Refinish Paint Market size is anticipated to cross USD 14 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of refinish paint was USD 8 Billion. The growing number of vehicle owners is accelerating the growth of the market. Vehicles are subjected to a variety of external elements over time, including sunlight, rain, snow, and road debris, which can cause surface damage, paint fading, and chipping. Because of this wear and tear, the need for high-quality refinish coatings rises as car owners try to preserve the value and aesthetic appeal of their assets. Another motivating aspect is the desire for personalization and modification among car owners. A growing demand exists for automobiles that allow people to show their unique style and stand out from the crowd.
Furthermore, advances in vehicle paint technology have resulted in coatings that are more easily maintained and cleaned. Modern paint compositions are less likely to fade, spot, or stain, so frequent cleaning procedures will make it easier to maintain your car's flawless appearance. Therefore, these factors are accelerating the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 5% |
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Base Year Market Size (2023) |
~ USD 8 Billion |
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Forecast Year Market Size (2036) |
~ USD 14 Billion |
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Regional Scope |
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Coating Type (Epoxy, Polyurethane, Acrylic)
Polyurethane segment in the refinish paint market is expected to hold the largest share of 48% during the forecast period. The growth can be attributed to their superior durability and gloss retention properties, making them a preferred choice for automotive refinishing. Paints made of polyurethane are known for their extraordinary durability. In contrast to conventional acrylic or enamel paints, polyurethane creates a strong, weatherproof barrier surrounding your car that can endure UV radiation, rain, and extremely hot or cold conditions. This resilience results in a finish that lasts longer and keeps its shine and color integrity over time, thereby lowering the frequency of touch-ups or repaints. Polyurethane is a crucial component of automotive paints and coatings technology, which are used by many of the world's top automakers. Polyurethane paints provide the automobile sector with an environmentally friendly alternative in an era that is focused on sustainability and minimizing environmental effect. Polyurethane paints, in contrast to conventional solvent-based paints, are water-based and release fewer volatile organic compounds (VOCs) when applied.
End-use (Automotive, Aerospace, Marine, Industrial)
Automotive segment in the refinish paint market is expected to hold a share of 40% during the forecast period. The segment is driving due to the consistently high demand for vehicle repair and customization. The majority of automobiles on the road are passenger cars, and as such, they are exposed to a number of outside variables that can cause wear and tear, including weathering, accidents, and regular use. The growing number of passenger cars is also accelerating the growth of the market. For instance, almost 62 million passenger automobiles were produced globally in 2022. Also, a new and emerging technology that has the potential to completely transform the auto industry is called smart coatings. These coatings have the ability to change color, clean themselves, and shield vehicles from harm, among other interactions with their environment.
Our in-depth analysis of the global market includes the following segments:
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Coating Type |
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Product Type |
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Application |
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End-use |
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North American Market Forecast
North American refinish paint market is poised to hold a share of 37% during the forecast period. The North American market is highly significant due to its large car industry, high rate of vehicle ownership, and well-established network of collision centers and auto repair shops. For instance, in the United States, there were over 282 million registered automobiles as of 2021. Just 4.3 million of these were owned by the government. The need for refinish paint products in the nation is also fueled by a growing trend toward bespoke paint jobs and a preference for eco-friendly coatings. Tight environmental laws also encourage the use of waterborne and low-VOC coatings. Continuous technical breakthroughs, strong infrastructure, and a competitive environment with the presence of significant global manufacturers and suppliers all contribute to the U.S. market's supremacy.
APAC Market Statistics
Refinish paint market in Asia Pacific is poised to hold a share of 26% by the end of 2036. Due to a significant rise in the number of cars in the area in recent years, Asia Pacific is predicted to develop at the fastest rate and have the highest share of the market. The need for car refinishes products is further increased by the developing countries' ongoing efforts to upgrade their road infrastructure. Also, increase in disposable incomes and urbanization is bolstering the growth of market.
Author Credits: Smruti Ranjan, Rajrani Baghel
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