Refinish Paint Market - By Coating Type (Polyurethane, Epoxy, Acrylic), By Coating type (Solvent borne, Waterborne, Powder), By Application (Clearcoat, Basecoat, Primer, Sealer), By End User & Forecast, 2023 – 2032

Refinish Paint Market Size

Refinish Paint Market was valued at USD 8.10 Billion in 2022 and is anticipated to grow at a CAGR of over 5.1% between 2023 and 2032.
 

The refinish paint industry is a dynamic sector within the automotive industry, characterized by its steady growth driven by factors such as increasing vehicle ownership, a rising number of accidents and collisions, and a growing preference for vehicle aesthetics. This market encompasses a wide range of products, including primers, basecoats, clearcoats, and other refinishing materials, aimed at repairing and restoring the appearance of vehicles.
 

As the automotive industry continues to evolve, the market is expected to remain essential for vehicle repair and customization needs, poised for continued growth and innovation.
 

COVID-19 Impact

The COVID-19 pandemic had a dual impact on the refinish paint market. On one hand, lockdowns and reduced vehicle usage resulted in decreased demand for cosmetic repairs and refinishing services, affecting the market negatively. Supply chain disruptions and economic uncertainty further added challenges. However, there was an increase in DIY repairs and online sales of refinish paint products as consumers sought contactless solutions during the pandemic, offering some resilience to the industry. The extent of the impact varied by region, influenced by the severity of the pandemic and government responses.
 

Refinish Paint Market Trends

The increasing emphasis on sustainability, with a growing demand for eco-friendly and low-VOC (volatile organic compounds) paint products as environmental regulations tighten. Advancements in digital color matching technology and computerized paint mixing systems are streamlining the refinishing process, enhancing accuracy and efficiency. The market is also witnessing a surge in demand for custom and specialty finishes, catering to consumer preferences for unique vehicle aesthetics. Furthermore, the development of waterborne and UV-cured coatings, along with the adoption of augmented reality (AR) and virtual reality (VR) for training and repair procedures, is driving innovation and transforming the refinish paint industry.
 

Refinish Paint Market Analysis

Based on coating type, polyurethane coatings are leading the market with the highest market share, around 39.4% in 2022 primarily due to their superior durability and gloss retention properties, making them a preferred choice for automotive refinishing. Epoxy coatings hold a significant share, favoured for their corrosion resistance and adhesive qualities, especially in commercial and industrial applications. Acrylic coatings also have a notable market presence, known for their versatility and weather resistance. The "Others" category comprises a mix of niche coatings, each with a smaller market share, often catering to specialized needs and applications within the refinish paint industry, contributing to a diverse and competitive landscape.
 

Based on coating type, solvent-borne coatings still maintain a substantial market share, of 49.4% in 2022. particularly in regions with less stringent regulations, due to their fast drying and excellent adhesion properties. waterborne coatings have seen a steady rise in market share, driven by increasing environmental regulations and a growing emphasis on reducing volatile organic compounds (VOCs). They have gained popularity for their lower environmental impact and improved safety profiles. Powder coatings hold a smaller but growing market share, known for their durability and resistance to chipping, although their adoption is somewhat limited to specific applications within the refinish paint industry, such as industrial and architectural coatings.
 

Based on application, clearcoat products dominate the market share, about 34.1% in 2022 driven by their role in providing gloss and protection to the vehicle's finish, and their frequent use in refinishing jobs. Basecoat products also maintain a significant market share, as they are essential for colour-matching and aesthetics, contributing to the overall appearance of the vehicle. Primer and sealer products follow with notable market presence, playing crucial roles in the preparation and adhesion of paint layers. The "Others" category, which encompasses specialty products and coatings for specific applications, holds a smaller market share, contributing to the overall diversity within the refinish paint industry.
 

Based on end user industries, the automotive sector commands the largest refinish paint market share about 80% in 2022 driven by the consistently high demand for vehicle repair and customization. The aerospace industry also holds a significant share, particularly in commercial and military aircraft maintenance and refurbishment. The industrial and marine sectors follow with notable market presence, as they require refinishing solutions for equipment, machinery, and vessels. The "Others" category, which encompasses diverse applications such as furniture, appliances, and specialized coatings, contributes to the overall market landscape, adding variety and depth to the refinish paint industry.

North America, with its well-established industries and a strong focus on innovation and technology, constitutes a significant share around 29.7% in 2022 of the global market. The U.S. market's prominence can be attributed to its substantial automotive industry, a high vehicle ownership rate, and a well-established network of automotive repair shops and collision centres. Additionally, a growing trend towards customized paint jobs and a preference for eco-friendly coatings drive the demand for refinish paint products in the country. Stringent environmental regulations also stimulate the adoption of low-VOC and waterborne coatings. The U.S. market's leadership is further solidified by continuous technological advancements, robust infrastructure, and a competitive landscape with the presence of major global manufacturers and suppliers.
 

Refinish Paint Market Share

Major players operating in the refinish paint industry include:

• Axalta Coating Systems
• PPG Industries
• AkzoNobel
• BASF SE
• Sherwin-Williams Company
• Nippon Paint Holdings

These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
 

Refinish Paint Industry News

• In September 2020, BASF and SINOPEC formed a 50-50 joint venture to increase the manufacturing capacity of Neopentylglycol (NPG) at the state-of-the-art Verbund plant in Nanjing, China. The facility, built in 2015, had a capacity of 40,000 metric tons per year. The extension, which was completed in August 2020, extended the yearly capacity to 80,000 metric tons. The expansion boosted local production, allowing the company to meet the growing demand for eco-friendly powder coatings among Chinese consumers.
   

The Refinish Paint Market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) & volume (Kilo Tons) from 2018 to 2032, for the following segments:

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Market, by Coating Type

• Polyurethane
• Epoxy
• Acrylic
• Others

Market, by Coating type

• Solvent borne
• Waterborne
• Powder

Market, by Application

• Clearcoat
• Basecoat
• Primer
• Sealer
• Others

Market, by End user

• Automotive
• Aerospace
• Industrial
• Marine
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
  • Malaysia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE