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Global Automotive Refinish Coatings Market to Reach Nearly USD 12.8 Billion by 2027, Driven by the Growing Focus on Automobile Repair and Maintenance

According to a new report by EMR titled, ‘Global Automotive Refinish Coatings Market Report and Forecast 2022-2027’, the market attained a value of about USD 9.6 billion in 2021. The market is further expected to grow at a CAGR of 4.90% in the forecast period of 2022-2027 to reach a value of nearly USD 12.8 billion by 2027.

The market for automotive refinish coatings is being propelled by the growing focus on automobile repair and maintenance to increase its durability. The expanding production and sales of vehicles owing to improved living standards and rapid urbanisation are favouring the market growth. With the rising inclination of the population towards vehicles with improved aesthetics, innovative automotive refinish coatings are being developed to mimic luxury surfaces and enhance consumer experiences. The increasing consumer expenditure on vehicle maintenance is leading to the increased demand for automotive refinish coatings. Technological advancements are supporting the development of innovative refinish coatings such as burnish-resistance matte finish coatings and self-healing coatings to boost the longevity of vehicles. Furthermore, the rising demand for environmentally-friendly products is surging the interest towards sustainable alternatives, such as water-borne coatings instead of traditional solvent-borne solutions, which is anticipated to provide impetus to the growth of the market in the forecast period.

BASF SE (OTCMKTS: BASFY), one of the leading companies in the market, launched its most advanced water-borne basecoat line in September 2020. It is developed to meet the highest applications of modern body shops while providing environmentally friendly and highly efficient finish results. With its value of volatile organic compounds (VOCs) consistently below 250g/l, the product line is the eco-friendliest automotive refinish coatings in the market.

Furthermore, in June 2020, BASF signed an agreement with Guangzhou Automobile Group New Energy Co. Ltd. (GACNE), a subsidiary of GAC, to strengthen their strategic partnership in order to explore digital coatings solutions for the automotive sector. The new platform aims to support paint shops in China to improve quality, enhance efficiency, and create a new customer experience for GACNE.

Market Analysis by Product Type, Technology, Resin, Vehicle Type, and Region:

  • The market, on the basis of product type, can be divided into basecoat, primer, activator, topcoat, and filler, among others.
  • Based on technology, the market can be divided into solvent-borne coatings, UV-cured coatings, and water-borne coatings.
  • On the basis of resin, the market is segmented into polyurethane, alkyd, and acrylic, among others.
  • The major vehicle types of automotive refinish coatings include passenger cars and commercial vehicles, among others.
  • The regional markets for automotive refinish coatings include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing awareness regarding the importance of refinish coatings to enhance the durability of automobiles and the increasing sales of vehicles are augmenting the market for automotive refinish coatings.
  • The market is being driven by the rising expenditure on the maintenance of luxury and performance vehicles, which, in turn, is surging the utilisation of automotive refinish coatings.
  • The development of environmentally-friendly refinish coatings with faster cure time and customised colour options is propelling the market growth.
  • The increasing research and development activities to develop improved product line are expected to bolster the market over the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for automotive refinish coatings for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the product types, technologies, resins, vehicle types, and major regions of automotive refinish coatings.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive refinish coatings market are Akzo Nobel N.V., 3M Company, BASF SE, Berger Paints India Limited, KCC Corporation, and NIPSEA Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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