Refinish Paint - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Refinish Paint market is accounted for $3.87 billion in 2020 and is expected to reach $6.60 billion by 2028 growing at a CAGR of 6.9% during the forecast period. Some of the key factors propelling the market growth include growing demand for automobiles, increasing adoption of sustainable and environment friendly products, growing vehicle usage across the world, increasing demand for refinished coating from the various end-users, rise in demand for passenger & recreational vehicles, implementation of new technologies, increase in disposable income, and rising adoption of growth strategies by major key players. However, fluctuations in the cost of raw material and lack of skilled technicians are restraining the market growth.
Refinish paints are made from resins, additives, solvents, and pigments. The resin binds and holds all the pigments together. In woodworking and the decorative arts, refinishing refers to the act of repairing or reapplying the wood finishing on an object. In practice, this may apply to the paint or wood finish top coat, lacquer or varnish. Refinishing can apply to a variety of surfaces and materials such as wood, glass, metal, plastic and paint, although in Britain, when referring to wood or wooden furniture it is commonly known as repolishing. The refinish paints industry is a raw material intensive industry. Automotive refinish coatings are used by the automotive body shops and repair centers for refinishing the vehicles.
By technology, the waterborne coating segment is expected to be the significant-growing segment during the forecast period. Waterborne coatings are the mostly used refinishing paints, as it is less toxic and hazardous. Waterborne paints have been evaluated as alternatives to the Solvent based paints. The volatile organic compound (VOC) content of waterborne paints is significantly lower than conventional solvent based paints, thereby reducing VOC emissions waterborne paints are composed of synthetic resins and pigments that are kept dispersed in water by surfactants. They also contain small amounts of coalescing solvents waterborne paints, dry by evaporation of water. Waterborne paints must be protected from freezing and applied at a minimum temperature of 50 degrees Fahrenheit. Waterborne paints reduce VOC emissions and worker exposure to hazardous air pollutants. These paints can also reduce the amount of hazardous waste generated depending on the type of paint used.
On the basis of geography, Asia-Pacific region is expected to hold the largest growth rate in the forecast period, due to the rising demand for refinish coating from the various end-users, presence of various prominent manufacturers in this region, increasing sales of pre-owned vehicles, growing cab services, and increasing vehicle repair and body shops in the region. Emerging economies such as India, China, and different Southeast Asian countries are further attracting several global players to start their manufacturing base in Asia-Pacific, thus boosting global demand for refinishing paints. These manufacturers are competing to reach an extensive customer base in countries, such as China and India to cater the increasing demand for refinish coating from the various end-users in these countries.
Some of the key players in Refinish Paint Market include BASF SE, Sherwin-Williams, 3M, Donglai Coating, KAPCI Coatings, Axalta Coating Systems, The Lubrizol Corporation, Akzo Nobel N.V., PPG Industries, Inc., Noroo Paint & Coatings, Nippon Paint Holdings Co. Ltd., Cresta Paint Industries, Guangzhou Zhenroumei Chemical Coating Ltd., James Briggs Ltd., HMG Paints Limited, Mipa SE, Novol SP. Z O.O., and TOA Performance Coating Corporation Co. Ltd.
• Waterborne Coating
• Solvent Borne Coating
• Powder Coating
Resin Types Covered:
• Acrylic Resin
• Polyurethane Resin
• Epoxy Resin
• Clear Coat
Vehicle Types Covered:
• Passenger Cars
• Commercial Vehicles
• Ѕtаtіоnаrу Nеutrоn Gеnеrаtоrѕ
• Роrtаblе Nеutrоn Gеnеrаtоrѕ
Sales Channels Covered:
• Direct Sales
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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