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Global Automotive Refinish Coatings Market InsightJuly 4, 2022 Comments
The automotive refinish coating is forecast to steady develop over the next four years. According to the WK-chem Research “Global Automotive Refinish Coatings Professional Survey Report 2022, Forecast to 2027”, The end-user industry is beginning to realize the advantages of using automotive refinish paints over traditional paints and coatings. In addition, the increase in R&D activities has led to the growth of the automotive refinish market. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 4.9% base on WK-chem Research regression analysis model.
“With the millennials gradually becoming the mainstream consumers in the market, automotive touch up paint in line with the trend and aesthetics of young people will have bright development prospects.” said Selena, Senior analyst, Chemical & Material Market Research Center in WK-chem Research. ”However, with the increased HSE requirements and environmental legislation (reducing VOC emissions), it is suggested that the industry participants of automotive touch up paint should actively promote technological innovation, produce more environmentally friendly products that meet the current market demand and seize the market.“
The growing global automotive industry is one of the key factors to create a positive outlook for the market.More and more road accidents and collisions have led to an increasing demand for repairs and maintenance activities, thereby stimulating market growth. Consistent with this, consumer preference shifts to customized car after-sales modification. Refined automotive coatings have better aesthetics, surface protection, heat resistance, temperature resistance and corrosion resistance.
Increasing government regulations on the use of coatings with high volatile organic compound (VOC) levels may hinder the growth of the solvent-based market. Thus, how to solve the problem of high volatile organic compounds (VOC) is one of the key points in the development of automotive touch up paint in the future.
More and more market participants will participate. Some of the leading players will include in our report: 3M Company, Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, Clariant AG, Dupont De Nemours Inc., Kansai Paint Co. Ltd., KCC Corporation, Nippon Paint Holdings Co. Ltd., PPG Industries Inc. , The Sherwin-Williams Company and others.
Segmentation of Automotive Refinish Coatings Market:
According to the product type, the automotive repair paint market can be divided into primers, topcoats, varnishes and others. The topcoat occupies the leading position since the car repair. Due to visual appearance, surface protection and corrosion resistance, extreme weather conditions, temperature, heat and water, the use of topcoats in automotive services, after-sales repairs and painting continues to increase, thereby promoting the expansion of the industry’s market size. According to technology, the automotive repair paint market is divided into water-based, solvent-based and others. Among them, water-based coatings are the most commonly used technology for automotive coatings. Water-based technology emits less odor, easier to mix and accurate mixing, making it a leader in this field. In addition, water-based coatings have lower volatile organic compound (VOC) content than solvent-based coatings, so they are very effective for all cars.According to the application, the global automotive repair paint market can be divided into original equipment manufacturers and after-sales markets. Among them, the after-sales market occupies the dominant position in the market. With the improvement of consumption level, the number of cars is increasing, and the traffic pressure is also increasing. The number of vehicle collisions and the number of vehicle owners repairing vehicles are also significantly increasing, which promotes the increasing demand for automotive touch up paint in the after-sales market, thus promoting the further expansion of the global automotive touch up paint market.
Automotive Refinish Coatings Market: Regional Analysis
The automotive refinish market has been subdivided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. As the Asia-Pacific region is the largest consumer of repair coatings, the Asia-Pacific region is currently the main regional market for automotive repair coatings. In recent years, the number of cars in the Asia-Pacific region has increased significantly, leading to its largest share of the automotive refinish market. The Asia-Pacific region is expected to continue to dominate the automotive repair coatings market.The road infrastructure in developing countries is still improving, which has increased the demand for automotive refinish paint products. The North American market will grow steadily, and the demand for refurbished old cars is expected to increase during the forecast period. The European market will be defined by the presence of major automakers in the region. Moreover, increasing the sales of used cars used as taxis to support the growth of tourism in the region will support the growth of the automotive refinish market.
Largest share area：Asia-Pacific
Largest share country：China
Product Type：Primers, Topcoats, Varnishes, Others
Product Type(by Technologye)：Water-Based, Solvent-Based, Others
Application：Original Equipment Manufacturers, After-Sales Markets
Leading Company：3M Company, Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, Clariant AG