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Rising Number Of Accidents Driving Automotive Refinish Coatings Market: Pivotal Factor Influencing Automotive Refinish Coatings Market Growth in 2025
Automotive Refinish Coatings Market
Automotive Refinish Coatings Market Size Growth Forecast: What to Expect by 2025?
The size of the automotive refinish coatings market has witnessed considerable growth in the past few years. The market, which was worth $9.7 billion in 2024, is expected to reach a value of $10.24 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.6%. This growth during the historical period can be attributed to factors such as automotive repair and maintenance needs, an increase in the number of vehicles on the roads, an aging fleet of vehicles, a rise in accident rates, customer preferences for vehicle aesthetics, and the global growth of the automotive market.
How Will the Automotive Refinish Coatings Market Size Evolve and Grow by 2029?
The market size for automotive refinish coatings is predicted to experience significant growth in the coming years, reaching a value of $13.16 billion in 2029 with a compound annual growth rate (CAGR) of 6.5%. This predicted growth in the forecast period can be accredited to developments in coating technology, a heightened focus on sustainability, a surge in demand for high-grade coatings, digital solutions for color matching, globalization of car repair chains, and an evolving consumer preference. Major upcoming trends during the forecast period include technological progress in coating formulations, eco-friendly waterborne coatings, an increase in the adoption of UV-cured coatings, growing preference for matte finishes, an upward trend in the adoption of clearcoat technologies, and escalating investment in training and industry certification.
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What Drivers Are Propelling the Growth of Automotive Refinish Coatings Market Forward?
The growth of the automotive refinish coatings market is projected to be fueled by the increasing rate of accidents. Accidents typically reference any harm resulting from collisions involving a vehicle partially or fully on public roads. Automotive refinish coatings serve a vital role in repairing the vehicle's body damage caused by such accidents. The National Highway Traffic Safety Administration, a US government department, reported that nearly 2.38 million people were injured in motor vehicle traffic crashes in 2022, which showed a decline compared to the 2.50 million injured in 2021. Nonetheless, the escalating incidence of accidents is the primary factor propelling the expansion of the automotive refinish coatings market.
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Which Emerging Trends Are Transforming the Automotive Refinish Coatings Market in 2025?
In the automotive refinish coatings sector, technological innovations have become a significant trend. To maintain their market standing, major players in the field are adopting advanced technology. For example, PPG Industries, Inc., an American manufacturer of paint and coatings, made strides in November 2023 by launching the PPG DP7000 Air-Dry Primer within the automotive refinish markets of Europe, the Middle East, and Africa. This high-grade, two-component acrylic primer aligns with European regulations regarding volatile organic compounds (VOCs) and is harmonious with PPG's topcoat systems. Its design for rapid air drying boosts productivity and lowers energy use substantially. The PPG DP7000, which dries up to two times quicker than rival technologies, is adaptable to all levels of humidity, and endorses baking or infrared curing when needed. Its sophisticated features bolster bodyshops' profitability, all while lessening environmental impact.
What Are the Key Segments in the Automotive Refinish Coatings Market?
The automotive refinish coatings market covered in this report is segmented -
1) By Product Type: Primer, Basecoat, Clearcoat, Activator, Filler And Putty
2) By Technology: Solvent-borne Coatings, Water-Borne Coatings, UV-Cured Coatings, High Solid Coatings, Powder Coatings
3) By Resin: Polyurethane, Alkyd, Acrylic, Epoxy
4) By Application: Passenger Cars, Commercial Vehicles, Two-Wheeler
5) By End Use: OEM, Aftermarket
Subsegments:
1) By Primer: Epoxy Primers, Urethane Primers, Wash Primers
2) By Basecoat: Solvent-Based Basecoats, Water-Based Basecoats, Metallic Basecoats
3) By Clearcoat: Urethane Clearcoats, Acrylic Clearcoats, High Solid Clearcoats
4) By Activator: Hardener Activators, Thinner Activators
5) By Filler And Putty: Polyester Fillers, Epoxy Fillers, Spot Putty
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Who Are the Key Players Shaping the Automotive Refinish Coatings Market's Competitive Landscape?
Major companies operating in the automotive refinish coatings market are KCC Corporation, BASF SE, PPG Industries Inc., Nippon Paint Holdings Company Limited, KAPCI Coatings Company, The Valspar Corporation, The Sherwin-Williams Company, 3M Company, Akzo Nobel N.V., Kansai Paint Company Limited, Bernardo Ecenarro SA, SEM Products Inc., Sheboygan Paint Company, Cresta Paint Industries Limited, Alps Coating Sdn Bhd, Masco Corporation, Jotun AS, Hempel A/S, Berger Paints Ltd., Lord Corporation, Beckers Group, Cabot Corporation, HMG Paints Limited, Shanghai Kinlita Chemical Co. Ltd., Tikkurila Oyj, Karl WÖRwag Lack- Und Farbenfabrik Gmbh & Co. Kg, Duluxgroup (Investments) Pty. Ltd., Carpoly Co. Ltd., Kangnam Jevesco Co. Ltd., Mankiewicz Gebr. & Co., Shawcor Ltd.
What Geographic Markets Are Powering Growth in the Automotive Refinish Coatings Market?
Asia-Pacific was the largest region in the automotive refinish coatings market in 2024. The regions covered in the automotive refinish coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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