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The Business Research Company's Automotive Refinish Coatings Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LANDON, GREATER LANDON, UNITED KINGDOM, October 8, 2024 /EINPresswire / -- The automotive refinish coatings market has experienced robust growth in recent years, expanding from $9.22 billion in 2023 to $9.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to automotive repair and maintenance, increased number of vehicles on the road, aging vehicle fleet, rising incidence of accidents, consumer preferences for aesthetics, global expansion of automotive market.
What Is The Estimated Market Size Of The Global Automotive Refinish Coatings Market And Its Annual Growth Rate?
The automotive refinish coatings market is projected to continue its strong growth, reaching $12.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to advancements in coating formulations, increased emphasis on sustainability, rise in demand for high-performance coatings, digital color matching solutions, globalization of automotive repair chains, changing consumer preferences.
Explore Comprehensive Insights Into The Global Automotive Refinish Coatings Market With A Detailed Sample Report:
Growth Driver Of The Automotive Refinish Coatings Market
The increasing disposable income is expected to boost the growth of the automotive refinish coatings market going forward. Disposable income refers to the funds remaining for spending and saving after accounting for taxes and obligatory deductions, both for individuals and households. Disposable income plays a pivotal role in the automotive refinish coatings market as it influences consumer spending on aesthetic enhancements and maintenance services, driving the demand for refinishing products and services in the automotive aftermarket.
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Who Are The Leading Competitors In The Automotive Refinish Coatings Market Share?
Key players in the market include 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, Valspar Corporation, 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 Are The Dominant Trends In Automotive Refinish Coatings Market Growth?
Major companies operating in the market are increasing their focus on introducing environmentally friendly coating solutions, such as ColorBrite Airspace Blue ReSource basecoat, to gain a competitive edge in the market. ColorBrite Airspace Blue ReSource basecoat is an environmentally responsible automotive coating that utilizes recycled raw materials, contributing to sustainable and eco-friendly paint solutions.
How Is The Global Automotive Refinish Coatings Market 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
Geographical Insights: Asia-Pacific Leading The Automotive Refinish Coatings Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Automotive Refinish Coatings Market Definition
Automotive refinish coatings refer to coatings that are made up of alkyd, polyurethane, and acrylic that are used by body shops and repair centers. The automotive refinish coatings are used in vehicles to cover the damages on the body of the vehicle that is caused by accidents, stones, or temperature.
Automotive Refinish Coatings Global Market Report 2024 from The Business Research Company 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 coatings market report covering trends, opportunities, strategies, and more
The Automotive Refinish Coatings Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive refinish coatings market size , automotive refinish coatings market drivers and trends, automotive refinish coatings market major players and automotive refinish coatings market growth across geographies. This 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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The Business Research Company
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