Wilmington, Delaware, United States, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global refinish paint market is projected to flourish at a CAGR of 4.7% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 11.2 billion is anticipated for the market in 2031. As of 2023, the market for refinish paint is expected to close at US$ 7.7 billion.
The rapid growth in the automotive industry and the increasing number of vehicles on the road globally leads to a higher demand for refinish paints to repair and restore vehicles after accidents or wear and tear.
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Competitive Landscape
The refinish paint market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global refinish paint market report:
- BASF SE
- PPG Industries, Inc.
- Axalta Coating Systems Ltd.
- Sherwin-Williams Company
- Kansai Paint Co., Ltd.
- NIPSEA Group
- KCC Corporation
- Akzo Nobel N.V.
- Noroo Paint & Coatings Co Ltd
- Alps Coating Sdn Bhd
- HMG Paints Limited
- KAPCI Coating
Key Developments in the Refinish Paint Market
- In 2021, Axalta Coatings launched a novel range of coatings, which are specially designed for electric vehicles. These coatings provide better advantages, including durability, safety, enhanced performance, and some other
- Nippon Paint’s SolaReflect Cool Paint Series which can cool housing estates by up to two degrees Celsius will be piloted as part of Singapore’s Housing and Development Board’s 10-year plan to make towns more liveable and sustainable.
- In February 2023- Kansai Helios Coatings GmbH has completed its acquisition of CWS Lackfabrik GmbH.
Increased rates of accidents and collisions are common occurrences, necessitating repairs that often involve repainting damaged areas of vehicles using refinish paints
Increasing consumer preferences for maintaining the appearance of their vehicles, as well as trends in vehicle customization, contribute to the demand for refinish paints.
Increasing disposable income levels and increased spending on vehicle aesthetics and repairs, including refinishing, to boost the market demand. The increasing requirement for timely servicing of vehicles can also increase sales of refinish paints.
Key Takeaways from the Market Study
- As of 2022, the refinish paint market was valued at US$ 7.4 billion
- By product type, the solvent-based paint segment to enjoy high demand, accumulating a high revenue share during the forecast period, as it is a traditional choice for automotive refinish due to its excellent durability, glossy finish, and fast drying times
- Based on material, the polyurethane segment is anticipated to dominate the industry during the forecast period
- Based on application, the passenger vehicles segment is expected to generate high revenue during the forecast period.
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Refinish Paint Market: Key Trends and Opportunistic Frontiers
- The growing trend of vehicle customization and increasing sales of various pre-owned vehicles is expected to provide growth opportunities for refinish paint market
- Increasing rates of accidents in developing economies and the adoption of some innovative technologies are projected to boost sales of refinish paints.
- Manufacturers are investing in research and development and producing advanced color-matching technology that accurately matches the color of a damaged vehicle, ensuring a seamless finish after repairs.
Refinish Paint Market
- North America is expected to account for a significant market share in refinish paint market owing to the presence of a mature automotive market with a significant number of vehicles on the road leading to a steady demand for refinish paints. Increasing consumer awareness and increasing demand for sustainable and environment-friendly paints in the automobile industry are serving as key factors in creating lucrative opportunities for the growth of the industry.
- Asia Pacific dominates the global refinish paint business. Increasing disposable incomes and increased interest in vehicle customization and upgrades, drive demand for refinish paints, in the region. Increasing demand for refinish paint in automotive repair centers and body shops for vehicle refinishing, drive the market growth.
Refinish Paint Market – Key Segments
By Material
- Polyurethane
- Acrylic
- Epoxy
- Alkyd-based
- Nitrocellulose
- Others
By Coat Type
- Clearcoat
- Basecoat
- Topcoat
- Primer
- Others
By Product Type
- Solvent-based
- Water-based
By Application
- Passenger Vehicles
- Commercial Vehicles
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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