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Automotive Refinish Coatings Market Size, Industry Share, Trends Analysis And Forecast To 2032
Automotive Refinish Coatings Market Analysis
The Business Research Company's Automotive Refinish Coatings Global Market Report 2023 identifies rising number of accidents as the major driver for the automotive refinish coatings market's growth in the forecast period. Accidents refer to any injury due to crashes involving a vehicle partially or fully on a public road. Automotive refinish coatings help to cover the damages caused to the vehicle body due to accidents. For instance, in January 2022, according to the Times of India, an Indian daily newspaper, road crashes rose by 10% in 2021, and over 400 people died in accidents. The number of road accidents was 796 in 2020, which increased to 874 in 2021. The number of road accidents in 2020 accounted for 347, which increased to 389 in 2021. Therefore, the rising number of accidents is driving the growth of the automotive refinish coatings market.
The global automotive refinish coatings market size is expected to grow from $8.80 billion in 2022 to $9.34 billion in 2023, at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive refinish coatings market size is expected to grow to $11.46 billion in 2027 at a CAGR of 5.3%.
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Major competitors in the automotive refinish coatings market are KCC Corporation, BASF SE, PPG Industries Inc., Nippon Paint Holdings Company Limited, KAPCI Coatings Company.
A key trend in the automotive refinish coatings market includes technological advancement. Major companies operating in the market are introducing advanced technological solutions to sustain their position in the market. For instance, in January 2021, Nippon Paint Group, an India-based company that manufactures paint and coatings, launched its next-generation 'Paint Partner' digital color solutions. This technology is the latest digital color formula retrieval and correction system that is integrated with a spectrophotometer tool. Paint Partner is supported across all platforms, including the Web, Windows, and mobile apps (both iOS and Android). It has been integrated into two multi-angle spectrophotometers, one of which has a colored camera. Both of the devices have firmware that is specifically designed for Nippon Paint, are branded, Wi-Fi enabled, and have other powerful features like touch screens, colored user interfaces (UI), the ability to choose flake or aluminum, and the ability to recommend a primer or surfacer. The equipment is designed to offer a distinctive and cutting-edge solution to the automotive painting industry and works with both solvent-borne and water-borne paint systems.
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The automotive refinish coatings market is segmented -
1) By Product Type: Primer, Basecoat, Clearcoat, Activator, Filler, and Putty
2) By Technology: Solvent-borne Coatings, Water-borne Coatings, UV-cured Coatings, High Solid Coatings, Powder Coatings
3) By Resin: Polyurethane, Alkyd, Acrylic, Epoxy
4) By Application: Passenger Cars, Commercial Vehicles, Two-Wheeler
5) By End Use: OEM, Aftermarket
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the automotive refinish coatings market.
The Business Research Company's "Global Automotive Refinish Coatings Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Automotive Refinish Coatings Market Include:
1. Executive Summary
2. Automotive Refinish Coatings Market Characteristics
3. Automotive Refinish Coatings Market Trends And Strategies
4. Automotive Refinish Coatings Market - Macro Economic Scenario
5. Automotive Refinish Coatings Market Size And Growth
……….
26. Africa Automotive Refinish Coatings Market
27. Automotive Refinish Coatings Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Refinish Coatings Market
29. Automotive Refinish Coatings Market Future Outlook and Potential Analysis
30. Appendix
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