Refinish Paint Market to Exceed USD 11.2 billion by 2031

The global refinish paint market (Markt für Reparaturlacke) is projected to flourish at a CAGR of 4.7% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 11.2 billion is anticipated for the market in 2031. As of 2023, the market for refinish paint is expected to close at US$ 7.7 billion.

The rapid growth in the automotive industry and the increasing number of vehicles on the road globally leads to a higher demand for refinish paints to repair and restore vehicles after accidents or wear and tear.

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Competitive Landscape

The refinish paint market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global refinish paint market report:

BASF SE
PPG Industries, Inc.
Axalta Coating Systems Ltd.
Sherwin-Williams Company
Kansai Paint Co., Ltd.
NIPSEA Group
KCC Corporation

Increased rates of accidents and collisions are common occurrences, necessitating repairs that often involve repainting damaged areas of vehicles using refinish paints

Increasing consumer preferences for maintaining the appearance of their vehicles, as well as trends in vehicle customization, contribute to the demand for refinish paints.

Increasing disposable income levels and increased spending on vehicle aesthetics and repairs, including refinishing, to boost the market demand. The increasing requirement for timely servicing of vehicles can also increase sales of refinish paints.

Key Takeaways from the Market Study

As of 2022, the refinish paint market was valued at US$ 7.4 billion
By product type, the solvent-based paint segment to enjoy high demand, accumulating a high revenue share during the forecast period, as it is a traditional choice for automotive refinish due to its excellent durability, glossy finish, and fast drying times

Based on material, the polyurethane segment is anticipated to dominate the industry during the forecast period

Based on application, the passenger vehicles segment is expected to generate high revenue during the forecast period.

Refinish Paint Market: Key Trends and Opportunistic Frontiers

The growing trend of vehicle customization and increasing sales of various pre-owned vehicles is expected to provide growth opportunities for refinish paint market

Increasing rates of accidents in developing economies and the adoption of some innovative technologies are projected to boost sales of refinish paints.
Manufacturers are investing in research and development and producing advanced color-matching technology that accurately matches the color of a damaged vehicle, ensuring a seamless finish after repairs.
Refinish Paint Market

North America is expected to account for a significant market share in refinish paint market owing to the presence of a mature automotive market with a significant number of vehicles on the road leading to a steady demand for refinish paints. Increasing consumer awareness and increasing demand for sustainable and environment-friendly paints in the automobile industry are serving as key factors in creating lucrative opportunities for the growth of the industry.

Asia Pacific dominates the global refinish paint business. Increasing disposable incomes and increased interest in vehicle customization and upgrades, drive demand for refinish paints, in the region. Increasing demand for refinish paint in automotive repair centers and body shops for vehicle refinishing, drive the market growth.

Refinish Paint Market - Key Segments

By Material

Polyurethane
Acrylic
Epoxy
Alkyd-based
Nitrocellulose
Others

By Coat Type

Clearcoat
Basecoat
Topcoat
Primer
Others

By Product Type

Solvent-based
Water-based

By Application

Passenger Vehicles
Commercial Vehicles

Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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