The global automotive refinish coatings market is expected to grow at 5.1% CAGR over the assessment period of 2023-2033. Rising automobile sales across the globe is expected to fuel the demand for automotive refinish coatings over the forecast period.
Rise in per capita income of vehicle owners and increasing purchase of luxury cars among middle-income customers will present attractive scope for the growth of the market. Growing sales of luxury cars have resulted in high demand for solutions for the maintenance of their appearance and performance. This will drive the sales of automotive refinish coatings in the coming years.
On the flip side, stringent restrictions imposed on the use and production of certain coatings owing to their high VOC content might hamper the growth of the overall market over the forecast period.
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Competitive Landscape
Key market participants are focusing on mergers and acquisitions strategies, coupled with on product development by investing in research and development to boost their market presence. They are also increasing their production capacity to enhance their annual turnover. For instance:
- In 2021, Axalta coatings systems announced the successful completion of acquisition of U-POL Holdings Limited. U-POL Holdings Limited is a leading supplier of Paint, Protective coatings, accessories primarily for the automotive aftermarket.
- In 2021, Axalta Coatings launched its brand new range of coatings specially designed for electric vehicles. The coatings have various advantages such as enhanced performance, durability, safety and various others.
- In 2021, Sherwin Williams announced its strategy to acquire industrial coatings business of Sika.
Key Companies Profiled
- Axalta Coating Systems, LLC
- 3M Company
- AkzoNobel N.V.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Dow Inc.
- Nippon Paint Holdings Co., Ltd.
- Kansai Paint Co., Ltd.
- Covestro AG
- KAPCI Coatings
- NOVOL Sp. Z o.o.
- KCC Corporation
- Bernardo Ecenarro S.A.
- SEM Products, Inc.
- Sheboygan Paint Company
- Cresta Paint Industries Ltd.
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Automotive Refinish Coatings Market
By Material Type:
- Polyurethanes
- Acrylics
- Alkyd
By Product Type:
- Primer
- Base Coat
- Top Coat
- Clear Coat
By Technology:
- Solvent Borne
- Water Borne
- UV Cure
By Vehicle Type:
- Passenger Cars
- Compact
- Midsize
- Executive
- Luxury
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