Refinish Paint Market size is forecast to reach $5.4 billion by 2025, after growing at a CAGR of 4.8% during 2020-2025. Refinish paints are mainly used in Automotive, Aerospace and furniture works. Automotive vehicles and Airplanes need to be repaired frequently to enhance the façade and to recover the damages caused by external factors such as extreme temperature, stones, damage due to accidents and similar others. Increasing number of accidents and adoption of newer technologies in the developing economies are the major factors that are expected to boost the refinish paint market growth.Key Takeaways
Asia-Pacific dominates the Refinish Paint market, as it is the largest consumer of refinish coatings.
Frequent repairing works to enhance the facade of automotive vehicles and Airplanes are driving the demand for Refinishing paints market in the APAC region.
Water borne coatings offer numerous advantages over solvent-borne coatings, making them a preferred choice. These coatings can cover a given area with a relatively smaller amount of product as compared to solvent-borne coatings due to superior technology used in their production. They exhibit low toxicity and VOC content, and possess good resistance to abrasion and heat. Additionally, water-borne coatings are recyclable.
The lack of skilled workers will be the small hurdles for Refinish paints market.
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Application - Segment Analysis
Automotive sector has been the largest market for the Refinishing paint market. It is due to the widespread applications in the automotive sector for refinishing paints. Badische Anilin Und Soda Fabrik (BASF) a German chemical company introduces RODIM®, a new brand of paint-related products, which supports body shops in Japan to enhance their workflow and optimize the results for automotive refinishing. The comprehensive, user-friendly product portfolio offers protective wear and consumables needed for masking, sanding, mixing and painting in the refinish repair process.
Drivers – Refinish paints Market
Growing demand for automobiles.
Increasing adoption of sustainable and environment friendly products
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Refinish Paints Market. In 2019, the market of Refinish Paints has been consolidated by the top five players accounting for xx% of the share. Major players in the Refinish Paints Market are Axalta Coating Systems, PPG Industries, BASF, Akzonobel, Sherwin-Williams, and 3M among others.
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