The 2022 global size for automotive refinish coatings market reached USD 9 billion, with an anticipated revenue Compound Annual Growth Rate (CAGR) of 5% throughout the forecast period, as per the latest report from Reports and Data.
A key driver behind the revenue growth in the automotive refinish coatings market is the increasing demand for cars, particularly in emerging economies like China, India, and Brazil. The rise in personal car ownership, fueled by greater disposable income, has led to a surge in auto sales. Consequently, there is a heightened interest among vehicle owners in maintaining and restoring their cars, driving the demand for automotive refinish coatings.
The market's revenue expansion is also influenced by the escalating costs associated with vehicle maintenance and repairs due to frequent use. Over time, regular vehicle usage results in wear and tear, including dings, scratches, and other damages. As a result, owners are turning to automotive refinish coatings to restore and safeguard their vehicles, ensuring they maintain a new and appealing appearance.
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Market Overview:
Different businesses in the chemicals and materials industries differ in size, geography, business style, and end-market focus. These businesses are part of a larger ecosystem that includes oil, gas, coal, minerals, and bio-based products as raw materials on one hand and a wide range of application industries on the other. It is traditional to divide the chemical industry into three major categories: petrochemicals, diversified manufacturers, and specialized industries.
While the wider patterns discussed in the previous section apply to the entire sector, the complexities of the distinctions among the various players indicate the need to analyze trends by segment of the industry. As part of its multiverse series, Deloitte classified chemical sector stakeholders into three groups: natural owners, distinctive commodities, and solution providers. Each of these groups usually has its own strategic imperatives. It is common for vertically integrated natural owners to prioritize continuous improvement over innovation when operating their businesses. By focusing on supply chain efficiency, market innovation, and cost optimization, differentiated commodities flourish in a highly fragmented and complex industry. This is exactly what solution providers do: they focus on maximizing the value of their unique products as well as their application expertise and services.
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Moreover, the report provides insight into how the Automotive Refinish Coatings market will develop between 2023 and 2032. Companies operating in the Automotive Refinish Coatings market can benefit from the in-depth dynamics presented in the report, thereby making strategic development decisions that will help them succeed. During the forecast period, the Automotive Refinish Coatings market is expected to undergo significant changes that will highly configure its growth.
Furthermore, the report highlights the growth prospects of the Automotive Refinish Coatings market and estimates market progress in terms of value (USD million) and volume (thousand units).
Competitive Landscape:
- Axalta Coating Systems LLC
- BASF SE
- Kansai Paint Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc.
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- 3M Company
- KCC Corporation
- Berger Paints India Limited
Market Segmentation
Product Type Outlook:
- Clearcoats
- Primers
- Basecoats
- Fillers
- Others
Technology Outlook:
- Solvent-borne
- Water-borne
- UV-cured
Resin Type Outlook:
- Polyurethane
- Epoxy
- Acrylic
- Others
Vehicle Type outlook:
- Passenger Cars
- Commercial Vehicles
- Others
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Research Methodology: Automotive Refinish Coatings Market
The research methodology adopted by analysts to compile the Automotive Refinish Coatings market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Automotive Refinish Coatings market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Automotive Refinish Coatings market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Automotive Refinish Coatings market.
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