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Global Automotive Refinish Coatings Market to reach USD XX billion by the end of 2030

Global Automotive Refinish Coatings Market Size study & Forecast, by Technology (Solvent-borne Coatings, Water-borne Coatings, Other), by Resin Type (Polyurethane, Alkyd, Acrylic, Others), by Coat Type (Primer & Filler, Basecoat, Clear coat, Activator/Hardners, Others), and Regional Analysis, 2023-2030

Product Code: CMPCA-35767360
Publish Date: 29-02-2024
Page: 200

Global Automotive Refinish Coatings Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than 6.3% during the forecast period 2023-2030. 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.

The demand for Automotive Refinish Coatings in electric vehicles is experiencing swift growth, driven by their increasing use in refinishing, remodeling, repair, and protection applications. These coatings, formulated with materials such as alkyd, acrylic, epoxy, polyester, polyurethane, and others, play a crucial role in safeguarding electric vehicles (EVs) from harsh environmental conditions and corrosion while preserving their aesthetic appeal. The rapid expansion of the electric vehicles sector is attributed to several factors, including government initiatives for vehicle electrification, a focus on reducing reliance on fuel-based vehicles, and ongoing urbanization trends. For instance, as per the India Energy Storage Alliance (IESA), the Indian EV industry is anticipated to witness a Compound Annual Growth Rate (CAGR) of 36% by the year 2030. Additionally, data from the International Energy Agency (IEA) indicates that the global stock of electric cars reached 10 million in 2020, reflecting a significant 43% increase from the previous year. Along with this, the automotive aftermarket sector is experiencing robust growth, fueled by the rising inclination towards vehicle customization, as well as increased demand for vehicle servicing and maintenance activities. Various factors, including accidents, and wear and tear, contribute to the sustained demand for automotive aftermarket products and services. As an illustration, the Autocare Association anticipates that the auto care, repairs, and maintenance sector in the United States expected toachieve a valuation of USD383 billion by the year 2024. Furthermore, Hedges & Company reports an 8% increase in the personal consumption of aftermarket auto parts in the U.S. in October 2020 compared to the same period in 2019, highlighting the continued expansion of this market segment. However, toxicity Associated with the Refinish Coatings and restrictions on the usage of highly Volatile Organic Compounds (VOC) stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Automotive Refinish Coatings Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. 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.

Major market player included in this report are:
Nippon Paint Holdings Co. Ltd.
AkzoNobel N.V.
Kansai Paints Co. Ltd.
PPG Industries Inc.
Axalta Coating Systems
3M Company
Clariant AG
The Sherwin-Williams Company
KCC Corporation

Recent Developments in the Market:
Ø In September 2020, BASF introduced an innovative line of water-borne coatings solutions, representing an advanced refinish product range. This launch provides environmentally friendly options for automotive applications, featuring low volatile organic compounds, thus contributing to sustainability within the market.
Ø In February 2020, AkzoNobel entered into a supply agreement with the BMW Group for the provision of refinishing products, encompassing paints and coatings. This agreement approves the utilization of Akzo Nobel’s Lesonal and Sikkens brands for paint repair at authorized dealer branches, consequently enhancing their standing and product portfolio in the market.

Global Automotive Refinish Coatings Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Technology, Resin Type, Coat Type, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
Solvent-borne Coatings
Water-borne Coatings
Other (UV-cured Coatings)
By Resin Type:
Others (Nitrocellulose and epoxy)
By Coat Type:
Primer & Filler
Clear coat

