With the emergence and long-term Impact of COVID-19, Global Automotive Refinish Coatings Market to reach USD XXX Million by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Automotive Refinish Coatings Market points towards a potential rise to USD XXX Million by 2030. Automotive refinish coatings find primary applications in automotive body shops and repair centers, playing a pivotal role in refinishing vehicles. These coatings not only enhance the aesthetic appeal of vehicles however also contribute to their durability. The market for automotive refinish coatings is driven by the escalating demand for recreational vehicles and a significant rise in large-scale vehicle collisions.
Encompassing the painting of cars, trucks, or other vehicles, either partially or entirely, along with the application of individual vehicle components, this process is commonly employed post-mechanical or coachwork repairs. The market growth is driven by key factors such as the increasing number of accidents, the adoption of newer technologies such as EVs and rising disposable income in developing economies.
Geographically, the global Automotive Refinish Coatings market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia-Pacific leads the Automotive Refinish Coatings Market, primarily driven by the surging sales of passenger vehicles. Meanwhile, the Middle East and Africa are anticipated to witness the highest growth rate over the forecast period from 2023 to 2030. This growth is attributed to the escalating demand for the maintenance of luxury and performance vehicles, coupled with the rise in disposable income in the region. The mature oil and gas industry has played a significant role in boosting sales for luxury vehicles in the Middle East and Africa.
The global Automotive Refinish Coatings market is highly competitive owing to the presence of several key players such as Nippon Paint Holdings Co. Ltd. AkzoNobel N.V. Kansai Paints Co. Ltd. BASF SE PPG Industries Inc. Axalta Coating Systems 3M Company Clariant AG The Sherwin-Williams Company KCC Corporation and others.
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Key findings of the study suggest:
- Global Automotive Refinish Coatings Market is anticipated to grow with a healthy growth rate of more than 6.3% over the forecast period 2023-2030.
- In the Technology segment, Solvent-borne Coatings emerged out as the leading market segment in 2022.
- Asia-Pacific is anticipated to drive regional growth owing to the surging sales of passenger vehicles.
- Middle East and Africa is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Technology:
- Solvent-borne Coatings
- Water-borne Coatings
- Others (UV-cured Coatings)
By Resin Type:
- Polyurethane
- Alkyd
- Acrylic
- Others (Nitrocellulose and epoxy)
By Coat Type:
- Primer & Filler
- Basecoat
- Clear Coat
- Activator/Hardeners
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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