Automotive Refinish Coatings Market all set to rise at growth rate of 4.34% CAGR | Valuation at $2,428.29 million

NEW YORK, July 25, 2023 /PRNewswire/ -- The automotive refinish coatings market size is estimated to grow at a CAGR of 4.34% between 2022 and 2027. The market size is forecast to increase by USD 2,428.29 million, according to Technavio. APAC is estimated to contribute 51% to the growth of the market during the forecast period. The growth of the automotive refinish coatings market in the region is due to key factors such as rapid urbanization, a surge in road collisions, the expanding presence of automobile manufacturers, an increase in vehicle ownership, rising demand for old, refurbished vehicles, and the presence of both global and local vendors. Hence, these factors are expected to drive market growth in the region during the forecast period. For Comprehensive details on the market size of the historical period(2017 to 2021) and forecast period (2023-2027) - View the Sample report

Vendor Landscape
The automotive refinish coatings market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

Market Dynamics

Key Drivers

The increased focus on R&D and innovative methods to reduce the cycle time is a key factor driving market growth. Several companies are heavily investing in research and development to cater to evolving customer demands and enhance their product portfolios. For instance, BASF has introduced Onyx HD coating, an advanced water-borne topcoat for vehicles that is environmentally friendly and free from VOC emissions. Additionally, there is a rising trend of increased participation by managers and employees in PG's MVP business solutions programs, which focus on reducing cycle time and improving performance through education on lean six sigma programs and the implementation of new technologies. Hence, these factors are expected to restrict market growth during the forecast period.

Major Trends

The increasing adoption of UV-curable coatings is a major trend in the market. UV-curable coatings are known for their high performance, high adhesion, and flexible film properties. For example, BASF provides a range of multi-functional polyol intermediates to produce UV-curable acrylic monomers and oligomers, which are widely used in these coatings. Furthermore, the automotive industry prefers UV-curable coatings due to their versatility, aesthetic appeal, long-lasting durability, and ability to withstand various weather conditions. Hence, these factors are expected to restrict market growth during the forecast period.

Significant Challenges

The increasing supply-demand balance is a significant challenge restricting market growth. Specially designed spray guns with advanced features have led to a decrease in coating composition wastage during automotive coatings, thereby reducing overall coating consumption. The rising preference for low-maintenance vehicles with longer lifespans has become a significant focus. To address consumption concerns, recycling coatings have been implemented, effectively limiting market growth. Government initiatives supporting the use of HEVs vehicles are gaining traction due to their potential to reduce the consumption of conventional fuels, noise, and air pollution. Hence, these factors are expected to restrict market growth during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Company Profiles

The automotive refinish coatings market report includes information on the product launches, sustainability, and prospects of leading vendors including 3M Co., Akzo Nobel NV, Alps Coating Sdn Bhd, Angel Coating Pvt. Ltd., Axalta Coating Systems Ltd., BASF SE, BERNARDO ECENARRO S.A., Carl Schlenk AG, Covestro AG, General Paint Co., Kansai Paint Co. Ltd., KAPCI Coatings Systems LLC, Nippon Paint Holdings Co. Ltd., NOROO Paint and Coatings Co. Ltd., NOVOL Sp zoo, PPG Industries Inc., S.Coat Co. Ltd., Tara Paints and Chemicals, The Sherwin Williams Co., and TOA Paint Thailand Public Co. Ltd.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

 Market Segmentation

The market is segmented by type (solvent-based coatings, water-based coatings, and others), application (passenger cars, light commercial vehicles, and heavy commercial vehicles), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market share growth by the solvent-based coatings segment will be significant during the forecast period. Solvent-based coatings are a category of coatings that uses solvents to dissolve the coating's ingredients, making it easier to spread and apply. These coatings have found extensive application in the automotive refinishing industry due to their ability to offer a high-quality finish, exceptional durability, and excellent resistance to weathering, chemicals, and abrasion. Hence, these factors are expected to drive segment growth during the forecast period.

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Related Reports

The adhesives and sealants market size is estimated to grow at a CAGR of 4.75% between 2022 and 2027. The market size is forecast to increase by USD 17.33 billion. Furthermore, this report extensively covers market segmentation by technology (water-based, solvent-based, hot melt, and others), end-user (building and construction, paper and packaging, transportation, leather and footwear, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The growing demand for construction and food packaging applications is a key factor driving market growth during the forecast period.

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Table of Contents

1 Executive Summary

• 1.1 Market Overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global automotive refinish coatings market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global automotive refinish coatings market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 Application Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Solvent-based coatings - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Solvent-based coatings - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Solvent-based coatings - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Solvent-based coatings - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Solvent-based coatings - Year-over-year growth 2022-2027 (%)

• 6.4 Water-based coatings - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Water-based coatings - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Water-based coatings - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Water-based coatings - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Water-based coatings - Year-over-year growth 2022-2027 (%)

• 6.5 Others - Market size and forecast 2022-2027
• Exhibit 42: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Type 
• Exhibit 46: Market opportunity by Type ($ million)
• Exhibit 47: Data Table on Market opportunity by Type ($ million)

7 Market Segmentation by Application

• 7.1 Market segments 
• Exhibit 48: Chart on Application - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Application - Market share 2022-2027 (%)

• 7.2 Comparison by Application 
• Exhibit 50: Chart on Comparison by Application
• Exhibit 51: Data Table on Comparison by Application

• 7.3 Passenger cars - Market size and forecast 2022-2027
• Exhibit 52: Chart on Passenger cars - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Passenger cars - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Passenger cars - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Passenger cars - Year-over-year growth 2022-2027 (%)

• 7.4 Light commercial vehicles - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Light commercial vehicles - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Light commercial vehicles - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Light commercial vehicles - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Light commercial vehicles - Year-over-year growth 2022-2027 (%)