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Automotive Refinish Coatings Market, by Region, 2020-2030 (USD Billion)
1.2.2. Automotive Refinish Coatings Market, by Technology, 2020-2030 (USD Billion)
1.2.3. Automotive Refinish Coatings Market, by Resin Type, 2020-2030 (USD Billion)
1.2.4. Automotive Refinish Coatings Market, by Coat Type, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Automotive Refinish Coatings Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Automotive Refinish Coatings Market Dynamics
3.1. Automotive Refinish Coatings Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing number of accidents Adoption of newer technologies Flourishing Demand for Automotive Aftermarket Rising disposable income in the developing economies
3.1.2. Market Challenges Toxicity Associated with the Refinish Coatings Restriction on the usage of high Volatile Organic Compounds (VOC)
3.1.3. Market Opportunities Growing demand for recreational vehicles Increasing sales of pre-owned vehicles
Chapter 4. Global Automotive Refinish Coatings Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Automotive Refinish Coatings Market, by Technology
5.1. Market Snapshot
5.2. Global Automotive Refinish Coatings Market by Technology, Performance – Potential Analysis
5.3. Global Automotive Refinish Coatings Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
5.4. Automotive Refinish Coatings Market, Sub Segment Analysis
5.4.1. Solvent-borne Coatings
5.4.2. Water-borne Coatings
5.4.3. Other (UV-cured Coatings)
Chapter 6. Global Automotive Refinish Coatings Market, by Resin Type
6.1. Market Snapshot
6.2. Global Automotive Refinish Coatings Market by Resin Type, Performance – Potential Analysis
6.3. Global Automotive Refinish Coatings Market Estimates & Forecasts by Resin Type 2020-2030 (USD Billion)
6.4. Automotive Refinish Coatings Market, Sub Segment Analysis
6.4.1. Polyurethane
6.4.2. Alkyd
6.4.3. Acrylic
6.4.4. Others (Nitrocellulose and epoxy)
Chapter 7. Global Automotive Refinish Coatings Market, by Coat Type
7.1. Market Snapshot
7.2. Global Automotive Refinish Coatings Market by Coat Type, Performance – Potential Analysis
7.3. Global Automotive Refinish Coatings Market Estimates & Forecasts by Coat Type 2020-2030 (USD Billion)
7.4. Automotive Refinish Coatings Market, Sub Segment Analysis
7.4.1. Primer & Filler
7.4.2. Basecoat
7.4.3. Clear coat
7.4.4. Activator/Hardners
7.4.5. Others
Chapter 8. Global Automotive Refinish Coatings Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Automotive Refinish Coatings Market, Regional Market Snapshot
8.4. North America Automotive Refinish Coatings Market
8.4.1. U.S. Automotive Refinish Coatings Market Technology breakdown estimates & forecasts, 2020-2030 Resin Type breakdown estimates & forecasts, 2020-2030 Coat Type breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Automotive Refinish Coatings Market
8.5. Europe Automotive Refinish Coatings Market Snapshot
8.5.1. U.K. Automotive Refinish Coatings Market
8.5.2. Germany Automotive Refinish Coatings Market
8.5.3. France Automotive Refinish Coatings Market
8.5.4. Spain Automotive Refinish Coatings Market
8.5.5. Italy Automotive Refinish Coatings Market
8.5.6. Rest of Europe Automotive Refinish Coatings Market
8.6. Asia-Pacific Automotive Refinish Coatings Market Snapshot
8.6.1. China Automotive Refinish Coatings Market
8.6.2. India Automotive Refinish Coatings Market
8.6.3. Japan Automotive Refinish Coatings Market
8.6.4. Australia Automotive Refinish Coatings Market
8.6.5. South Korea Automotive Refinish Coatings Market
8.6.6. Rest of Asia Pacific Automotive Refinish Coatings Market
8.7. Latin America Automotive Refinish Coatings Market Snapshot
8.7.1. Brazil Automotive Refinish Coatings Market
8.7.2. Mexico Automotive Refinish Coatings Market
8.8. Middle East & Africa Automotive Refinish Coatings Market
8.8.1. Saudi Arabia Automotive Refinish Coatings Market
8.8.2. South Africa Automotive Refinish Coatings Market
8.8.3. Rest of Middle East & Africa Automotive Refinish Coatings Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Nippon Paint Holdings Co. Ltd. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. AkzoNobel N.V.
9.3.3. Kansai Paints Co. Ltd.
9.3.4. BASF SE
9.3.5. PPG Industries Inc.
9.3.6. Axalta Coating Systems
9.3.7. 3M Company
9.3.8. Clariant AG
9.3.9. The Sherwin-Williams Company
9.3.10. KCC Corporation
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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