The refinish paint market for automotive is projected to grow from USD 7.00 billion in 2017 to USD 8.50 billion by 2022, at a CAGR of 4.0%. In this study, 2016 is considered as the base year to estimate the size of the automotive refinish coating market, while 2017 to 2022 is considered as the forecast period. The major factor driving the refinish paint market for automotive is the increasing demand for vehicles worldwide along with their collision rate and the ability of car owners to repair vehicles post the collision.
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Based on technology, the solventborne led the refinish paint for automotive coating market. However, due to stringent environmental regulations in North America and Europe, the market share for this segment is expected to decrease during the forecast period. They are increasingly being replaced by other technologies such as waterborne and powder coating in automotive refinishing due to the growing concerns regarding the content of VOC in solvents.
By resin type, the polyurethane resin segment accounted for the largest share of the refinish paint market for automotive in 2016. The growth of this segment is backed by its preference in clearcoat and basecoat layers due to its excellent weather, corrosion, and mechanical resistance.
By vehicle, the passenger car segment led the refinish paint market for automotive and is expected to maintain its dominance during the forecast period. Increasing demand for cars in emerging economies such as China, India, Mexico, and others is fueling the growth of this segment. The growth is also backed by the rising income of the middle-class population and increased the propensity of car owners to refinish after the collision.
APAC is the largest and fastest-growing market for automotive refinish coating market. China and India are the fast-growing markets in APAC. Key factors expected to drive the refinish paint market for automotive in APAC are the increased car parc, high collision rate, and strong economic conditions.
Companies operating in the refinish paint market for automotive are majorly focusing on inorganic growth to increase its global footprint and market share. Axalta (US), PPG Industries (US), BASF (Germany), Sherwin-Williams (US), Kansai Paint (Japan), Nippon Paint (Japan), KCC Corporation (Korea), and AkzoNobel (Netherlands) are some of the leading players in the refinish paint market for automotive.
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