Refinish Paint Market
Refinish Paint Market Forecasts to 2028 – Global Analysis By Technology (Powder Coating, Solvent Borne Coating), Vehicle Type (Trucks, Buses), Layer (Basecoat, Clear Coat) and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $8.17 BN |
|
Projected Year Value (2028) |
US $12.29 BN |
|
CAGR (2021 - 2028) |
6.0% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Refinish Paint Market is accounted for $8.17 billion in 2021 and is expected to reach $12.29 billion by 2028 growing at a CAGR of 6.0% during the forecast period. 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.
Market Dynamics:
Driver:
Increasing demand for automobiles
In countries such as China, India, Japan is a huge market for the automobiles sector. Since in these countries there is continuous growth in the automobile manufacturing sector. According to the annual report of OICA (International Organization of Motor Vehicle Manufacturers), for most vehicles manufactured in the year 2018, China, India & Japan are in the top 20 countries around the world. In which China has ranked 6th whereas India & Japan are ranked 14th and 18th respectively. So, in countries like these, there is a chance of huge growth opportunity for Refinish paints market.
Restraint:
Lack of skilled technicians
The lack of skilled technicians to apply these ever-increasingly complex coating systems had increased in the last few years. So, Industries need to take it on notice to increase efficiency. According to Holmberg, the biggest challenges refinish customers face are related to efficiency and the workforce.
Opportunity:
Increasing adoption of sustainable and environment friendly products
Stringent governments’ regulations towards using sustainable and environmentally friendly products are likely, to aid the refinish paint market, as waterborne paints are less toxic and hazardous than solvent-based paints. So, manufacturers are also looking more towards using sustainable products.
Threat:
Volatility in raw material prices
The volatility in raw material prices impedes the growth of the refinished paint market. However, environmental hazards related to toxic waste produced from refinishing paints and price volatility of raw materials will reportedly hinder the growth of the global market.
The waterborne coating segment is expected to have the highest CAGR during the forecast period
The waterborne coating segment is growing at the highest CAGR in the market. Waterborne coatings are the most used refinishing paints, as it is less toxic and hazardous. Waterborne paints have been evaluated as alternatives to 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.
The solvent borne coating segment is expected to be the largest during the forecast period
The solvent-borne coating segment is expected to be the largest share in the market. Solvent-borne coating technology offers a higher gloss level and excellent adhesion when compared to other technologies. It is also less affected by environmental conditions such as temperature and humidity during the curing phase.
Region with highest share:
The Asia Pacific is projected to hold the largest share in the market. 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 to the increasing demand for refinish coating from the various end-users in these countries.
Region with highest CAGR:
The Asia Pacific is projected to have the highest CAGR 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.
Key players in the market:
Some of the key players profiled in the Refinish Paint Market include 3M, Akzo Nobel N.V., Axalta Coating Systems, BASF SE, Cresta Paint Industries, Donglai Coating, Guangzhou Zhenroumei Chemical Coating Ltd., HMG Paints Limited, James Briggs Ltd., and KAPCI Coatings, Mipa SE, Nippon Paint Holdings Co. Ltd., Noroo Paint & Coatings, Novol SP. Z O.O., PPG Industries, Inc., Sherwin-Williams, The Lubrizol Corporation, and TOA Performance Coating Corporation Co. Ltd.
Key developments:
In July 2017: The Sherwin-Williams Company completed the acquisition of Valspar Corporation. The acquisition has made the company one of the largest paints & coatings manufacturers in US.
In June 2015: Axalta Coating System, commissioned a new manufacturing unit at Wuppertal, Germany to produce eco-friendly waterborne coatings. With this expansion, the company plans to address the growing demand for coatings in the Europe, Africa and Middle East markets owing to the centralized location of Wuppertal.
