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Refinish Paint Market Trends

Report ID: GMI7382
Published Date: Nov 2023
Report Format: PDF

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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.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size for refinish paint was valued at USD 8.10 Billion in 2022 and is anticipated to record over 5.1% CAGR between 2023 and 2032, backed by the increasing vehicle ownership, a rising number of accidents and collisions, and a growing preference for vehicle aesthetics.

Polyurethane coatings segment had a market share of around 39.4% in 2022 and will grow through 2032 primarily due to their superior durability and gloss retention properties, making them a preferred choice for automotive refinishing.

North America market for refinish paint was around 29.7% in 2022 and is expected to grow significantly through 2032 attributed to the region’s booming automotive industry, a high vehicle ownership rate, and a well-established network of automotive repair shops.

Axalta Coating Systems, PPG Industries, AkzoNobel, BASF SE, Sherwin-Williams Company, and Nippon Paint Holdings.