Future of Refinish Paint Market: Size, Share & Forecasts to 2029

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What Is the Projected Market Size Valuation of the Refinish Paint Market by 2025?
In recent times, there has been a consistent growth in the size of the refinish paint market. From $8.38 billion in 2024, it is expected to rise to $8.75 billion in 2025, with a compound annual growth rate (CAGR) of 4.4%. The progression in the past can be credited to fast-paced urbanization and industrialization, expanding vehicle fleet, environmental rules, issues regarding sustainability, a higher demand for customization, and an enhanced emphasis on aesthetics.

What Is the Estimated Market Growth Value for the Refinish Paint Industry in 2029?
Over the coming years, the refinish paint market is anticipated to undergo consistent expansion. The market is set for growth at a compound annual rate (CAGR) of 4.7%, reaching a total of $10.52 billion by 2029. Factors contributing to this expected growth in the forecast period encompass the transition to waterborne and high solid coatings, enhancements in digital technologies, emphasis on cost-efficiency, expansion of automotive aftermarket services, and widened distribution channels. Key trends for the forecast period are projected to be polyurethane resin innovation, advancements in color-matching technologies, utilization of UV-cured coatings, introduction of mobile applications and software solutions, as well as the development of smart coatings.

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What Are the Growth Drivers and Opportunities in the Refinish Paint Market?
The surge in road incidents is anticipated to spur the expansion of the refinish paint market in the future. Road accidents, alternatively referred to as traffic collisions or motor vehicle accidents, encompass instances where one or more automobiles cause damage to humans, property, or both on publicly accessible roads. This escalating number of accidents can be attributed to scenarios like traffic overcrowding, lack of proper attention while driving, and incompetent driving habits. Refinish paint serves to reinstate the external look of the vehicle to the state before the accident occurred. This process necessitates an exact match with the initial color and finish of the vehicle, a step necessary for ensuring uniform looks and preserving the value of the vehicle. To illustrate, data from the Eurostat- an European Union's statistical bureau, in March 2024 stated that the fatalities from road accidents in Europe increased by 3.7% to 20653 in 2022, from 19917 in 2021. As a result, the surge in the incidents is fueling the expansion of the refinish paint market.

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What Are the Primary Segments Covered in the Global Refinish Paint Market Report?
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

What Are the Top Growth Trends in the Refinish Paint Market?
Primary players in the refinish paint market are endeavoring to create solutions employing basecoat technology, in order to secure a competitive advantage within the industry. The term 'basecoat technology' relates to the coat of paint that is applied following the primer but preceding the clearcoat during the automobile refinishing process. To illustrate, in August 2022, Axalta Coating Systems Ltd., a paint and coating production firm based in the US, introduced CromaxGen, a novel next-generation basecoat tech designed for the auto refinish sector. This groundbreaking product comes with exclusive attributes such as accurate color formulas, enhancements in productivity, and cost optimization, all aimed at boosting productivity and optimizing expenses for body shops throughout Latin America.

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Which Companies Are Shaping the Future of the Refinish Paint Market?
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

Which Region Holds the Largest Market Share in the Refinish Paint Industry?
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.

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This release was published on openPR.