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Refinish Paint Market Analysis

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

Refinish Paint Market Analysis

Refinish Paint Market Size, By Coating Type, 2021 - 2032 (USD Billion)

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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.

Refinish Paint Market Revenue Share, By Source, (2022)

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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.


U.S. Refinish Paint Market Size, 2021- 2032 (USD Billion)

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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.

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.

Refinish Paint Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 252
  • Countries covered: 21
  • Pages: 120
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