• 7.5 Heavy commercial vehicles - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Heavy commercial vehicles - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Heavy commercial vehicles - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Heavy commercial vehicles - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Heavy commercial vehicles - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Application 
• Exhibit 64: Market opportunity by Application ($ million)
• Exhibit 65: Data Table on Market opportunity by Application ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 79: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 India - Market size and forecast 2022-2027
• Exhibit 103: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027
• Exhibit 107: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 111: Market opportunity by geography ($ million)
• Exhibit 112: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 113: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 114: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 115: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 116: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 117: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 118: Matrix on vendor position and classification

• 12.3 3M Co. 
• Exhibit 119: 3M Co. - Overview
• Exhibit 120: 3M Co. - Business segments
• Exhibit 121: 3M Co. - Key news
• Exhibit 122: 3M Co. - Key offerings
• Exhibit 123: 3M Co. - Segment focus

• 12.4 Akzo Nobel NV 
• Exhibit 124: Akzo Nobel NV - Overview
• Exhibit 125: Akzo Nobel NV - Business segments
• Exhibit 126: Akzo Nobel NV - Key news
• Exhibit 127: Akzo Nobel NV - Key offerings
• Exhibit 128: Akzo Nobel NV - Segment focus

• 12.5 Alps Coating Sdn Bhd 
• Exhibit 129: Alps Coating Sdn Bhd - Overview
• Exhibit 130: Alps Coating Sdn Bhd - Product / Service
• Exhibit 131: Alps Coating Sdn Bhd - Key offerings

• 12.6 Axalta Coating Systems Ltd. 
• Exhibit 132: Axalta Coating Systems Ltd. - Overview
• Exhibit 133: Axalta Coating Systems Ltd. - Business segments
• Exhibit 134: Axalta Coating Systems Ltd. - Key offerings
• Exhibit 135: Axalta Coating Systems Ltd. - Segment focus

• 12.7 BASF SE 
• Exhibit 136: BASF SE - Overview
• Exhibit 137: BASF SE - Business segments
• Exhibit 138: BASF SE - Key news
• Exhibit 139: BASF SE - Key offerings
• Exhibit 140: BASF SE - Segment focus

• 12.8 Covestro AG 
• Exhibit 141: Covestro AG - Overview
• Exhibit 142: Covestro AG - Business segments
• Exhibit 143: Covestro AG - Key news
• Exhibit 144: Covestro AG - Key offerings
• Exhibit 145: Covestro AG - Segment focus

• 12.9 Kansai Paint Co. Ltd. 
• Exhibit 146: Kansai Paint Co. Ltd. - Overview
• Exhibit 147: Kansai Paint Co. Ltd. - Business segments
• Exhibit 148: Kansai Paint Co. Ltd. - Key offerings
• Exhibit 149: Kansai Paint Co. Ltd. - Segment focus

• 12.10 KAPCI Coatings Systems LLC 
• Exhibit 150: KAPCI Coatings Systems LLC - Overview
• Exhibit 151: KAPCI Coatings Systems LLC - Product / Service
• Exhibit 152: KAPCI Coatings Systems LLC - Key offerings

• 12.11 Nippon Paint Holdings Co. Ltd. 
• Exhibit 153: Nippon Paint Holdings Co. Ltd. - Overview
• Exhibit 154: Nippon Paint Holdings Co. Ltd. - Business segments
• Exhibit 155: Nippon Paint Holdings Co. Ltd. - Key offerings
• Exhibit 156: Nippon Paint Holdings Co. Ltd. - Segment focus

• 12.12 NOROO Paint and Coatings Co. Ltd.
• Exhibit 157: NOROO Paint and Coatings Co. Ltd. - Overview
• Exhibit 158: NOROO Paint and Coatings Co. Ltd. - Key offerings

• 12.13 NOVOL Sp zoo 
• Exhibit 159: NOVOL Sp zoo - Overview
• Exhibit 160: NOVOL Sp zoo - Product / Service
• Exhibit 161: NOVOL Sp zoo - Key offerings

• 12.14 PPG Industries Inc. 
• Exhibit 162: PPG Industries Inc. - Overview
• Exhibit 163: PPG Industries Inc. - Business segments
• Exhibit 164: PPG Industries Inc. - Key offerings
• Exhibit 165: PPG Industries Inc. - Segment focus

• 12.15 S.Coat Co. Ltd. 
• Exhibit 166: S.Coat Co. Ltd. - Overview
• Exhibit 167: S.Coat Co. Ltd. - Product / Service
• Exhibit 168: S.Coat Co. Ltd. - Key offerings

• 12.16 The Sherwin Williams Co. 
• Exhibit 169: The Sherwin Williams Co. - Overview
• Exhibit 170: The Sherwin Williams Co. - Business segments
• Exhibit 171: The Sherwin Williams Co. - Key news
• Exhibit 172: The Sherwin Williams Co. - Key offerings
• Exhibit 173: The Sherwin Williams Co. - Segment focus

• 12.17 TOA Paint Thailand Public Co. Ltd.
• Exhibit 174: TOA Paint Thailand Public Co. Ltd. - Overview
• Exhibit 175: TOA Paint Thailand Public Co. Ltd. - Business segments
• Exhibit 176: TOA Paint Thailand Public Co. Ltd. - Key offerings
• Exhibit 177: TOA Paint Thailand Public Co. Ltd. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist
• Exhibit 178: Inclusions checklist
• Exhibit 179: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 180: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 181: Research methodology
• Exhibit 182: Validation techniques employed for market sizing
• Exhibit 183: Information sources

• 13.5 List of abbreviations 
• Exhibit 184: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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