Increasing demand for refinish paints from the aerospace and automotive sectors is generating lucrative opportunities for refinish paint manufacturers. Fact.MR, a provider of market research and competitive intelligence, in its newly published research report, reveals that the global refinish paints market is anticipated to reach a valuation of US$ 14.5 billion by the end of 2033, expanding at a CAGR of 5.1% from 2023 to 2033.
The per capita income of people is increasing at a noticeable rate. Rising inclination for an improved standard of living is also leading to increased investment in luxury products. Thus, the rising per capita income of people is estimated to generate demand for refinish paints in the automobile industry.
There is a constant increase in the demand for regular maintenance of automobiles to retain the appearance and recover damages, which are caused due to external sources, including accidental damages, extreme temperatures, and others. The adoption of innovative technologies and rising accidents across developing economies are expected to generate lucrative opportunities in the target industry for market players.
Refinished paints ensure the protection of surfaces from U.V., scratches, radiation, rust, heat, stains, and others. Refinish paints protect surfaces from extensive environmental parameters. The constant growth in the automotive industry is attributed to the increasing production of automobiles around the world.
The presence of numerous refinish paint manufacturers across developing nations is projected to contribute to higher sales. Furthermore, the rising popularity of sustainable and environment-friendly paints in different categories, including furniture and automotive parts, is estimated to propel the demand for refinish paints across the globe. Thus, manufacturers are concentrating on manufacturing eco-friendly paints.
Water-borne paints are less toxic and less harmful compared to solvent-based paints. Thus, government bodies are emphasizing the adoption of sustainable and environment-friendly products, which is predicted to open up new opportunities for players in the market over the coming years.
Volatility in prices of raw materials can lead to increased costs of final products, which is expected to limit the adoption of refinish paints among end users around the world. The environmental issues related to solvent-borne paints are also predicted to obstruct opportunities. A dearth of skilled professionals and stringent government regulations are expected to challenge the market growth over the forecasted period.
Key Takeaways from Market Study
- The global refinish paints market is valued at US$ 8.8 billion in 2023.
- Sales of refinish paints are projected to reach US$ 14.5 billion by the end of 2033.
- Worldwide demand for refinish paints is estimated to increase at a CAGR of 5.1% from 2023 to 2033.
- The polyurethane segment is forecasted to reach a valuation of US$ 5.3 billion by the end of 2033.
- Sales of refinish paints in Canada are predicted to progress at a CAGR of 4.2%.
- Demand for refinish paints in Germany is expected to advance at a CAGR of 3.9% over the forecast period.
“Rising utilization of refinished paints by automotive repair centers and body shops for the refinishing of vehicles is anticipated to generate lucrative opportunities for market players,” says a Fact.MR analyst.
Providers of refinish paints invest a handsome amount to strengthen their systems for supply chain management and deliver quality products. Various other initiatives are taken by refinish paint manufacturers to maintain product standards.
Acquisitions and new developments are some noticeable strategies, which are incorporated by suppliers of refinish paints to get a competitive edge in the target market.
For instance :
- In 2021, Sherwin Williams announced the acquisition of the industrial coating business of Sika.
- In 2021, Axalta Coatings launched a novel range of coatings, which are specially designed for electric vehicles. These coatings provide better advantages, including durability, safety, enhanced performance, and some others
Prominent suppliers of refinish paints include Axalta Coating Systems, Nippon Paint Holdings Co. Ltd., Cresta Paint Industries Ltd., James Briggs Ltd., KCC Corporation, PPG Industries, Inc., The Sherwin-Williams Company, and The Lubrizol Corporation.