Automotive Refinish Market is Anticipated to Witness Significant Growth Due to Rising Vehicle Sales
Automotive refinish coatings are paints used to touch up vehicles after damage caused due to accidents, harsh environmental conditions, or wear and tear. Refinish coatings restore the original look of damaged vehicles by matching vehicle colors. The rising vehicle fleet globally has increased the need for automotive refinish coatings significantly. According to the International Organization of Motor Vehicle Manufacturers, global passenger car production reached over 77.62 million units in 2018, signifying steady growth in vehicle demand and production.
The global automotive refinish market is estimated to be valued at US$ 12.43 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the automotive refinish market include Akzo Nobel N.V., Axalta Coating Systems, LLC, BASF SE, Berger Paints India Limited, Covestro AG, Donglai Coating Technology (Kunshan) Co., Ltd., Hebei Chenyang Industry & Trade Group Co., Ltd. Akzo Nobel N.V. and Axalta Coating Systems, LLC currently hold a significant market share in the global automotive refinish market.
The Automotive Refinish Market Size provides substantial opportunities for market players in terms of expanding their geographical presence, new product development, and strategic collaborations and acquisitions. Growing body shops and vehicle repair industries in emerging economies such as Asia Pacific and Middle East & Africa offer lucrative growth prospects. Countries with high vehicle fleet like China and India present untapped potential for automotive refinish solution providers.
Global expansion remains a key focus area for automotive refinish brands. Major players are strengthening their distribution networks across developing and developed regions to capitalize on the growing vehicle refurbishment demand worldwide. China and other Asia Pacific countries represent attractive high-growth markets with the rising purchasing power and spending on vehicle maintenance.
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