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
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.
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.
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.
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.
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.
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
• Powder Coating
• Solvent Borne Coating
• Waterborne Coating
Vehicle Types Covered:
• Passenger Cars
• Commercial Vehicles
• Clear Coat
• 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
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
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