Press release
Comprehensive Refinish Paint Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Refinish Paint
The rising number of road accidents is expected to propel the growth of the refinish paint market. Increased accidents, driven by factors such as traffic congestion and distracted driving, create a demand for refinish paint to restore vehicles' appearance. Refinish paints are essential for maintaining the value and aesthetics of vehicles post-accident. For example, in March 2024, Eurostat reported a 3.7% increase in the number of fatalities due to road accidents in Europe, further boosting the demand for refinish paints.
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How will the growth rate of the refinish paint market shape industry trends by 2034?
The refinish paint market has seen strong growth in recent years. It is projected to increase from $8.38 billion in 2024 to $8.87 billion in 2025 at a CAGR of 5.8%. Key drivers include rapid urbanization, industrialization, a growing vehicle fleet, environmental regulations, sustainability concerns, demand for customization, and an increasing focus on aesthetics.
The refinish paint market is projected to grow significantly, reaching $10.97 billion by 2029 at a CAGR of 5.5%. Growth drivers include the shift to waterborne and high-solids coatings, digital technology integration, demand for cost-effective solutions, the expansion of automotive aftermarket services, and growth in distribution channels. Trends include innovations in polyurethane resins, advanced color-matching solutions, UV-cured coatings, and smart coatings.
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What trends are poised to drive the future success of the refinish paint market?
Companies in the refinish paint market are focusing on advancing basecoat technology to gain a competitive edge. Basecoat technology refers to the layer applied after the primer and before the clearcoat in automotive refinishing. For example, in August 2022, Axalta Coating Systems Ltd., a US-based company, launched CromaxGen, a new next-generation basecoat technology. This product offers precise color formulas, productivity improvements, and cost optimization to benefit body shops in Latin America by enhancing efficiency and reducing costs.
Which primary segments of the refinish paint market are driving growth and industry transformations?
The refinish paint market covered in this report is segmented -
1) By Product Type: Solvent Borne, Waterborne, Powder
2) By Coating Type: Polyurethane, Epoxy, Acrylic, Other Coating Types
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Bus, Truck
4) By Application: Clearcoat, Basecoat, Primer, Sealer
Subsegments:
1) By Solvent Borne: Alkyd-Based Paints, Epoxy-Based Paints, Acrylic-Based Paints
2) By Waterborne: Water-Based Acrylic Paints, Water-Based Epoxy Paints
3) By Powder: Thermosetting Powder Coatings, Thermoplastic Powder Coatings
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Which geographical regions are pioneering growth in the refinish paint market?
Asia-Pacific was the largest region in the refinish paint market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the refinish paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the refinish paint market landscape?
Major companies operating in the refinish paint market are 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
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What Is Covered In The Refinish Paint Global Market Report?
•Market Size Forecast: Examine the refinish paint market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the refinish paint market for a structured understanding.
•Key Players Overview: Analyze major players in the refinish paint market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the refinish paint market.
•Segment Contributions: Evaluate how different segments drive overall growth in the refinish paint market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the refinish paint market.
•Industry Challenges: Identify potential risks and obstacles affecting the refinish paint market.
•Competitive Landscape: Review strategic developments in the refinish paint market, including expansions, agreements, and new product launches.
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