Press release
Automotive Refinish Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Automotive Refinish Market share
There has been substantial growth in the automotive refinish market size in the past few years. The market, which stood at $12.39 billion in 2024, is poised to swell to $13.28 billion in 2025, registering a compound annual growth rate (CAGR) of 7.2%. Factors such as the rise in vehicle ownership, an increase in the average age of vehicles, enlargement of automotive manufacturing, industrial globalization, and rigorous environmental laws have contributed to the market's growth during the historical period.
In the forthcoming years, the size of the automotive refinish market is predicted to witness robust growth, expanding to a value of $17.31 billion in 2029, at a compound annual growth rate (CAGR) of 6.8%. Factors contributing to this growth encompass an increase in accident rates, the emergence of OEM (Original Equipment Manufacturer) standards, a surge in the adoption of a do-it-yourself (DIY) attitude, more rigid emission norms, and alterations in the patterns of vehicle ownership. Over the forecast period, predominant trends will be product innovation in automotive refinishing, advancements in paint and coating technologies, the rise in proficiency level of technicians, progress in digital color matching technology, and overall technological advancements.
What Is Driving the Growth Trajectory of the Automotive Refinish Market?
The automotive refinish market's growth is anticipated to escalate due to an increased frequency of accidents and vehicle damage. This spike is primarily attributed to various driving behaviours such as speeding, distracted or drunk driving, coupled with substandard road infrastructure and vehicle design. Automotive refinishing plays a crucial role in repair and restoration of vehicular exteriors post-accidents or damages, by ensuring aesthetic look and structural soundness, thereby enhancing its appearance and resale value. To illustrate, the Insurance Institute for Highway Safety, a US-based independent, nonprofit scientific and educational entity, reported in June 2024 that there were about 42,514 fatalities resulting from motor vehicle accidents in the US. This corresponds to a rate of 12.8 deaths per 100,000 individuals and 1.33 deaths per 100 million miles travelled in 2022. Thus, the increased prevalence of accidents and vehicle damage contributes significantly to the development of the automotive refinish market.
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Which Businesses Are at the Forefront of Automotive Refinish Market Development?
Major companies operating in the automotive refinish market are BASF SE, 3M Company, WEG SA, The Sherwin-Williams Company, Covestro AG, PPG Industries Inc., AkzoNobel N.V., Nippon Paint Holdings Co. Ltd., KCC Corporation, Axalta Coating Systems Ltd., Kansai Paint Co. Ltd., Allnex Group, Reichhold LLC, Samhwa Paints Industrial Co. Ltd, Novol Sp. Z.o.o, James Briggs Limited, SEM Products Inc., HMG Paints Ltd, Bernardo Ecenarro S.A., KAPCI Coatings, Alps Coating Sdn. Bhd., NOROO Paint & Coatings Co. Ltd., TOA Performance Coating Corporation CO. Ltd.
What Are the Latest Innovations in the Automotive Refinish Market?
Key players in the automotive refinish market are directing their efforts towards the development of technologies such as high-performance VHS clear coat as a strategy to improve customer satisfaction. This finish is resilient and designed specifically for vehicles and surfaces, offering increased resistance to scratches, chemicals and damaging UV rays. It not only imparts a clear, glossy look but also enhances the durability and beauty of the base paint. To illustrate, in July 2023, Proxl, a pioneer in the furnishing & painting products markets in the automotive and industrial fields based in Belgium, introduced XPRESS605. This high-performance VHS clear coat is easy to use, allows for prolonged working time, provides exceptionally high gloss gun finishes and is quick to cure. It boosts efficiency while reducing costs related to labour, power, and materials. The XPRESS605 is a simple 2:1 mixture of clear coat and hardener that is ready to use with a spray gun, with no need for thinners or other additives. With a superior solids content of 63%-exceeding any other competitors-and lower VOCs, it delivers dry film thickness of nearly 60 microns.
How Is the Automotive Refinish Market Segmented?
The automotive refinish market covered in this report is segmented -
1) By Product Type: Primer, Base Coat, Top Coat, Clear Coat
2) By Material Type: Polyurethanes, Acrylics, Alkyd
3) By Technology: Solvent Borne, Water Borne, Ultraviolet (UV) Cure
4) By Applications: Passenger Vehicle, Commercial Vehicle
5) By End User: Original Equipment Manufacturer (OEM), Aftermarket
Subsegments:
1) By Primer: Epoxy Primer, Urethane Primer, Etch Primer, High Build Primer, Filler Primer, Polyester Primer
2) By Base Coat: Solid Base Coat, Metallic Base Coat, Pearlescent Base Coat, Matte Base Coat, High Gloss Base Coat
3) By Top Coat: Urethane Top Coat, Acrylic Top Coat, Polyester Top Coat, Enamel Top Coat, Ceramic Top Coat
4) By Clear Coat: High Gloss Clear Coat, Matte Clear Coat, Satin Clear Coat, UV Resistant Clear Coat, Scratch Resistant Clear Coat
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Where Is the Automotive Refinish Market Growth Most Prominent?
North America was the largest region in the automotive refinish market in 2023. The regions covered in the automotive refinish market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Automotive Refinish Global Market Report?
- Market Size Analysis: Analyze the Automotive Refinish Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Refinish Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Refinish Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Refinish Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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