Press release
Refinish Paint Global Market Estimated to Surge at a CAGR of 5.6% to Reach $10.41 Billion By 2028 | BASF SE, Covestro AG, PPG Industries Inc., Arkema S.A., AkzoNobel NV
Refinish Paint Market
As per the report, 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 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%.
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Impact Of The Rising Number Of Accidents On The Refinish Paint Market
The rising number of road accidents is expected to propel the growth of the refinish paint market going forward. Road accidents, also known as traffic collisions or motor vehicle accidents, involve one or more vehicles on a public roadway that harm people, property, or both. The rising number of accidents is due to traffic congestion, distracted driving, and impaired driving. Refinish paint is used to restore the vehicle's exterior appearance to its pre-accident condition. This involves matching the original color and finish of the vehicle, which is essential for aesthetic consistency and maintaining the vehicle's value. For instance, in April 2023, according to reports published by the U.S. Department of Transportation, a U.S.-based government department, there were 13,384 fatalities caused by drunk driving in 2021, representing an increase from the 11,718 fatalities recorded in 2020. Therefore, the rising number of accidents is driving the growth of the rising number of accidents market.
Next-Generation Basecoat Technology With Cromaxgen To Revolutionize Automotive Refinishing
Major companies operating in the refinish paint market are focusing on developing solutions with basecoat technology, to gain a competitive edge in the market. Basecoat technology refers to the layer of paint applied after the primer and before the clearcoat in the automotive refinishing process. For instance, in August 2022, Axalta Coating Systems Ltd., a US-based paint and coating manufacturing company, launched CromaxGen, a new next-generation basecoat technology for the automotive refinish industry. This innovative product offers unique features such as precise color formulas, productivity enhancements, and cost optimization to increase productivity and optimize costs for body shops in Latin America.
The refinish paint market covered in this report is segmented -
1) By Product Type: Solvent Borne, Waterborne, Powder
2) By Coating Type: Polyurethane, Epoxy, Acrylic, Other Coating Types
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Bus, Truck
4) By Application: Clearcoat, Basecoat, Primer, Sealer
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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
Contents of the report:
1. Executive Summary
2. Refinish Paint Market Report Structure
3. Refinish Paint Market Trends And Strategies
4. Refinish Paint Market - Macro Economic Scenario
5. Refinish Paint Market Size And Growth
…..
27. Refinish Paint Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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