WESTFORD, USA, January 31, 2024 (Globe Newswire) — According to a report from SkyQuest. Global automotive refinish paint market Sales in 2022 were largely driven by continued growth in global vehicle sales and production. This upward trajectory in global vehicle manufacturing and purchasing has been critical in driving demand for automotive refinish coatings.
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Browse the detailed table of contents on “Automotive Refinish Coatings Market”.
- Page – 157
- Table – 64
- Figure – 75
The growing consumer preference for personalized vehicles and unique aesthetics has led to a significant surge in demand for automotive refinish coatings. In the global automotive refinish coatings market, customers are increasingly being asked to transform their vehicles into a unique expression of their personality and tastes.
Report scope and segmentation:
| attribute | detail |
| Market size in 2022 | $7.25 billion |
| 2030 value prediction | $10.8 billion |
| CAGR | 5.1% |
| Forecast period | 2023-2030 |
| Target segment | |
| Target area |
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Prominent Players in the Global Automotive Refinish Coatings Market
- PPG Industries Co., Ltd.
- Axalta Coating Systems Co., Ltd.
- BASF SE
- sherwin williams company
- Akzo Nobel NV
- Nippon Paint Holdings Co., Ltd.
- Kansai Paint Co., Ltd.
- RPM International Co., Ltd.
- 3M company
- Dow Corporation
- hempel company
- Jotun A/S
- Valspar Co., Ltd.
- KCC Co., Ltd.
- Noru Paint Co., Ltd.
- Yatu Advanced Materials Co., Ltd.
- Sherwin-Williams Automotive Finish Corporation
- KAPCI coating
- road corporation
- PPG Asian Paint Co., Ltd.
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High demand for auto refinish coatings results in significant growth in automotive segment, which has been in decline for 10 years
The dominance of the automotive segment over a decade ago in the global automotive refinish coatings market can be attributed to several compelling factors. As a vehicle ages beyond its 10 years, it becomes increasingly susceptible to wear, environmental exposure, and general wear of the paint and finish.
The Middle East and Africa market is the fastest growing global automotive refinish coatings market. This significant growth can be attributed to the surge in car sales, especially in countries such as the United Arab Emirates, Saudi Arabia, and South Africa.
Segment to dominate the market in less than 5 years as vehicle aesthetics increasingly become a priority
The fastest growing segment of the global automotive refinish coatings market is the category of vehicles less than five years old. The impressive growth of this sector can be attributed to several important factors. Even though a new vehicle is relatively new, it is not immune to accidents, minor collisions, and paint damage that can occur during daily use.
The Asia-Pacific regional market holds a dominant position in the global automotive refinish coatings market. Among these factors is the significant growth in automobile production and sales, especially in countries such as China, India, and Japan.
A comprehensive analysis of the global major Automotive Refinish Coatings market players was recently conducted. The report covers various aspects of the market such as collaborations, mergers, innovative business policies and strategies, and provides valuable insights into the key trends and breakthroughs in the market. Additionally, the report scrutinizes the market shares of the top segments and presents detailed geographical analysis. Finally, this report highlights the key players in the industry and their efforts to develop innovative solutions to meet the growing demand.
Key trends in the global automotive refinish coatings market
- BASF SE has recently made significant progress in the automotive refinish coating industry by introducing the latest generation of high-performance coatings. These innovative coatings were specifically designed to increase color accuracy and enhance overall durability. BASF's commitment to advancements in coating technology reflects the industry's commitment to meeting the growing demand for automotive finishes that are aesthetically pleasing and offer increased durability and protection.
- Sherwin-Williams Automotive Finishes has recently demonstrated its commitment to meeting the growing demand for automotive coatings in the UK. The company expanded its distribution network by opening new regional distribution centers.
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Key Questions Answered in the Global Automotive Refinish Coatings Market Report
- What are the specific growth drivers expected to impact the market during the forecast period?
- List the top companies in the market and explain how they achieved an influential position.
- How do regional trends and patterns differ within the global market and how will these differences shape the future growth of the market?
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