Resin Types Covered:
• Acrylic Resin
• Epoxy Resin
• Polyurethane Resin
Technologies Covered:
• Powder Coating
• Solvent Borne Coating
• Waterborne Coating
Vehicle Types Covered:
• Trucks
• Buses
• Passenger Cars
• Commercial Vehicles
Layers Covered:
• Basecoat
• Clear Coat
• Primer
• Sealer
Types Covered:
• Ѕtаtіоnаrу Nеutrоn Gеnеrаtоrѕ
• Роrtаblе Nеutrоn Gеnеrаtоrѕ
Conductors Covered:
• Aluminium
• Copper
Sales Channels Covered:
• Distributor
• Direct Sales
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Refinish Paint Market, By Resin Type
5.1 Introduction
5.2 Acrylic Resin
5.3 Epoxy Resin
5.4 Polyurethane Resin
6 Global Refinish Paint Market, By Technology
6.1 Introduction
6.2 Powder Coating
6.3 Solvent Borne Coating
6.4 Waterborne Coating
7 Global Refinish Paint Market, By Vehicle Type
7.1 Introduction
7.2 Trucks
7.3 Buses
7.4 Passenger Cars
7.5 Commercial Vehicles
7.5.1 Heavy Commercial Vehicle (HCV)
7.5.2 Light Commercial Vehicle (LCV)
8 Global Refinish Paint Market, By Layer
8.1 Introduction
8.2 Basecoat
8.3 Clear Coat
8.4 Primer
8.5 Sealer
9 Global Refinish Paint Market, By Type
9.1 Introduction
9.2 Ѕtаtіоnаrу Nеutrоn Gеnеrаtоrѕ
9.3 Роrtаblе Nеutrоn Gеnеrаtоrѕ
10 Global Refinish Paint Market, By Conductor
10.1 Introduction
10.2 Aluminium
10.3 Copper
11 Global Refinish Paint Market, By Sales Channel
11.1 Introduction
11.2 Distributor
11.3 Direct Sales
12 Global Refinish Paint Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 3M
14.2 Akzo Nobel N.V.
14.3 Axalta Coating Systems
14.4 BASF SE
14.5 Cresta Paint Industries
14.6 Donglai Coating
14.7 Guangzhou Zhenroumei Chemical Coating Ltd.
14.8 HMG Paints Limited
14.9 James Briggs Ltd.
14.10 KAPCI Coatings
14.11 Mipa SE
14.12 Nippon Paint Holdings Co. Ltd.
14.13 Noroo Paint & Coatings
14.14 Novol SP. Z O.O.
14.15 PPG Industries, Inc.
14.16 Sherwin-Williams
14.17 The Lubrizol Corporation
14.18 TOA Performance Coating Corporation Co. Ltd
List of Tables
1 Global Refinish Paint Market Outlook, By Region (2020-2028) ($MN)
2 Global Refinish Paint Market Outlook, By Resin Type (2020-2028) ($MN)
3 Global Refinish Paint Market Outlook, By Acrylic Resin (2020-2028) ($MN)
4 Global Refinish Paint Market Outlook, By Epoxy Resin (2020-2028) ($MN)
5 Global Refinish Paint Market Outlook, By Polyurethane Resin (2020-2028) ($MN)
6 Global Refinish Paint Market Outlook, By Technology (2020-2028) ($MN)
7 Global Refinish Paint Market Outlook, By Powder Coating (2020-2028) ($MN)
8 Global Refinish Paint Market Outlook, By Solvent Borne Coating (2020-2028) ($MN)
9 Global Refinish Paint Market Outlook, By Waterborne Coating (2020-2028) ($MN)
10 Global Refinish Paint Market Outlook, By Vehicle Type (2020-2028) ($MN)
11 Global Refinish Paint Market Outlook, By Trucks (2020-2028) ($MN)
12 Global Refinish Paint Market Outlook, By Buses (2020-2028) ($MN)
13 Global Refinish Paint Market Outlook, By Passenger Cars (2020-2028) ($MN)
14 Global Refinish Paint Market Outlook, By Commercial Vehicles (2020-2028) ($MN)
15 Global Refinish Paint Market Outlook, By Heavy Commercial Vehicle (HCV) (2020-2028) ($MN)
16 Global Refinish Paint Market Outlook, By Light Commercial Vehicle (LCV) (2020-2028) ($MN)
17 Global Refinish Paint Market Outlook, By Layer (2020-2028) ($MN)
18 Global Refinish Paint Market Outlook, By Basecoat (2020-2028) ($MN)
19 Global Refinish Paint Market Outlook, By Clear Coat (2020-2028) ($MN)
20 Global Refinish Paint Market Outlook, By Primer (2020-2028) ($MN)
21 Global Refinish Paint Market Outlook, By Sealer (2020-2028) ($MN)
22 Global Refinish Paint Market Outlook, By Type (2020-2028) ($MN)
23 Global Refinish Paint Market Outlook, By Ѕtаtіоnаrу Nеutrоn Gеnеrаtоrѕ (2020-2028) ($MN)
24 Global Refinish Paint Market Outlook, By Роrtаblе Nеutrоn Gеnеrаtоrѕ (2020-2028) ($MN)
25 Global Refinish Paint Market Outlook, By Conductor (2020-2028) ($MN)
26 Global Refinish Paint Market Outlook, By Aluminium (2020-2028) ($MN)
27 Global Refinish Paint Market Outlook, By Copper (2020-2028) ($MN)
28 Global Refinish Paint Market Outlook, By Sales Channel (2020-2028) ($MN)
29 Global Refinish Paint Market Outlook, By Distributor (2020-2028) ($MN)
30 Global Refinish Paint Market Outlook, By Direct Sales (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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