Press release
Refinish Paint Market Size Forecasted To Achieve $10.97 Billion By 2029 With Steady Growth
Refinish Paint
What Is the Refinish Paint Market Size and Projected Growth Rate?
The refinish paint market has grown steadily in recent years. It is anticipated to increase from $8.38 billion in 2024 to $8.87 billion in 2025 at a CAGR of 5.8%. Contributing factors include urban and industrial development, growth in the vehicle population, environmental rules, sustainability focus, demand for vehicle personalization, and aesthetic enhancements.
The refinish paint market is expected to experience strong growth, reaching $10.97 billion by 2029 with a CAGR of 5.5%. The growth is driven by the shift to waterborne and high solids coatings, digital technology integration, cost-effective solutions, the expansion of automotive aftermarket services, and growing distribution channels. Key trends include innovations in polyurethane resins, advanced color-matching solutions, UV-cured coatings, mobile apps, and smart coatings.
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What Are the Major Segments in the Refinish Paint Market?
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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What Are The Driving Refinish Paint Market Evolution?
The increasing frequency of road accidents is likely to support the growth of the refinish paint market. Road accidents result in property and personal harm and are becoming more common due to factors such as impaired driving and traffic congestion. Refinish paints are essential for restoring the vehicle's external look after damage. For instance, in March 2024, Eurostat reported 20,653 road accident deaths in Europe in 2022, a 3.7% increase from 19,917 in 2021. Hence, the rising accident rate contributes to the refinish paint market's expansion.
Which Firms Dominate The Refinish Paint Market Segments?
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
What Trends Are Expected to Dominate the Refinish Paint Market in the Next 5 Years?
Companies in the refinish paint market are concentrating on the development of basecoat technology to enhance their competitiveness. This technology involves applying a base layer of paint between the primer and clearcoat during the automotive refinishing process. In August 2022, Axalta Coating Systems Ltd., a US-based paint manufacturer, launched CromaxGen, a new basecoat technology for automotive refinishing. This technology offers benefits such as accurate color formulas, increased productivity, and cost-efficiency, particularly aimed at improving body shops' operations in Latin America.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Refinish Paint Market?
2. What is the CAGR expected in the Refinish Paint Market?
3. What Are the Key Innovations Transforming the Refinish Paint Industry?
4. Which Region Is Leading the Refinish Paint Market?
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