Refinish Paint Market 2024 - Emerging Trends, Growth Potential, Revenue Analysis And Business Outlook till 2033

The Business Research Company recently released a comprehensive report on the Global Refinish Paint Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 growth in the historic period can be attributed to rapid urbanization and industrialization, growing vehicle fleet, environmental regulations, sustainability concerns, increased demand for customization, and increased focus on aesthetics.

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%. The growth in the forecast period can be attributed to a shift to waterborne and high solids coatings, integration of digital technologies, focus on cost-effective solutions, expansion of automotive aftermarket services, and expansion of distribution channels. Major trends in the forecast period include innovations in polyurethane resins, advanced color-matching solutions, UV-cured coatings, mobile apps and software solutions, and smart coatings.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Refinish Paint Market 2024 Key Insights:

• 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%.
• Impact Of The Rising Number Of Accidents On The Refinish Paint Market
• Next-Generation Basecoat Technology With Cromaxgen To Revolutionize Automotive Refinishing
• Asia-Pacific was the largest region in the refinish paint market in 2023

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