PUBLISHER: The Business Research Company | PRODUCT CODE: 1546420
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546420
Automotive refinishing involves repainting or recoating vehicles, their exterior parts, or components for both protective and decorative purposes. This process is commonly employed for partial body collision repairs, customization, and restoring the appearance of used vehicles. Water-based acrylic polyurethane enamel paint is currently the most widely used refinish coating due to its environmental benefits and ability to provide a glossy, vibrant finish.
The main product types in automotive refinish include primer, base coat, top coat, and clear coat. Primer is a type of paint or coating applied to a surface to prepare it for the main paint or finish. Materials used in automotive refinishing include polyurethanes, acrylics, and alkyds, and the technology encompasses solvent-borne, water-borne, and ultraviolet (UV) curing methods. Applications span passenger vehicles and commercial vehicles, serving various end-users such as original equipment manufacturers (OEMs) and the aftermarket.
The automotive refinish market research report is one of a series of new reports from The Business Research Company that provides automotive refinish market statistics, including automotive refinish industry global market size, regional shares, competitors with a automotive refinish market share, detailed automotive refinish market segments, market trends and opportunities, and any further data you may need to thrive in the automotive refinish industry. This automotive refinish market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive refinish market size has grown strongly in recent years. It will grow from $11.60 billion in 2023 to $12.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to several factors, including increasing vehicle ownership, a rise in the average age of vehicles, expansion of automotive manufacturing, globalization of industries, and stricter environmental regulations.
The automotive refinish market size is expected to see strong growth in the next few years. It will grow to $16.20 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to higher accident rates, the increasing adoption of OEM (Original Equipment Manufacturer) standards, the rise of do-it-yourself (DIY) culture, stricter regulations on emissions, and changes in vehicle ownership patterns. Major trends expected in this period include innovations in refinishing products, advancements in paint and coating technologies, improvements in skilled technician capabilities, advancements in digital color matching technology, and overall technological advancements in the automotive refinishing industry.
The automotive refinish market is poised for growth due to an increase in accidents and vehicle damages. This rise is primarily attributed to factors such as driver behaviors (e.g., speeding, distracted driving, drunk driving), inadequate road infrastructure, and vehicle design issues. Automotive refinishing plays a crucial role in repairing and restoring vehicle exteriors post-accidents or damages, ensuring both aesthetic appeal and structural integrity. It helps preserve the vehicle's appearance and resale value. For example, in 2021, the National Highway Traffic Safety Administration (NHTSA) reported a 10.5% increase in motor vehicle traffic crash fatalities, with an estimated 42,915 deaths compared to 38,824 in 2020. Hence, the escalating number of accidents and vehicle damages is a key driver for the automotive refinish market's growth.
Leading companies in the automotive refinish market are focusing on technological innovations to enhance customer satisfaction. One such advancement is the development of low-gloss clearcoat systems, which offer flexibility in achieving matte or satin finishes instead of traditional high-gloss shine. For instance, PPG Industries Inc., a US-based manufacturer of paints and coatings, introduced a new waterborne low-gloss clearcoat system in 2021. This system comprises two high-quality 2K acrylic urethane clears capable of producing a range of gloss levels, catering specifically to repairs requiring low-gloss finishes. PPG's comprehensive range of clearcoats, including their CERAMICLEAR line, Matt, and Express Clearcoats, along with a variety of hardeners and thinners, supports diverse repair needs across different temperatures and body shop environments.
In June 2023, Briolf Group S.L., a Spain-based chemical manufacturer, acquired INTEC srl, an Italy-based automotive refinishing provider, to bolster its position in the European paints and coatings market. This strategic acquisition underscores Briolf's commitment to expanding its footprint and capabilities within the industry.
Major companies operating in the automotive refinish market are BASF SE, 3M Company, WEG SA, The Sherwin-Williams Company, Covestro AG, PPG Industries Inc., AkzoNobel N.V., Nippon Paint Holdings Co. Ltd., KCC Corporation, Axalta Coating Systems Ltd., Kansai Paint Co. Ltd., Allnex Group, Reichhold LLC, Samhwa Paints Industrial Co. Ltd, Novol Sp. Z.o.o, James Briggs Limited, SEM Products Inc., HMG Paints Ltd, Bernardo Ecenarro S.A., KAPCI Coatings, Alps Coating Sdn. Bhd., NOROO Paint & Coatings Co. Ltd., TOA Performance Coating Corporation CO. Ltd.
North America was the largest region in the automotive refinish market in 2023. The regions covered in the automotive refinish market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive refinish market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive refinish market includes revenues earned by entities by providing services such as paint matching and mixing, repairing minor dents, panel replacement, and custom paint jobs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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.
Automotive Refinish 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 automotive refinish 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 automotive refinish ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive refinish 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.