Press release
Automotive Refinish Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Automotive Refinish
What Is the Expected Automotive Refinish Market Size During the Forecast Period?
The automotive refinish market has experienced strong growth in recent years. It will rise from $12.39 billion in 2024 to $13.28 billion in 2025, at a CAGR of 7.2%. This growth can be attributed to rising vehicle ownership, the aging vehicle population, expansion in automotive manufacturing, and stricter environmental regulations.
The automotive refinish market is set to experience significant growth, projected to reach $17.31 billion by 2029 at a CAGR of 6.8%. The rise is attributed to higher accident rates, the increase in OEM standards, the DIY culture, stricter emission regulations, and changes in vehicle ownership patterns. Notable trends include refinishing product innovations, advancements in paint and coating technologies, developments in skilled technicians, and advancements in digital color matching.
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What Are the High-Growth Segments in the Automotive Refinish Market?
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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What Key Drivers Are Expected to Influence Future Automotive Refinish Market Growth?
The increasing instances of accidents and vehicle damages are expected to propel the growth of the automotive refinish market. Rising accidents are attributed to factors such as speeding, distracted driving, and poor road conditions. Automotive refinishing restores the appearance and structural integrity of vehicles after accidents, maintaining resale value and aesthetics. In 2022, the U.S. saw 42,514 fatalities due to motor vehicle accidents, emphasizing the importance of refinishing services in restoring damaged vehicles and driving market growth.
Which Companies Hold the Largest Share Across Different Automotive Refinish Market Segments?
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 Trends Are Expected to Dominate the Automotive Refinish Market in the Next 5 Years?
Companies in the automotive refinish market are focusing on advancements like high-performance VHS clear coats to offer better protection and enhance vehicle aesthetics. These coatings provide resistance to UV rays, chemicals, and scratches, improving the longevity of the paintwork. For example, in July 2023, Proxl, a Belgium-based refinish product provider, introduced XPRESS605, a high-performance VHS clear coat. This product offers high gloss, rapid curing, and a simple 2:1 mix, reducing material, power, and labor costs.
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What Are the Emerging Geographies for The Automotive Refinish Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Refinish Market?
2. What is the CAGR expected in the Automotive Refinish Market?
3. What Are the Key Innovations Transforming the Automotive Refinish Industry?
4. Which Region Is Leading the Automotive Refinish Market?
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