Automotive Refinish Coatings Market size is set to grow by USD 2.20 billion from 2024-2028, Increased focus on R and D and innovative methods to reduce the cycle time boost the market, Technavio

NEW YORK, Aug. 13, 2024 -- The global automotive refinish coatings market size is estimated to grow by USD 2.20 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.84%  during the forecast period. Increased focus on r and d and innovative methods to reduce the cycle time is driving market growth, with a trend towards increasing adoption of uv-curable coating. However, increasing supply-demand imbalance  poses a challenge. Key market players include 3M Co., Akzo Nobel NV, Alps Coating Sdn Bhd, Angel Coating Pvt. Ltd., Axalta Coating Systems Ltd., BASF SE, BERNARDO ECENARRO S.A., Carl Schlenk AG, Covestro AG, General Paint Co., Kansai Paint Co. Ltd., KAPCI Coating, Nippon Paint Holdings Co. Ltd., NOROO Paint and Coatings Co. Ltd., NOVOL Sp zoo, PPG Industries Inc., S.Coat Co. Ltd., Tara Paints and Chemicals, The Sherwin Williams Co., and TOA Paint Thailand Public Co. Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Market Driver

The global automotive refinish coatings market is witnessing significant growth due to the increasing adoption of UV-curable coatings. These coatings offer high performance, adhesion, and film flexibility. Vendors, such as BASF and Akzo Nobel, are investing in research and development to create UV-curable coatings with enhanced scratch and mar resistance. For instance, BASF provides multi-functional polyol intermediates for manufacturing UV-curable acrylic monomers and oligomers. These coatings provide environmental compatibility, high performance, and processing efficiency. Similarly, Akzo Nobel offers a UV-curable clearcoat for automotive refinish coatings, delivering superior application, appearance, and protection characteristics. Strict regulations, such as those from the EPA and the Ministry of Environmental Protection of China, are driving the demand for eco-friendly coating products. UV-curable and water-borne coatings made from natural and sustainable ingredients are gaining popularity due to their versatility, durability, and weather resistance. This trend is expected to fuel growth opportunities in the automotive refinish coatings market during the forecast period. 

The Automotive Refinish Coatings market is thriving due to the increasing demand for vehicle repair and restoration. Corrosion and UV radiation protection are key trends, ensuring longevity and durability against environmental factors. Road accidents and collisions drive the need for high-quality coatings to restore unique aesthetics and personalized vehicles. Water-based and low VOC coatings cater to eco-friendly concerns. Color matching systems and advanced application techniques, including spectrophotometers, are essential for precise results. Vehicle age, wear and tear, and paint fading necessitate refurbishing older vehicles with specialty coatings. Robotic painting systems streamline production for cars, trucks, and commercial vehicles. Chipping and surface damage require quick, effective repairs. Regular maintenance and vehicle owner preferences for advanced coatings and customization continue to fuel market growth. 

Discover 360° analysis of this market. For complete information, schedule your consultation - Book Here!

Market Challenges

• The automotive refinish coatings market faces significant challenges due to shifting consumption patterns, technological advancements, and the introduction of new products. Manufacturers respond by offering efficient coating processes that reduce coating consumption. Minimizing wastage through advanced spray guns and recycling coatings are strategies to address these challenges. Product differentiation, innovation, and performance are key focus areas for vendors. The rise of hybrid electric vehicles (HEVs) and their low maintenance requirements restrain market growth. HEVs, which are energy-efficient and environmentally friendly, reduce the demand for conventional fuels and decrease air pollution. However, the increasing popularity of HEVs may create a supply-demand imbalance, potentially hindering market expansion during the forecast period.
• The Automotive Refinish Coatings market faces several challenges. Wear and tear, paint fading, and surface damage from environmental factors such as sunlight, rain, snow, and road debris, impact vehicle appearance and protection. Newer vehicles and personalized vehicles demand unique aesthetics, driving the need for advanced application techniques and color matching systems. Spectrophotometers ensure accurate color matching. Vehicle customization and refurbishing older vehicles are trends, requiring eco-friendly coatings and nanotechnology. Automotive sales depend on vehicle aesthetics and protection, driving the demand for specialty coatings. Robotic painting systems increase efficiency, while chipping and surface damage necessitate regular maintenance. Environmental concerns include reduced emissions, air quality, and hazardous air pollutants. Polyurethane, alkyd, acrylic, primer, activator, solvent borne, water borne, and UV cured coatings cater to various needs. Cars, trucks, and commercial vehicles all require refinish coatings.

