In-Depth Insights into the Automotive Refinish Market: Growth, Trends, and Opportunities for 2025-2034
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What fueled the previous growth in the automotive refinish market?
The automotive refinish market has experienced strong growth in recent years. It will rise from $12.39 billion in 2024 to $13.28 billion in 2025, at a CAGR of 7.2%. The growth is driven by increasing vehicle ownership, the rising average age of vehicles, expansion in automotive manufacturing, globalization of industries, and stricter environmental regulations.
What will be the automotive refinish market size in the future?
The automotive refinish market is projected to grow strongly, reaching $17.31 billion by 2029 at a CAGR of 6.8%. This growth is attributed to higher accident rates, the rise of OEM (Original Equipment Manufacturer) standards, the growth of the DIY culture, stricter emission regulations, and changes in vehicle ownership patterns. Trends include innovations in refinishing products, advancements in paint and coating technologies, improvements in skilled technician expertise, advancements in digital color matching technology, and general technological progress.
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What main drivers are fueling expansion in the automotive refinish market?
The rise in accidents and vehicle damages is expected to propel the growth of the automotive refinish market. Contributing factors include reckless driving, distracted driving, and unsafe road conditions. Automotive refinishing is necessary for repairing vehicle exteriors, maintaining aesthetic and structural integrity. In June 2024, the Insurance Institute for Highway Safety reported 42,514 fatalities from vehicle accidents in the U.S. in 2022. This increase in accidents and vehicle damages is driving the automotive refinish market.
What key areas define the segmentation of the global automotive refinish market?
The automotive refinish market covered in this report is segmented –
1) By Product Type: Primer, Base Coat, Top Coat, Clear Coat
2) By Material Type: Polyurethanes, Acrylics, Alkyd
3) By Technology: Solvent Borne, Water Borne, Ultraviolet (UV) Cure
4) By Applications: Passenger Vehicle, Commercial Vehicle
5) By End User: Original Equipment Manufacturer (OEM), Aftermarket
Subsegments:
1) By Primer: Epoxy Primer, Urethane Primer, Etch Primer, High Build Primer, Filler Primer, Polyester Primer
2) By Base Coat: Solid Base Coat, Metallic Base Coat, Pearlescent Base Coat, Matte Base Coat, High Gloss Base Coat
3) By Top Coat: Urethane Top Coat, Acrylic Top Coat, Polyester Top Coat, Enamel Top Coat, Ceramic Top Coat
4) By Clear Coat: High Gloss Clear Coat, Matte Clear Coat, Satin Clear Coat, UV Resistant Clear Coat, Scratch Resistant Clear Coat
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Who are the dominant players expanding their reach in the automotive refinish market?
Major companies operating in the automotive refinish market are BASF SE, 3M Company, WEG SA, The Sherwin-Williams Company, Covestro AG, PPG Industries Inc., AkzoNobel N.V., Nippon Paint Holdings Co. Ltd., KCC Corporation, Axalta Coating Systems Ltd., Kansai Paint Co. Ltd., Allnex Group, Reichhold LLC, Samhwa Paints Industrial Co. Ltd, Novol Sp. Z.o.o, James Briggs Limited, SEM Products Inc., HMG Paints Ltd, Bernardo Ecenarro S.A., KAPCI Coatings, Alps Coating Sdn. Bhd., NOROO Paint & Coatings Co. Ltd., TOA Performance Coating Corporation CO. Ltd.
How are evolving market trends shaping automotive refinish Strategies?
Companies in the automotive refinish market are focusing on advancements like high-performance VHS clear coats to improve vehicle aesthetics and durability. In July 2023, Proxl launched XPRESS605, a high-performance VHS clear coat that delivers exceptional gloss, easy application, and rapid curing. The formula offers high solids content and low VOCs, optimizing productivity while minimizing costs. The XPRESS605 clear coat provides a durable finish, enhancing the vehicle’s appearance and longevity.
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Which regions are emerging as leaders in the automotive refinish market?
North America was the largest region in the automotive refinish market in 2023. The regions covered in the automotive refinish market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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