The projected size of the automotive refinish coatings market is set to reach US$ 7.7 billion in 2023. It is expected to grow to US$ 12.9 billion by 2033, with a significant CAGR of 5.1% during the forecast period. The demand for high-quality corrosion protection has resulted in various factors propelling the demand for automotive refinish coatings, including the growth of the automotive sector, the production of distinctive models by new automakers, and the creation of eco-friendly models. Technological advancements and ongoing product development are also expected to drive market growth. Government efforts to reduce VOC emissions through the deployment of eco-friendly technology will create new market opportunities during the forecast period.
The automotive refinish coatings market is experiencing a shift towards eco-friendly products due to growing environmental concerns among consumers and strict government regulations on the use of environment-degrading products such as solvent-based coatings. This shift is expected to increase the sales of water-based coatings, which are more eco-friendly and likely to become the most preferred product type in the market over the forecast period.
Major players in the automotive refinish coatings market are focusing on merger and acquisition strategies and product development to increase their market position. For instance, AkzoNobel is expanding its presence in Africa through a partnership with Kansai Paint, emphasizing its commitment to innovation and sustainability. PPG Industries has acquired Tikkurila and its activities in the areas of governance, social responsibility, and the environment, providing access to additional growth opportunities and emerging new technologies. Axalta Coating Systems has acquired “U-POL” Holdings Limited to expand its target market base into the refinish coatings sector, which is anticipated to experience rapid growth over the forecast period.
Source: Report on Automotive Refinish Coatings Market by Future Market Insights
Photo courtesy: American Coating Association