Attractive Opportunities in Refinish Paint Market

The report "Refinish Paint Market for Automotive by Layer (Clearcoat, Basecoat, Primer, & Sealer), Resin (PU, Epoxy, & Acrylic), Technology (Waterborne, Solventborne & Powder), Vehicle (Passenger Cars, Commercial Vehicles), and Region - Global Forecast to 2022", 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% from 2017 to 2022. The growth of this market is driven by the increasing demand for cars, high collision rate, rising income of the middle-class population, and the propensity of car owners to repair their vehicles post any collision. In 2016, the passenger car segment accounted for the largest share of the overall automotive refinish coating market.

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Key Target Audience:

• Manufacturers of Refinish Paints
• Raw Material Suppliers
• Traders, Distributors, and Suppliers of Refinish Paints
• Regional Associations of Manufacturers of Refinish Paints
• Government and Regional Agencies, and Research Organizations
• Investment Research Firms

Basecoat and clearcoat are the most important layers in automotive refinish coating process. Basecoat provides color and aesthetics and offers protection from corrosion. Clearcoat protects the basecoat and offers lustrous look. Basecoat and clearcoat considered together as topcoat which has major dominance in automotive refinish coating process.

Solvent borne coating dominates the overall automotive refinish coating market. Solvent borne coating technology offers higher gloss level and excellent adhesion when compared to other technologies.  It is also less affected by environmental conditions such as temperature and humidity during the curing phase.  However, due to stringent environmental regulations in North America and Europe, there is a shift from solventborne to waterborne and powder coating.

The refinish paint market for automotive in APAC expected to witness the highest growth during the forecast period. The growth can be majorly backed by the increasing demand for cars and rising income of middle-class population in emerging economies, such as China, India, and South Korea. Major key players are focused on inorganic growth strategies such as mergers & acquisitions to enhance its footprint as well as cater the growing demand in this region.

Key players profiled in the refinish paint market for automotive report are Axalta (US), PPG Industries (US), BASF (Germany), Sherwin-Williams (US), Kansai Paint (Japan), Nippon Paint (Japan), KCC Corporation (Korea), and AkzoNobel (Netherlands)

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Refinish Paint Market Analysis & Forecast 2022

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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Axalta (US) and PPG Industries (US) are the Leading Players in the Refinish Paint Market

Automotive refinish paint covers all the repainting of vehicles for repair, protection, and decorative purpose. Refinish paint is often carried out after a vehicle is involved in a collision and requires body repair. It is also carried out after a certain period when the vehicle needs to be refurbished to ensure protection from corrosion. Most of the refinish paint are of solventborne, waterborne, and powder technology. These coatings use different resins, including polyurethane, epoxy, acrylic, and others. Different layers of refinish paint are clearcoat, basecoat, primer, and sealer.

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Key players operating in the refinish paint for automotive market have adopted various strategies to strengthen their position in the market. Mergers & acquisition was the key strategy adopted by the leading market players to achieve growth in the refinish paint for automotive market between 2014 and 2017. Key players in the market also adopted strategies, such as new product launches to increase their shares in the refinish paint for automotive market and strengthen their distribution networks.

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 for automotive market.

Axalta (US) is one of the leading companies in the refinish paint for automotive market. The company offers refinish paint for various layers such as clearcoat, basecoat, primer, and sealer. The company has acquired High Performance Coatings (HIPIC) (Malaysia), and Metalak Benelux (Netherlands) to strengthen its market and enhance its technology portfolio.

Similarly, in 2017, PPG Industries (US) acquired Futian Xinshi (China). The acquisition enhances PPG’s position in the growing Chinese refinish paint for automotive market. Futian Xinshi has proven its growth and profitability by leveraging well-positioned brands, mature technology, low-cost operations, and a solid-performing distribution base.

Related Reports:

Refinish Paint Market by Layer (Clearcoat, Basecoat, Primer, & Sealer), Resin (PU, Epoxy, & Acrylic), Technology (Waterborne, Solventborne & Powder), Vehicle (Passenger Cars, Commercial Vehicles), and Region – Global Forecast to 2022

Refinish Paint Market for Automotive worth 8.50 Billion USD by 2022

The report “Refinish Paint Market for Automotive by Layer (Clearcoat, Basecoat, Primer, & Sealer), Resin (PU, Epoxy, & Acrylic), Technology (Waterborne, Solventborne & Powder), Vehicle (Passenger Cars, Commercial Vehicles), and Region – Global Forecast to 2022″, 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% from 2017 to 2022. The growth of this market is driven by the increasing demand for cars, high collision rate, rising income of the middle-class population, and the propensity of car owners to repair their vehicles post any collision. In 2016, the passenger car segment accounted for the largest share of the overall automotive refinish coating market.

Browse 94 market data Tables and 39 Figures spread through 126 Pages and in-depth TOC on “Refinish Paint Market”
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Based on the layer, the clearcoat segment is expected to be the largest segment of the market, in terms of volume, during the forecast period.

The clearcoat layer segment accounts for the largest share in terms of volume, in the overall automotive refinish market. Clearcoat is the final layer after basecoat in the automotive refinish coating process. It provides durability, scratch resistance, and chemical resistance to the overall coating. Clearcoat also protects against UV rays and provides a lustrous look to the vehicle.

Based on resin, the polyurethane segment is projected to witness the highest growth during the forecast period.

Polyurethane resins are widely used in clearcoat and basecoat. This resin helps formulate automotive coatings with higher gloss and excellent finish. The polyurethane resin-based coating offers superior durability, thereby, lowering maintenance requirements significantly. The growth of polyurethane resin is also backed by its excellent resistance to UV rays, chemicals, and corrosion.

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Based on technology, the solventborne coating is projected to be the largest segment of the market during the forecast period.

Solvent-borne coating dominates the overall automotive refinish coating market. Solvent-borne coating technology offers higher gloss level and excellent adhesion when compared to other technologies.  It is also less affected by environmental conditions such as temperature and humidity during the curing phase.  However, due to stringent environmental regulations in North America and Europe, there is a shift from solvent-borne to waterborne and powder coating.

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The refinish paint market for automotive in APAC is projected to witness the highest growth during the forecast period.

The refinish paint market for automotive in APAC expected to witness the highest growth during the forecast period. The growth can be majorly backed by the increasing demand for cars and rising income of middle-class population in emerging economies, such as China, India, and South Korea. Major key players are focused on inorganic growth strategies such as mergers & acquisitions to enhance its footprint as well as cater the growing demand in this region.

Key players profiled in the refinish paint market for automotive report are Axalta (US), PPG Industries (US), BASF (Germany), Sherwin-Williams (US), Kansai Paint (Japan), Nippon Paint (Japan), KCC Corporation (Korea), and AkzoNobel (Netherlands)

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