Press release
Key Trends Shaping the Future Automotive Refinish Market From 2025-2034: High - Performance VHS Clear Coat For Automotive Refinishing
Automotive Refinish
The escalating number of vehicle accidents and damage is predicted to fuel the expansion of the automotive refinish market. The predominance of these incidents can be attributed to driver behaviors such as reckless speeding, distractions on the road, and driving under the influence, along with deficient road structures and vehicle designs. The purpose of automotive refinishing is to repair and refurbish the exterior of vehicles after an accident or damage, thereby ensuring their aesthetic and structural excellence. This process aids in preserving the vehicle's visual appeal and its resale value. For illustration, a report by the Insurance Institute for Highway Safety, an independent and nonprofit organization based in the USA, revealed in June 2024 that in 2022, 42,514 individuals died from motor vehicle accidents in the United States. This translates to a death rate of 12.8 for every 100,000 people and 1.33 fatalities for every 100 million miles driven. Thus, the increasing prevalence of accidents and vehicle damage is bolstering the advancement of the automotive refinish market.
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What is the projected compound annual growth rate (CAGR) of the automotive refinish market from 2025 to 2034, and what factors influence it?
In recent times, the automotive refinish market has seen significant growth. It is estimated to expand from $12.39 billion in 2024 to $13.28 billion in 2025, with a compound annual growth rate (CAGR) of 7.2%. Factors that led to this growth during the historical period include rises in vehicle ownership and the average age of vehicles, growth in the automotive manufacturing industry, increased globalization across sectors, and more rigorous environmental regulations.
Predictions indicate robust expansion in the automotive refinish market in the forthcoming years, with projections of reaching $17.31 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 6.8%. This growth within the forecast period is linked to the increased frequency of accidents, the evolution of OEM (Original Equipment Manufacturer) standards, the emergence of do-it-yourself (DIY) culture, tighter emission regulations, and alterations in car ownership habits. Key trends forecasted for this period include product innovations in the refinishing industry, progress in paint and coating technologies, the rise of trained technicians, advancements in digital color matching systems, and other technological milestones.
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How are the latest trends influencing the growth of the automotive refinish market?
Key players in the vehicle refinish industry are concentrating on technological advancements, such as high-performance VHS clear coating, to better cater to their customers. High-performance VHS clear coating is a resilient and protective finish designed for vehicles, offering increased resistance to UV rays, chemicals, and scratches. It gives a clear, polished look while enhancing the durability and beauty of the base paint. For instance, in July 2023, Proxl, a Belgium-based firm that is a frontrunner in providing refinishing & painting products to the automotive and industrial sectors, unveiled XPRESS605, a high-performance VHS clear coat. The coat offers user-friendliness, extended workability, an exceptionally high gloss gun finish, and quick drying times. This improves efficiency and reduces the cost of materials, electricity, and workers. The XPRESS605 product is ready to spray with a simple 2:1 mixture of clear coat and hardener, removing the need for thinners or additional additives. With a solid content of 63% - higher than any rival in the market - and reduced VOCs, it achieves a dry film thickness of approximately 60 microns.
What are the major segments of the automotive refinish market and their role in driving growth?
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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Which regions are key players in the growth of the automotive refinish market?
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.
Who are the key firms paving the way for growth in the automotive refinish market?
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.
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What Is Covered In The Automotive Refinish Global Market Report?
•Market Size Forecast: Examine the automotive refinish market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive refinish market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive refinish market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive refinish market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive refinish market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive refinish market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive refinish market.
•Competitive Landscape: Review strategic developments in the automotive refinish market, including expansions, agreements, and new product launches.
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