Automotive Refinish Coatings Market Size | Global Industry Report 2020-2028

Market Overview

A CAGR of 5.6% is predicted for the Automotive Refinish Coatings Market, which is currently estimated to be worth $10,3 billion by 2026. The automobile refinish coatings market is just one of those main market types that have recently and rapidly acquired relevance. Its broad application and use among many end-use industries have raised interest in electric refinish coating. 

A rise in urbanization and an increase in per capita revenue has led to a shift from consumer demand for low-tech products to higher-tech ones, which has fueled the growth of automotive refinish coatings industry sectors throughout the globe, including all segments and regions. For the second time, the automotive refinish coatings business has enjoyed a surge in activity because of its specific qualities, like high strength and resistance; lustrous, heat, and cold resilient; less acidic; and extremely attractive.

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The Covid 19 epidemic has had a detrimental influence on the automobile refinishing coatings business since the market for automotive refinish coatings components has decreased, which has resulted in shortfalls of people, increased stock, and compulsory closures for automotive refinish coatings enterprises. Lockdowns in nations worldwide have substantially influenced the automotive refinish coatings business, resulting in a decrease in interest in automobiles.

Market Segmentation

According to the reports, the global automotive refinish coating market is segmented based on technology, resin, vehicle type, and region. 

The automobile refinish coatings market may be divided into three categories based on technology: water-borne coatings, solvent-borne coatings, and UV-cured coatings. Because of strict government regulations on high VOC levels, solvent-borne coatings account for most total usage. It is anticipated that water-borne coatings will be utilized more often than solvent-borne coatings during the projected period. Polyurethane, alkyd, acrylic, and other types of resins used in coatings are the most common resins used in coatings, although there are more.

Regional Classification

Every one of the five regions that make up the worldwide market for automotive refinish coatings makes a substantial contribution in its own right. Even though all five areas are important for an automobile to refinish coatings sales, the Asia-Pacific region has accounted for the most sales volume. This is due to the development and popularity of new car refinishing products and the general creation of innovative goods.

Major expansion has also occurred in the European continent due to the contributions of industrialized countries such as France, Denmark, Germany, and Belgium. Automotive refinish coatings sales growth is also soaring in North America, where nations enjoy the advantages of technological advancements, consequently increasing operating efficiency and decreasing operational costs.

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Industry News

An Axalta subsidiary has just begun utilizing digital technologies to collaborate with local producers, create innovative designs, and share information and skills with workers across the globe through the company’s worldwide refinish platform.

The automobile refinish coatings industry has lately seen a significant surge in sales due to the introduction of new painting robots, which has boosted the industry for car refinishing. The market for painting robots is expanding at a rate of roughly 4%.

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