Refinish Paint Market for Automotive Forecast Expected to Surpass USD 12.36 Billion by 2030

The Refinish Paint Market for Automotive was valued at US$ 8.99 Bn in 2023 and is expected to reach US$ 12.36 Bn by 2030, at a CAGR of 4.66 % during a forecast period.

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Market Estimation, Drivers, Opportunities and Growth

The automotive refinish paint sector is a key segment in the overall maintenance and attractiveness of a vehicle, as it is primarily used for damages caused to vehicles by accidents, environmental impacts as well as wear and aging. Here are some key drivers and opportunities that are propelling the market growth.

Growth in Vehicle Ownership: Expansion in the ownership of personal vehicles across the globe, especially within developing countries, has resulted in an increase in demand for maintenance and repair services and, in turn, a positive influence on the refinish paint market growth.

Technology development: Developments in the paint technologies, such as the launch of eco-friendly and long-lasting coatings is appealing to the customers and corporates looking for sustainable solutions.

Increased Demand for Aesthetic Customization: The rising trend among consumers to customize and increase the aesthetics of vehicles has bolstered demand for dedicated refinish paints.

Refurbishing and Repainting Services for Aging Vehicle Fleet: The older vehicles become, the more refurbished and repainted they become, leading to increased market growth.

Market Trends and Opportunities Report for the U.S.

Notable automotive refinish paint trends in the United States from 2024 include:

Toyota $922 Million Investment in Kentucky - Toyota has revealed $922 million investment to build a new paint facility at its Georgetown KY factory complex. Expected to be opened in 2027, the new facility will have one million square feet of capacity, 30% less carbon emissions and will save 1.5 million gallons of water a year. The initiative is part of Toyota's aim to reach zero carbon emissions by 2050.

3:40 p.m. Sherwin-Williams quarter: Sherwin-Williams booked disappointing third quarter profits in 2024, as the paint maker absorbed weak housing, automotive and aerospace sales. Sales could be boosted by extra shipments ahead of the weeklong holiday, but the company expects overall fourth-quarter sales growth to be flat to low single-digit percentage, as it anticipates that many of its industrial customers will close down for the holidays.

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Market Segmentation and Jon Q Public

Automotive refinish paint is classified by type of resin, type of product, method, and age of a vehicle. Market Share By Segment: The segments with the biggest shares of the market include:

By Resin Type:

Polyurethane Resins: They dominate the market as a result of their hardness, and durability, as well as durability to UV rays, chemicals and corrosion also providing OEM automotive coatings.

By Product Type:

Basecoat: This segment accounted for the largest share of nearly $3.72 billion in 2023 and is estimated to be $6.08 billion in 2032.

Competitive Analysis

The automotive refinish paint global market consists of a combination of international and domestic players, and these key players have helped shape the growth of the market through strategic initiatives and technological advancement. Famous companies present in the market are:

Led by a supplier of paints, coatings, and specialty materials, PPG Industries (NYSE:PPG) reported lower than expected profits for the third quarter of 2024 as sales fell from its industrial coatings unit. That said, the company has continued to be a leader in refinish paint innovation.

Sherwin-Williams: The comprehensive paint products provider had been experiencing lower sales in its automotive segment in 2024. The post Strategic initiatives to revive growth in this space appeared first on Ranjit Bhatia.

Axalta Coating Systems: Having focused on coatings for diverse demand, Axalta has been furthering their investments on R&D and provides strong products in automotive refinish industry.

Summary: BASF is a global leading chemical company with an extensive automotive refinish coating portfolio, and BASF wants it to be noted that their product lines are environmentally friendly and sustainable.

Nippon Paint Holdings Co, Ltd.: Nippon Paint is one of the largest manufacturers for paint and coatings, and is leveraging expanding its automotive coatings segment by offering advancements in technology in addition to entering into strategic partnerships.

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Regional Analysis

Different automobile reconditioning paint market dynamics are expected to provide a diverse impact on growth prospects across the regions:

U.S.: The U.S. has large shares in the global market due to its strong base of automotive manufacturing and heavy investment in automotive infrastructure and technology.

UK & Germany - Both the countries have a notable share in the global automotive refinish paint market owing to high automotive production and technological development.

France: Market share of France is increasing on the back of vehicle R&D projects supported by the government.

Japan - Japan is home to many of the major manufacturers and consumers of automotive technologies, and its advantages as a manufacturing center help this region in EV and supply chain.

China: China remains the largest market for automotive refinish paint in the world, largely driven by its leading automotive sector and rapid urbanization. Rising government initiatives promoting infrastructure construction are expected to propel the automotive refinish paints market growth.

Conclusion

Increasing ownership of vehicles coupled with rising technological advancements and investment by major players in the global automotive refinish paint market to expand its production capacity is projected to drive the market growth. The increasing interest towards sustainability, efficiency, and aesthetic customization are some of the key drivers for innovation and market space. But with the challenges posed by economic conditions and changing consumer preferences, cohesiveness between stakeholders, collaboration and investment in advanced technologies remains essential for overcoming barriers to growth and responding to the changing demands of the global automotive landscape.

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