The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Current Market Growth

• The refinish paint market has seen strong growth, increasing from $7.95 billion in 2023 to $8.38 billion in 2024, with a CAGR of 5.4%.
• This growth is driven by rapid urbanization, industrialization, an expanding vehicle fleet, environmental regulations, sustainability concerns, and the rising demand for vehicle customization and aesthetics.

Future Market Projections

• The market is expected to continue its upward trajectory, reaching $10.41 billion by 2028, with a CAGR of 5.6%.
• Growth drivers include a shift towards waterborne and high solids coatings, digital technology integration, cost-effective solutions, expansion in automotive aftermarket services, and broader distribution channels.
• Key trends include innovations in polyurethane resins, advanced color-matching solutions, UV-cured coatings, and the emergence of mobile apps, software solutions, and smart coatings.

Impact of Rising Road Accidents

Accidents Driving Market Demand

• The increasing number of road accidents is a significant factor propelling the refinish paint market.
• Refinish paint is crucial in restoring a vehicle’s exterior to its pre-accident condition, which involves matching the original color and finish to maintain aesthetic consistency and vehicle value.
• For example, in 2021, the U.S. reported 13,384 fatalities due to drunk driving, up from 11,718 in 2020, highlighting the need for refinishing services in the aftermath of accidents.

Read The Full Refinish Paint Market Report Here:

https://www.thebusinessresearchcompany.com/report/refinish-paint-global-market-report

Key Players and Innovations

Major Market Players

• Leading companies in the market include BASF SE, Mitsubishi Chemical Corporation, Sherwin-Williams Company, PPG Industries Inc., AkzoNobel NV, Nippon Paint Holdings Co Ltd., and Axalta Coating Systems Ltd., among others.

Innovative Technologies

• Companies are focusing on developing next-generation basecoat technologies to gain a competitive edge.
• For instance, Axalta Coating Systems launched CromaxGen in August 2022, a next-gen basecoat technology offering precise color formulas, productivity enhancements, and cost optimization aimed at the automotive refinish industry.

Strategic Acquisitions

Expansion through Acquisitions

• In November 2023, NP Auto Refinishes Co Ltd., a Singapore-based CV coatings company, acquired D-Act Co. Ltd., a Japan-based manufacturer specializing in auto refinishing and industrial paints.
• This acquisition strengthens NP Auto Refinishes’ market share in the Thai automotive refinish and commercial vehicle coatings market.

Market Segmentation and Regional Insights

Market Segmentation

• The market is segmented by product type into solvent-borne, waterborne, and powder coatings.
• Coating types include polyurethane, epoxy, acrylic, and other coatings.
• Vehicle segments covered are passenger cars, light commercial vehicles, buses, and trucks.
• Applications include clearcoat, basecoat, primer, and sealer.

Regional Insights

• Asia-Pacific was the largest region in the refinish paint market in 2023, driven by the region’s rapid industrial growth and expanding automotive sector.
• North America is expected to be the fastest-growing region during the forecast period, supported by advancements in automotive technology and an increasing focus on vehicle aesthetics.

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The Refinish Paint Global Market Report 2024  provides an overview of the refinish paint market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The refinish paint market forecast analyzes refinish paint market size, refinish paint market share, leading competitor and their market positions.

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