Automotive Refinish Coatings Sales Projected to Surge with 5.1% CAGR from 2023 to 2033

The automotive refinish coatings market is anticipated to reach a value of US$ 7.7 billion in 2023 and US$ 12.9 billion by 2033. During the projection period, it is anticipated that sales of automotive refinish coatings will increase at a strong CAGR of 5.1%.

One of the major factors positively influencing global Demand for Automotive Refinish Coatings is the increasing demand for recreational and vehicle repair and maintenance activities, as well as the rise in fatal road accidents.

Aside from that, key players are introducing environmentally friendly refinish coatings made with organic chemicals and offering color and printing customization to enhance the consumer experience.

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Furthermore, as people become more aware of the importance of vehicle maintenance, the use of automotive refinish coatings is increasing globally.

Rising environmental awareness and a number of initiatives launched by governments around the world are driving the use of low Volatile Organic Compound (VOC) emissions. This provides lucrative growth opportunities for market players in the industry.

Key Takeaways from the Automotive Refinish Coatings

• In 2023, the U.S. automotive refinish coatings market is expected to grow by 6.01% year-on-year, reaching a valuation of US$ 2.4 Bn. Revenue generation in the country will be pushed by a rebound in the automotive industry.
• In 2021, Asia-Pacific accounted 42.3% of worldwide sales, and it is anticipated that it will maintain its lead over the projected period. Increased sales of passenger vehicles along with a strong automotive manufacturing base are also expected to fuel the market growth.
• Currently, Germany holds dominance with a share of 38% in Western Europe. The automotive sector in Germany spends a considerable share of its budget on research and development activities.
• In terms of material type, acrylic based coatings have surpassed the market value of polyurethane-based coatings. Acrylic based coatings are expected to hold around 44% of the market whereas polyurethane based coatings are just decimals away from this share.
• Demand in the passenger cars segment grew by 5.7% year over year rate in 2021. Meanwhile, demand for automotive refinish coatings in the commercial vehicle segment increased at 4.2% CAGR between 2020 and 2021.
• The primers and base coat segment are dominant in the automotive refinish coatings market. Both segments collectively hold around 66.3% of the share in the global automotive refinish coatings market.

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Competitive Landscape

To increase their market position, major players in the market are concentrating on merger and acquisition strategies along with product development. To boost their yearly turnover, they are still boosting their production capacity. For instance:

On June 1, 2022, AkzoNobel recently decided to expand its presence in Africa by signing a contract with Kansai Paint and starting its coatings-related operations there. With Kansai Paints, AkzoNobel will be able to build a foundation for future market expansion and generate 280 million euros in sales. Additionally, this partnership will emphasize commitment to innovation and sustainability, leading to the expansion of products and the provision of appropriate solutions for clients.
Tikkurila and its activities in the areas of governance, social responsibility, and the environment have been acquired by PPG Industries. This gave PPG access to additional growth opportunities due to an expanded selection of coatings products and emerging new technologies. With this acquisition, PPG has moved closer to its goal of reducing emissions by 15% by 2025, which is expected to open up more opportunities for the coatings sector.

Top Key Players in the Automotive Refinish Coatings Market

• Axalta Coating Systems, LLC
• 3M Company
• AkzoNobel N.V.
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Dow Inc.
• Nippon Paint Holdings Co., Ltd.
• Kansai Paint Co., Ltd.
• Covestro AG
• KAPCI Coatings
• NOVOL Sp. Z o.o.
• KCC Corporation

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Automotive Refinish Coatings Market

By Material Type:

Polyurethanes
Acrylics
Alkyd

By Product Type:

Primer
Base Coat
Top Coat
Clear Coat
By Technology:

Solvent Borne
Water Borne
UV Cure
By Vehicle Type:

Passenger Cars
Compact
Midsize
Executive
Luxury

By Region:

North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa (MEA)

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This release was published on openPR.