Automotive Refinish Coatings Market: Current Analysis and Forecast (2022-2028)
Emphasis on Material Type (Polyurethanes, Acrylics, Alkyd); Product Type (Primer, Base Coat, Topcoat, Clear Coat); Technology (Solvent Borne, Water Borne, UV Cure); Vehicle Type (Passenger Cars, Commercial Vehicles); End-use (OEM, Aftermarket); Region/Country
Global Automotive refinish coating Market is expected to grow at a significant rate of around 5% during the forecast period. Coatings make metal and aluminum car parts more durable so they can endure harsh environmental elements like heat, acid, UV rays, and dust particles. Additionally, automakers are concentrating their efforts on enhancing general car coating and painting methods. To ensure the proper application of automotive paint, most manufacturers follow a highly systematic and precautious preparation procedure. Automotive paints usually comprise a combination of coating layers, which include primer paint, the basecoat, and clearcoat. Moreover, the increase in the production of vehicles is driving the growth of the market. For instance, according to the IBEF, the total number of passenger cars produced in FY21 was 22,652,108.
3M Co, Akzo Nobel N.V., Axalta Coating Systems Ltd, BASF SE, Covestro AG, Kansai Paint Co Ltd., NIPSEA GROUP, Sherwin-Williams Company, Solvay S.A., and PPG Asian Paints Pvt Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst material type, polyurethane category to witness robust CAGR during the forecast period”
Based on material type, the market is segmented into polyurethane, acrylics, and alkyd. polyurethane category to witness higher CAGR during the forecast period. polyurethane forms a hard, durable surface that provides protection from mechanical abrasion, stains, and scratches. Moreover, attractive finish, high and semi-gloss, and polyurethane coatings provide a flawless finish that resists the color fade
“Amongst vehicle type, the passenger car to hold a significant share in the market in 2020”
Based on Vehicle type, the market is categorized into passenger cars and commercial vehicles. Among these, the passenger car to hold a significant share in the market in 2020. The automobile sector is experiencing strong tailwinds that are helping it thrive that include technological advancements, new product innovations for various parts, and the booming OEM and aftermarket markets. The expansion of international auto manufacturers into new emerging regions and rapid urbanization both help the sector grow.
“Asia Pacific to hold a significant share in the market”
The Asia Pacific is expected to be the largest market for automotive paints due to its high car production and expanding economy. Alongside the development of the automobile, the automotive paint industry has also advanced. Both sectors are making a lot of effort to provide their customers with cutting-edge technology and environmentally friendly goods. In Asia and Oceania as well as the rest of the world, passenger cars make up the bulk of all vehicles produced. Passenger automobiles are probably the primary market for automotive paints. The biggest markets for electric and hybrid cars are also anticipated to be in Asia and Oceania. The hybrid vehicle market is anticipated to be the largest for automotive paints because of the growing popularity of hybrid automobiles worldwide.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global automotive refinish coating market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Automotive Refinish Coating Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive refinish coating market were the three major steps undertaken to create and analyze the adoption of automotive refinish coatings in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive refinish coating market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the automotive refinish coating market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the automotive refinish coating market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as material type, product type, technology, vehicle type, and end-use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive refinish coating market. Further, we conducted factor analysis using dependent and independent variables such as material type, product type, technology, vehicle type, and end-use of automotive refinish coatings. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive refinish coating market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive refinish coating market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive refinish coating market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global automotive refinish coating market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive refinish coating market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of material type, product type, technology, vehicle type, and end-use in the global automotive refinish coating market.
The main objective of the Global Automotive Refinish Coating Market Study
The current & future market trends of the global automotive refinish coating market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the automotive refinish coating market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of material type, product type, technology, vehicle type, and end-use.
- Define and analysis of the regulatory framework for the automotive refinish coating
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the automotive refinish coating market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the automotive refinish coating market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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