Breaking News
Home >> News >> Automotive Refinish Coatings Market

Automotive Refinish Coatings Market

The automotive refinish coatings market is anticipated to grow at a CAGR of 7% during the forecast period 2022-2030. The increasing use of refinish coatings for automotive maintenance, repair, and aftermarket painting because to its visual appeal, surface protection, and resistance to corrosion, extreme weather, temperature, heat, and water is anticipated to stimulate industry growth. Moreover, the rising demand for customized car designs and colors is projected to contribute to the expansion. The Acute Market Report’s research services covers a number of key products, including primer, basecoat, clearcoat, Filler & Putty, and activators, among others. The automotive refinish coatings market is categorized by technology into solvent-borne, water-borne, and UV-cured coatings. The biggest use of solvent-borne coatings is a result of rigorous regulatory regulations regarding excessive VOC concentrations. During the forecast period, water-borne coatings are anticipated to be utilized more than solvent-borne coatings. On the basis of the types of resins used in coatings, the market is segmented into polyurethane, acrylic, alkyd, and other types.

Browse for “Automotive Refinish Coatings Market By Technology (Solvent-borne Coatings, Water-borne Coatings), By Resin Type (Polyurethane, Alkyd, Acrylic), By Coat Type (Primer & Filler, Basecoat, Clear coat, Activator/Hardners), By Vehicle Type (Premium Passenger Cars, Light Commercial Vehicles, Compact Passenger Cars, Luxury Passenger Cars, Mid-sized Passenger Cars, Heavy Commercial Vehicles) – Growth, Future Prospects & Competitive Analysis, 2022-2030” at https://www.acutemarketreports.com/report/automotive-refinish-coatings-market

Increasing consumption of waterborne, high solids, and UV-cured coatings as a result of zero VOC emissions is anticipated to drive market expansion for automotive refinish coatings throughout the research period. However, the unpredictability of raw material prices and the rising costs of road infrastructure will impede the progress of the business.

The market expansion in the U.S. has been fueled by a growing awareness of the importance of protecting car paints by repairing surface scratches and blemishes. In addition, the expansion of the customer base in Asia-Pacific and Middle Eastern nations as a result of increased disposable income is anticipated to fuel growth throughout the forecast period.

Access Complete TOC at https://www.acutemarketreports.com/report/automotive-refinish-coatings-market/toc

Over the next few years, the market for refinish coatings will expand as a result of technological breakthroughs and ongoing product development aimed at enhancing coating performance. In addition, government efforts to reduce VOC emissions through the implementation of eco-friendly technology will generate new market possibilities over the projection period.

Increasing investments in R&D and the introduction of innovative technologies have improved the quality of products that provide superior protection for autos. In the future years, an increase in the manufacturing of light commercial vehicles and passenger automobiles is predicted to fuel the demand for refinish coatings, hence fostering market expansion.

The solvent-borne coatings market is expected to surpass $5 billion by the end of the forecast period, with North America being the key region. Nevertheless, it would be imprudent to disregard the water-borne segment, since it still accounts for a major, albeit diminishing, portion of the automobile refinish coating industry. The segment of water-borne coatings has substantial growth potential in the APAC region.

In terms of volume, UV-cured technology is anticipated to grow at a CAGR of 6% over the projection period due to its availability in bespoke colors, quick curing times, and great performance at a competitive price. In addition, the growing use of this technology in clear coatings and priming will increase its demand in the coming years.

Acrylic refinish coatings have a substantial market share in the automotive refinish coatings industry due to their smooth surface and extended lifespan. The highest share of the total use of these coatings was attributable to mid-range automobiles, including both passenger and commercial vehicles. In addition, the refinishing of ancient automobiles and minitrucks is projected to increase product demand.

In 2021, topcoat emerged as the dominant product sector, accounting for 32% of the global volume. As a final layer on the automobile’s surface, it is widely employed in automotive refinishing. Due to the product’s excellent durability, gloss finish, abrasion resistance, chemical stability, and UV radiation protection, the segment’s growth is anticipated to increase.

Get your sample copy at https://www.acutemarketreports.com/request-free-sample/137993

In terms of geography APAC leads the market revenues. In the future years, robust automotive manufacturing bases in China, Japan, and India, coupled with rising sales of passenger vehicles, are anticipated to contribute to market expansion. Underdeveloped road networks, a lack of appropriate safety rules, and an increasing demand for vehicle maintenance, repair, and modification are anticipated to have a favorable effect on the expansion of the business. The demand for the product throughout the forecast period is likely to be bolstered by an increase in the use of reconditioned older automobiles as a result of changes in consumer lifestyles. During the forecast period, China is anticipated to see rapid expansion as a result of the escalating number of road accidents and the expanding vehicle ownership rate. It is anticipated that rapid development and modernization will result in an increase in car sales.

The market for automotive refinish coatings expanded significantly as a result of the diverse strategies adopted by the leading industry participants. Acquisition and expansion are among the most notable corporate strategies. The study offers a detailed analysis of the leading companies in the global market, including Axalta Coating Systems, BASF SE, Kansai Paint Co. Ltd., Mitsui Chemicals, PPG Industries, Inc., Nippon Paints, Sherwin Williams, 3M Co., and Matrix System Automotive Finishes. As key players are engaged in R&D and ongoing product innovation, the nature of the business is extremely competitive.

Key Market Trends

  • The automotive refinish coatings market is anticipated to grow at a CAGR of 7% during the forecast period 2022-2030.
  • The solvent-borne coatings market is expected to surpass $5 billion by the end of the forecast period
  • In terms of volume, UV-cured technology is anticipated to grow at a CAGR of 6% over the projection period due to its availability in bespoke colors, quick curing times, and great performance at a competitive price.
  • Acrylic refinish coatings have a substantial market share in the automotive refinish coatings industry due to their smooth surface and extended lifespan.
  • In 2021, topcoat emerged as the dominant product sector, accounting for 32% of the global volume.
  • In terms of geography APAC leads the market revenues. In the future years, robust automotive manufacturing bases in China, Japan, and India, coupled with rising sales of passenger vehicles, are anticipated to contribute to market expansion.
  • Key companies include Axalta Coating Systems, BASF SE, Kansai Paint Co. Ltd., Mitsui Chemicals, PPG Industries, Inc., Nippon Paints, Sherwin Williams, 3M Co., and Matrix System Automotive Finishes. As key players are engaged in R&D and ongoing product innovation, the nature of the business is extremely competitive.

Automotive Refinish Market is segmented into:

ATTRIBUTEDETAILS
Research Period2020-2030
Base Year2021
Forecast Period2022-2030
Historical Year 2020
Unit USD Million
SegmentationBy Material
By Technology
By Resin Type
By Coat Type
By Vehicle Type
Region Segment (2020 – 2030; US$ Mn)
Covid-19 Impact (2020-2021; US$ Mn)

About Us
Acute Market Reports presents the most extensive global business research services across industries. Our research studies focus on potential outcomes, benefits, and risks associated with each market segment across geographies. Having served our global clients for more than 10 years, our prime priority is to enable our clients in making well-informed business decisions through a data-driven, analytical, and uncomplicated research approach.   

Media Contact
Name: Chris Paul
Address: 90 Church St, FL 1 #3514,
New York, NY 10008
United States
(US/CANADA) Ph.: +1-855-455-8662
E-mailsales@acutemarketreports.com
Website: https://www.acutemarketreports.com/

Leave a Reply

Your email address will not be published. Required fields are marked *