations in polyurethane resins, advancements in color-matching solutions, the adoption of UV-cured coatings, the development of mobile apps and software solutions for coating management, and the emergence of smart coatings technologies.
The surge in road accidents is anticipated to drive the growth of the refinish paint market. Road accidents, also known as traffic collisions or motor vehicle accidents, involve one or more vehicles on public roadways resulting in harm to people, property, or both. The increasing number of accidents can be attributed to factors such as traffic congestion, distracted driving, and impaired driving. Refinish paint plays a crucial role in restoring the exterior appearance of vehicles to their pre-accident condition, including matching the original color and finish, which is essential for maintaining aesthetic consistency and the vehicle's value. For instance, reports from the U.S. Department of Transportation in April 2023 revealed 13,384 fatalities caused by drunk driving in 2021, marking an increase from the 11,718 fatalities recorded in 2020. Consequently, the rising number of accidents is propelling the growth of the refinish paint market.
Key players in the refinish paint market are concentrating on developing solutions leveraging basecoat technology to gain a competitive advantage. Basecoat technology refers to the layer of paint applied after the primer and before the clearcoat in the automotive refinishing process. For example, Axalta Coating Systems Ltd., a US-based paint and coating manufacturing company, introduced CromaxGen in August 2022, a new next-generation basecoat technology for the automotive refinish industry. This innovative product offers precise color formulas, productivity enhancements, and cost optimization to increase productivity and streamline costs for body shops in Latin America.
In November 2023, NP Auto Refinishes Co Ltd., a Singapore-based commercial vehicle (CV) coatings company, acquired D-Act Co. Ltd. for an undisclosed amount. This strategic move aimed to strengthen NP Auto Refinishes' market share and leadership in the Thai automotive refinish and commercial vehicle coatings market. D-Act Co. Ltd. is a Japan-based manufacturer specializing in auto refinishing and industrial paints.
Major companies operating in the refinish paint market are BASF SE, Mitsubishi Chemical Corporation, Sherwin-Williams Company, Evonik Industries AG, Covestro AG, PPG Industries Inc., Arkema S.A., AkzoNobel NV, Nippon Paint Holdings Co Ltd., Wacker Chemie AG, KCC Corporation, Axalta Coating Systems Ltd., Valspar Corporation, Kansai Paint Co Ltd, Jotun Group, Cytec Industries Inc., Berger Paints India Limited, Rust-Oleum Corporation, Hexion Inc., Allnex Group, TOA Group Company Limited, Momentive Performance Materials Inc., Diamond Vogel Paints, Dunn-Edwards Corporation, Hempel A/S.
Asia-Pacific was the largest region in the refinish paint market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the refinish paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the refinish paint market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The refinish paint market consists of sales of acrylic ename, basecoat, fillers and putties, and activators and hardeners. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Refinish Paint Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on refinish paint market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refinish paint? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The refinish paint market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.