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Automotive Refinish Global market Report 2024 – Market Size, Trends, And Forecast 2024-2033
Automotive Refinish Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, September 5, 2024 /EINPresswire / -- The automotive refinish market has experienced robust growth in recent years, expanding from $11.60 billion in 2023 to $12.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing vehicle ownership, the average age of vehicles increases, expansion of automotive manufacturing, globalization of industries, and stricter environmental regulations.
What Is The Estimated Market Size Of The Global Automotive Refinish Market And Its Annual Growth Rate?
The automotive refinish market is projected to continue its strong growth, reaching $16.20 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to higher accident rates, the rise of OEM (Original Equipment Manufacturer) standards, the rise of do-it-yourself (DIY) culture, stricter regulations on emissions, and changes in vehicle ownership patterns.
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Growth Driver of The Automotive Refinish Market
The rise in instances of accidents and vehicle damages is expected to propel the growth of the automotive refinish market going forward. The main causes of the rise in instances of accidents and vehicle damages include driver behavior such as speeding, distracted driving, and drunk driving, as well as unsafe road infrastructure and vehicle design. Automotive refinishing is used for repairing and restoring vehicle exteriors after accidents or damages, ensuring aesthetic and structural integrity. It helps maintain the vehicle's appearance and resale value.
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Which Market Players Are Driving The Automotive Refinish Market Growth?
Key players in the automotive refinish market include 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.
What Are The Key Trends That Influence Automotive Refinish Market Share Analysis?
Major companies operating in the automotive refinish market are focusing on technological advancements, such as low-gloss clearcoat systems, to better serve customers. A low-gloss clearcoat system is a type of automotive clear coat that can reproduce a range of gloss levels, making it ideal for applications that require a matte or satin finish rather than a high-gloss shine.
How Is The Global Automotive Refinish Market 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
Geographical Insights: North America Leading The Automotive Refinish Market
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, and Africa.
Automotive Refinish Market Definition
Automotive refinishing is the process of repainting or recoating vehicles, their exterior parts, or components for both protective and decorative purposes. It is commonly used for partial body collision repairs, customization, and restoring the appearance of used vehicles. Water-based acrylic polyurethane enamel paint is currently the most widely used refinish coating due to its environmental benefits and ability to provide a glossy, vibrant finish.
Automotive Refinish Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global automotive refinish market report covering trends, opportunities, strategies, and more
The Automotive Refinish Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive refinish market size, automotive refinish market drivers and trends, automotive refinish market major players, automotive refinish competitors' revenues, automotive refinish market positioning, and automotive refinish market growth across geographies. The automotive refinish market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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