For more insights on driver and challenges - Request a sample report!

Segment Overview 

This automotive refinish coatings market report extensively covers market segmentation by  

1. Type 
   • 1.1 Solvent-based coatings
   • 1.2 Water-based coatings
   • 1.3 Others
2. Application 
   • 2.1 Passenger cars
   • 2.2 Light commercial vehicles
   • 2.3 Heavy commercial vehicles
3. Geography 
   • 3.1 APAC
   • 3.2 Europe
   • 3.3 North America
   • 3.4 South America
   • 3.5 Middle East and Africa

1.1 Solvent-based coatings-  The global automotive refinish coatings market was dominated by the solvent-based coatings segment in 2022. Solvent-based coatings are widely used in the automotive refinishing industry due to their high-quality finish, good durability, and resistance to weathering, chemicals, and abrasion. These coatings use solvents to dissolve coating ingredients, making them easier to apply. However, they have a higher content of organic solvents, which are harmful to the environment and humans. As a response, regulations have led to a decline in demand for solvent-based coatings. Bio-based solvents, such as glycols, methyl soyate, lactate esters, and diols, are increasingly being used as alternatives. These solvents offer the same properties as petroleum-based solvents and are cost-effective due to the low cost of feedstock. Despite challenges, solvent-based coatings remain popular in applications requiring high-quality finishes and excellent durability. Manufacturers are developing low-VOC and eco-friendly solvent-based coatings to meet sustainability demands, driving market growth.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report

Learn and explore more about Technavio's in-depth research reports

The Global Acrylic Surface Coating Market is witnessing robust growth, driven by increased demand in construction, automotive, and industrial sectors. Acrylic coatings are preferred for their durability, UV resistance, and ease of application. Concurrently, the Global Paints and Coatings Market is expanding, fueled by rising infrastructure projects and environmental regulations promoting eco-friendly coatings. Key players are focusing on innovations in water-based and low-VOC coatings, enhancing their market presence. Asia-Pacific remains a dominant region, with significant contributions from China and India.

Research Analysis

The Automotive Refinish Coatings market caters to the needs of vehicle repair and restoration, focusing on corrosion protection and UV radiation protection for improved durability and longevity. With the increasing number of road accidents and vehicle collisions, the demand for high-quality refinish coatings is on the rise. These coatings are essential for restoring the aesthetics of cars, trucks, and commercial vehicles after surface damage. Water-based and low VOC coatings are gaining popularity due to their eco-friendly nature and ease of application. Color matching is a critical factor in the refinish coatings market, ensuring a perfect match to the original vehicle color. Vehicle age, filler, basecoat, and advanced application techniques also play a significant role in the choice of refinish coatings. Specialty coatings, such as those with nanotechnology, offer enhanced protection against environmental factors and chipping. Regular maintenance and the needs of vehicle owners further drive the demand for these coatings.

Market Research Overview

The Automotive Refinish Coatings market caters to the needs of vehicle repair and restoration, focusing on corrosion protection and UV radiation protection for improved durability and longevity. These coatings play a crucial role in vehicle collisions and road accidents, ensuring color matching and personalized aesthetics for cars, trucks, and commercial vehicles. Newer vehicles and personalized vehicles with unique aesthetics also benefit from advanced application techniques, including water-based and low VOC coatings. Vehicle age and wear and tear lead to paint fading, chipping, and surface damage. Refurbishing older vehicles is another significant application area for automotive refinish coatings. Eco-friendly coatings, nanotechnology, and advanced robotic painting systems are driving innovation in the market. Environmental factors, such as sunlight, rain, snow, and road debris, also impact the demand for automotive refinish coatings, which offer vehicle protection, reduced emissions, and improved air quality. The market includes various types of coatings, such as primer, basecoat, topcoat, filler, and specialty coatings, made from materials like polyurethane, alkyd, acrylic, and solvent borne, water borne, and UV cured. Color matching systems, spectrophotometers, and vehicle customization are essential tools for the automotive refinish coatings industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
  • Solvent-based Coatings
  • Water-based Coatings
  • Others
• Application
  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

This News is brought to you by Qube Mark, your trusted source for the latest updates and insights in marketing technology. Stay tuned for more groundbreaking innovations in the world of technology.