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Written by sujeet rai » Updated on: November 12th, 2024
Automotive Refinish Coatings Industry
Summary:
Industry Trends and Drivers:
Rising vehicles on the road are leading to more chances for minor damage, scratches, and routine wear, creating the need for touch-ups and full repainting, which, in turn, is catalyzing the demand for automotive refinish coatings. Higher traffic density results in more frequent minor collisions, sustaining a consistent requirement for refinishing services to address body damage and uphold a vehicle’s appearance. Additionally, as more people are owning vehicles, the emphasis on maintaining them in good condition is growing. Besides this, prolonged exposure to sunlight, rain, and pollutants causes paint deterioration, making refinish coatings vital for restoration and protection.
Automotive repair shops and service centres play a crucial role in the aftermarket industry, relying on refinish coatings for bodywork and cosmetic repairs, which is driving usage of these products. As vehicles are aging, they need more frequent maintenance to preserve their appearance and function, making the aftermarket sector indispensable for such services, including repainting to protect against rust and damage. Moreover, vehicle owners are opting for cost-effective aftermarket solutions to maintain and enhance their cars without expensive new parts, with refinish coatings offering an affordable way to restore and refresh their vehicles.
Vehicle owners are seeking distinctive paints and unique finishes, which is driving the demand for specialized coatings with diverse options like metallic, pearlescent, matte, and custom aesthetics. The mainstream trend of automotive modification is leading car enthusiasts to invest in personalized paint as part of their vehicle upgrades, fostering the development of specialty coatings, such as chameleon paints and textured finishes, that enhance individuality. In line with this, as people are prioritizing car aesthetics, they are expecting high-quality coatings with durability, gloss, and superior protection, prompting manufacturers to create advanced products that meet these demands with scratch resistance, UV defense, and long-lasting performance.
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Automotive Refinish Coatings Market Report Segmentation:
Breakup By Resin Type:
Polyurethane represents the largest segment due to its excellent durability and versatility, making it a preferred choice for automotive refinish coatings across various applications.
Breakup By Product Type:
Basecoat accounts for the majority of the market share owing to its crucial role in providing color and aesthetic appeal to automotive finishes, driving its widespread adoption among refinishers and OEMs alike.
Breakup By Technology:
Solvent-borne exhibits a clear dominance in the market driven by its established performance characteristics and ease of application, despite increasing regulatory pressures favoring waterborne and UV-curable alternatives.
Breakup By Vehicle Type:
Passenger cars hold the biggest market share as they constitute the largest segment of the automotive market globally, driving the demand for refinish coatings for maintenance, repairs, and aesthetic enhancements.
Breakup By Region:
Asia Pacific enjoys the leading position in the automotive refinish coatings market on account of its booming automotive industry, rapid urbanization, increasing vehicle ownership rates, and rising demand for customization and aftermarket services.
Top Automotive Refinish Coatings Market Leaders:
The automotive refinish coatings market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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