Westford, USA, Jan. 31, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest report, the global automotive refinish coatings market in 2022 was significantly propelled by continued global automotive sales and production growth. This upward trajectory in global vehicle manufacturing and purchasing was pivotal in driving the demand for automotive refinish coatings.
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Browse in-depth TOC on the "Automotive Refinish Coatings Market"
- Pages - 157
- Tables - 64
- Figures – 75
There was a notable surge in demand for automotive refinish coatings, driven by the growing consumer preference for personalized vehicles and unique aesthetics. Customers are increasingly required to transform their cars into distinctive expressions of their personalities and tastes in the global automotive refinish coatings market.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 7.25 Billion |
| 2030 Value Projection | USD 10.80 Billion |
| CAGR | 5.1% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in Global Automotive Refinish Coatings Market
- PPG Industries, Inc.
- Axalta Coating Systems Ltd.
- BASF SE
- Sherwin-Williams Company
- Akzo Nobel N.V.
- Nippon Paint Holdings Co., Ltd.
- Kansai Paint Co., Ltd.
- RPM International Inc.
- 3M Company
- Dow Inc.
- Hempel A/S
- Jotun A/S
- The Valspar Corporation
- KCC Corporation
- NOROO Paint & Coatings Co., Ltd.
- Yatu Advanced Materials Co., Ltd.
- The Sherwin-Williams Automotive Finishes Corporation
- KAPCI Coatings
- Lord Corporation
- PPG Asian Paints Pvt. Ltd.
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10-Year-Old Vehicle Segment is Rise Significantly due to high demand for Automotive Refinish Coatings
The dominance of the over 10-year-old vehicle segment in the global automotive refinish coatings market can be attributed to several compelling factors. As vehicles age beyond the decade mark, they become increasingly susceptible to wear and tear, environmental exposure, and general wear on their paint and finish.
The market in Middle East and Africa has emerged as a fastest growth within the global automotive refinish coatings market. This remarkable upswing can be attributed to a surge in automotive sales particularly in countries such as the United Arab Emirates, Saudi Arabia, and South Africa.
Less than 5 Years Segment to Dominate Market due to Increasingly Prioritize Vehicle Aesthetics
The fastest-growing segment in the global automotive refinish coatings market is the category of vehicles with an age of less than 5 years. This segment's remarkable growth can be attributed to several pivotal factors. Newer vehicles despite their relative youth, are not immune to accidents, minor collisions, and paint damage that can occur during daily use.
Regional market in Asia-Pacific has risen to dominance in the global automotive refinish coatings market. Among these factors is the remarkable growth in automotive production and sales, particularly in countries such as China, India, and Japan.
A comprehensive analysis of major global automotive refinish coatings market players has been conducted recently. The report encompasses various aspects of the market, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Global Automotive Refinish Coatings Market
- BASF SE recently made a significant stride in the automotive refinish coatings industry by introducing a cutting-edge generation of high-performance coatings. These innovative coatings were specifically designed to elevate color accuracy and bolster overall durability. BASF's commitment to advancing coating technology reflects the industry's drive to meet the increasing demands for automotive finishes that look stunning and offer enhanced longevity and protection.
- Sherwin-Williams Automotive Finishes recently demonstrated dedication to meeting the rising demand for automotive coatings in the United Kingdom. The company expanded its distribution network by inaugurating a new regional distribution center.
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Key Questions Answered in the Global Automotive Refinish Coatings Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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